AppLovin (NASDAQ:APP) Trading 6.3% Higher – Here’s What Happened

AppLovin Co. (NASDAQ:APP)’s stock price traded up 6.3% during trading on Monday . The stock traded as high as $338.74 and last traded at $333.75. 3,143,534 shares were traded during trading, a decline of 59% from the average session volume of 7,590,653 shares. The stock had previously closed at $314.03.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Bank of America raised their price target on shares of AppLovin from $375.00 to $580.00 and gave the company a “buy” rating in a report on Thursday, February 13th. UBS Group upped their target price on AppLovin from $440.00 to $630.00 and gave the stock a “buy” rating in a research note on Thursday, February 13th. Arete Research set a $200.00 price target on AppLovin in a research report on Wednesday, March 5th. Piper Sandler upped their price objective on shares of AppLovin from $400.00 to $575.00 and gave the stock an “overweight” rating in a research report on Thursday, February 13th. Finally, Stifel Nicolaus raised their target price on shares of AppLovin from $250.00 to $435.00 and gave the company a “buy” rating in a research note on Thursday, December 5th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $438.28.

AppLovin Trading Up 1.9 %

The company has a debt-to-equity ratio of 3.70, a quick ratio of 2.41 and a current ratio of 2.41. The firm has a 50-day moving average of $354.81 and a 200-day moving average of $280.21. The firm has a market capitalization of $117.72 billion, a P/E ratio of 76.28, a price-to-earnings-growth ratio of 3.02 and a beta of 2.33.

AppLovin (NASDAQ:APP) last issued its earnings results on Wednesday, February 12th. The company reported $1.73 EPS for the quarter, topping the consensus estimate of $1.12 by $0.61. AppLovin had a net margin of 33.54% and a return on equity of 188.55%. On average, equities research analysts anticipate that AppLovin Co. will post 6.87 EPS for the current fiscal year.

Insider Transactions at AppLovin

In related news, CTO Vasily Shikin sold 17,500 shares of the company’s stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $241.65, for a total transaction of $4,228,875.00. Following the completion of the transaction, the chief technology officer now owns 88,389 shares in the company, valued at $21,359,201.85. This represents a 16.53 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Herald Y. Chen sold 200,000 shares of the firm’s stock in a transaction on Friday, February 28th. The stock was sold at an average price of $324.65, for a total value of $64,930,000.00. Following the completion of the sale, the director now directly owns 621,209 shares of the company’s stock, valued at $201,675,501.85. The trade was a 24.35 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 306,900 shares of company stock worth $106,401,841. Company insiders own 14.69% of the company’s stock.

Hedge Funds Weigh In On AppLovin

Several hedge funds and other institutional investors have recently modified their holdings of the stock. FMR LLC grew its holdings in shares of AppLovin by 622.8% during the 3rd quarter. FMR LLC now owns 7,893,237 shares of the company’s stock worth $1,030,462,000 after acquiring an additional 6,801,138 shares during the period. SVB Wealth LLC bought a new stake in shares of AppLovin during the fourth quarter valued at approximately $1,781,922,000. Baillie Gifford & Co. grew its stake in AppLovin by 5,421.4% in the fourth quarter. Baillie Gifford & Co. now owns 4,084,496 shares of the company’s stock worth $1,322,682,000 after purchasing an additional 4,010,520 shares during the period. Norges Bank bought a new position in AppLovin in the fourth quarter worth $828,138,000. Finally, Arrowstreet Capital Limited Partnership lifted its position in AppLovin by 457.2% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,893,148 shares of the company’s stock valued at $936,888,000 after buying an additional 2,373,885 shares during the period. Hedge funds and other institutional investors own 41.85% of the company’s stock.

About AppLovin

AppLovin Corporation engages in building a software-based platform for advertisers to enhance the marketing and monetization of their content in the United States and internationally. It operates through two segments, Software Platform and Apps. The company's software solutions include AppDiscovery, a marketing software solution, which matches advertiser demand with publisher supply through auctions; MAX, an in-app bidding software that optimizes the value of a publisher's advertising inventory by running a real-time competitive auction; Adjust, a measurement and analytics marketing platform that provides marketers with the visibility, insights, and tools needed to grow their apps from early stage to maturity; and Wurl, a connected TV platform, which distributes streaming video for content companies and provides advertising and publishing solutions through its AdPool, ContentDiscovery, and Global FAST Pass products.