7,474 Shares in AppLovin Co. (NASDAQ:APP) Acquired by Ritholtz Wealth Management

Ritholtz Wealth Management bought a new stake in shares of AppLovin Co. (NASDAQ:APP) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 7,474 shares of the company’s stock, valued at approximately $622,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in APP. CWM LLC increased its position in AppLovin by 16.3% in the fourth quarter. CWM LLC now owns 2,864 shares of the company’s stock worth $114,000 after buying an additional 401 shares in the last quarter. Precision Wealth Strategies LLC bought a new position in shares of AppLovin during the 4th quarter valued at approximately $324,000. Victory Capital Management Inc. increased its holdings in AppLovin by 5.2% in the 4th quarter. Victory Capital Management Inc. now owns 261,024 shares of the company’s stock worth $10,402,000 after acquiring an additional 12,803 shares in the last quarter. Amalgamated Bank increased its holdings in AppLovin by 41.0% in the 4th quarter. Amalgamated Bank now owns 49,388 shares of the company’s stock worth $1,968,000 after acquiring an additional 14,354 shares in the last quarter. Finally, M&T Bank Corp lifted its holdings in AppLovin by 37.3% during the fourth quarter. M&T Bank Corp now owns 21,660 shares of the company’s stock valued at $863,000 after purchasing an additional 5,883 shares in the last quarter. 41.85% of the stock is owned by hedge funds and other institutional investors.

AppLovin Stock Down 5.1 %

Shares of APP opened at $88.13 on Wednesday. The business’s 50 day simple moving average is $82.63 and its 200-day simple moving average is $76.38. AppLovin Co. has a 1 year low of $34.45 and a 1 year high of $93.70. The company has a debt-to-equity ratio of 4.27, a current ratio of 2.28 and a quick ratio of 2.28. The stock has a market capitalization of $29.00 billion, a price-to-earnings ratio of 52.46, a price-to-earnings-growth ratio of 1.33 and a beta of 1.86.

AppLovin (NASDAQ:APP) last released its quarterly earnings results on Wednesday, August 7th. The company reported $0.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.12. AppLovin had a net margin of 20.89% and a return on equity of 84.16%. The company had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $1.08 billion. During the same quarter in the prior year, the firm earned $0.22 earnings per share. AppLovin’s revenue was up 44.0% on a year-over-year basis. As a group, equities analysts expect that AppLovin Co. will post 3.48 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on APP shares. Oppenheimer reissued an “outperform” rating and issued a $105.00 price objective (up from $97.00) on shares of AppLovin in a research note on Thursday, August 8th. Stifel Nicolaus increased their price target on AppLovin from $85.00 to $98.00 and gave the stock a “buy” rating in a research note on Thursday, May 9th. Benchmark boosted their price objective on AppLovin from $48.00 to $66.00 and gave the company a “sell” rating in a research report on Friday, August 23rd. Jefferies Financial Group increased their target price on AppLovin from $93.00 to $105.00 and gave the stock a “buy” rating in a research report on Thursday, May 9th. Finally, Wedbush lowered their price target on AppLovin from $100.00 to $90.00 and set an “outperform” rating on the stock in a report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $82.86.

Insider Activity

In other AppLovin news, Director Dawson Alyssa Harvey sold 4,371 shares of the business’s stock in a transaction that occurred on Thursday, June 13th. The stock was sold at an average price of $75.65, for a total transaction of $330,666.15. Following the sale, the director now directly owns 11,565 shares of the company’s stock, valued at $874,892.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Eduardo Vivas sold 118,839 shares of the business’s stock in a transaction on Friday, July 5th. The stock was sold at an average price of $90.75, for a total transaction of $10,784,639.25. Following the completion of the transaction, the director now owns 7,641,531 shares in the company, valued at approximately $693,468,938.25. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Dawson Alyssa Harvey sold 4,371 shares of the company’s stock in a transaction on Thursday, June 13th. The shares were sold at an average price of $75.65, for a total value of $330,666.15. Following the completion of the transaction, the director now directly owns 11,565 shares in the company, valued at approximately $874,892.25. The disclosure for this sale can be found here. In the last three months, insiders have sold 630,081 shares of company stock worth $53,384,695. 14.69% of the stock is currently owned by corporate insiders.

AppLovin Company Profile

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.