Discovery Capital Management LLC CT Grows Stock Position in AppLovin Co. (NASDAQ:APP)

Discovery Capital Management LLC CT boosted its stake in shares of AppLovin Co. (NASDAQ:APP) by 217.9% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 230,500 shares of the company’s stock after acquiring an additional 158,000 shares during the quarter. AppLovin accounts for about 2.5% of Discovery Capital Management LLC CT’s investment portfolio, making the stock its 15th largest holding. Discovery Capital Management LLC CT’s holdings in AppLovin were worth $19,182,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. WCM Investment Management LLC purchased a new position in shares of AppLovin in the first quarter valued at about $497,488,000. Whale Rock Capital Management LLC bought a new stake in shares of AppLovin in the first quarter worth about $195,129,000. Jericho Capital Asset Management L.P. increased its holdings in AppLovin by 185.0% during the 1st quarter. Jericho Capital Asset Management L.P. now owns 3,890,567 shares of the company’s stock valued at $269,305,000 after purchasing an additional 2,525,240 shares during the period. 1832 Asset Management L.P. raised its position in AppLovin by 977.2% during the 2nd quarter. 1832 Asset Management L.P. now owns 1,496,300 shares of the company’s stock valued at $124,522,000 after purchasing an additional 1,357,400 shares during the last quarter. Finally, Norges Bank purchased a new stake in AppLovin in the 4th quarter worth approximately $43,973,000. 41.85% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Jefferies Financial Group boosted their target price on AppLovin from $105.00 to $108.00 and gave the company a “buy” rating in a research note on Tuesday, September 10th. Wedbush reduced their price objective on shares of AppLovin from $100.00 to $90.00 and set an “outperform” rating on the stock in a research report on Thursday, August 8th. Bank of America raised their target price on shares of AppLovin from $100.00 to $120.00 and gave the stock a “buy” rating in a research report on Wednesday, September 11th. Oppenheimer reaffirmed an “outperform” rating and set a $105.00 target price (up previously from $97.00) on shares of AppLovin in a research note on Thursday, August 8th. Finally, UBS Group raised shares of AppLovin from a “neutral” rating to a “buy” rating and increased their price target for the stock from $100.00 to $145.00 in a research note on Tuesday, September 17th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $103.09.

Insider Buying and Selling

In other AppLovin news, insider Victoria Valenzuela sold 47,001 shares of the firm’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $85.06, for a total transaction of $3,997,905.06. Following the completion of the sale, the insider now directly owns 390,615 shares in the company, valued at approximately $33,225,711.90. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, Director Dawson Alyssa Harvey sold 1,500 shares of the company’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $87.90, for a total transaction of $131,850.00. Following the transaction, the director now directly owns 10,247 shares of the company’s stock, valued at $900,711.30. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Victoria Valenzuela sold 47,001 shares of the stock in a transaction on Monday, July 1st. The shares were sold at an average price of $85.06, for a total value of $3,997,905.06. Following the sale, the insider now directly owns 390,615 shares in the company, valued at $33,225,711.90. The disclosure for this sale can be found here. Insiders have sold a total of 775,934 shares of company stock worth $65,805,022 in the last quarter. Corporate insiders own 14.69% of the company’s stock.

AppLovin Price Performance

APP stock opened at $126.09 on Monday. The company has a debt-to-equity ratio of 4.27, a quick ratio of 2.28 and a current ratio of 2.28. The firm has a market capitalization of $41.49 billion, a price-to-earnings ratio of 75.05, a PEG ratio of 1.41 and a beta of 1.88. The firm has a 50 day moving average price of $87.92 and a 200-day moving average price of $80.53. AppLovin Co. has a 52-week low of $34.45 and a 52-week high of $128.19.

AppLovin (NASDAQ:APP) last announced its quarterly earnings data 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 return on equity of 84.16% and a net margin of 20.89%. The business had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $1.08 billion. During the same quarter in the previous year, the business earned $0.22 earnings per share. The firm’s quarterly revenue was up 44.0% compared to the same quarter last year. Equities research analysts forecast that AppLovin Co. will post 3.46 EPS for the current fiscal year.

AppLovin 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.