AppLovin (NASDAQ:APP) Trading Down 3.4% – Here’s What Happened

AppLovin Co. (NASDAQ:APP)’s share price fell 3.4% during mid-day trading on Tuesday . The stock traded as low as $321.01 and last traded at $324.11. 844,320 shares were traded during mid-day trading, a decline of 82% from the average session volume of 4,573,520 shares. The stock had previously closed at $335.38.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. UBS Group upgraded shares of AppLovin from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $100.00 to $145.00 in a report on Tuesday, September 17th. BTIG Research upped their price target on AppLovin from $202.00 to $291.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. JPMorgan Chase & Co. increased their price target on AppLovin from $160.00 to $200.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Piper Sandler assumed coverage on AppLovin in a research note on Wednesday, November 20th. They issued an “overweight” rating and a $400.00 price objective on the stock. Finally, Benchmark restated a “sell” rating and set a $66.00 target price on shares of AppLovin in a research report on Thursday, November 7th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, AppLovin currently has an average rating of “Moderate Buy” and an average price target of $310.71.

AppLovin Trading Down 3.4 %

The stock has a fifty day simple moving average of $294.60 and a 200 day simple moving average of $167.87. 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 market cap of $108.67 billion, a P/E ratio of 98.13, a price-to-earnings-growth ratio of 4.17 and a beta of 2.28.

AppLovin (NASDAQ:APP) last announced its quarterly earnings results on Wednesday, November 6th. The company reported $1.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.92 by $0.33. AppLovin had a net margin of 26.85% and a return on equity of 122.24%. The firm had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.13 billion. During the same quarter last year, the firm posted $0.30 EPS. The business’s quarterly revenue was up 38.6% compared to the same quarter last year. On average, research analysts expect that AppLovin Co. will post 4.06 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Victoria Valenzuela sold 17,925 shares of the firm’s stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $354.15, for a total value of $6,348,138.75. Following the transaction, the insider now owns 405,676 shares of the company’s stock, valued at $143,670,155.40. This trade represents a 4.23 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO Vasily Shikin sold 593,588 shares of the business’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $319.37, for a total value of $189,574,199.56. Following the transaction, the chief technology officer now owns 3,919,024 shares of the company’s stock, valued at approximately $1,251,618,694.88. This trade represents a 13.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 888,867 shares of company stock valued at $284,773,062. 14.69% of the stock is owned by insiders.

Hedge Funds Weigh In On AppLovin

A number of hedge funds have recently made changes to their positions in APP. WCM Investment Management LLC increased its position in AppLovin by 10.5% during the third quarter. WCM Investment Management LLC now owns 10,820,409 shares of the company’s stock valued at $1,382,307,000 after acquiring an additional 1,029,009 shares during the last quarter. FMR LLC grew its holdings in AppLovin by 622.8% during the 3rd quarter. FMR LLC now owns 7,893,237 shares of the company’s stock valued at $1,030,462,000 after purchasing an additional 6,801,138 shares during the last quarter. Lone Pine Capital LLC raised its position in AppLovin by 7.2% in the 2nd quarter. Lone Pine Capital LLC now owns 5,702,438 shares of the company’s stock worth $474,557,000 after purchasing an additional 382,767 shares during the period. State Street Corp lifted its stake in AppLovin by 8.6% in the third quarter. State Street Corp now owns 5,388,023 shares of the company’s stock worth $703,406,000 after purchasing an additional 428,419 shares during the last quarter. Finally, Geode Capital Management LLC grew its stake in shares of AppLovin by 12.8% during the third quarter. Geode Capital Management LLC now owns 3,946,135 shares of the company’s stock valued at $514,418,000 after buying an additional 449,241 shares during the last quarter. Institutional investors own 41.85% of the company’s stock.

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.