AppLovin (NASDAQ:APP) Stock Price Up 1% – Here’s What Happened

Shares of AppLovin Co. (NASDAQ:APP) shot up 1% on Thursday . The stock traded as high as $238.00 and last traded at $232.10. 1,540,690 shares traded hands during trading, a decline of 73% from the average session volume of 5,782,918 shares. The stock had previously closed at $229.81.

Analysts Set New Price Targets

Several research firms recently weighed in on APP. Morgan Stanley upgraded shares of AppLovin from an “equal weight” rating to an “overweight” rating and reduced their price target for the stock from $470.00 to $350.00 in a research report on Thursday, April 10th. Needham & Company LLC reiterated a “hold” rating on shares of AppLovin in a research report on Monday, March 17th. Wells Fargo & Company decreased their price objective on shares of AppLovin from $538.00 to $386.00 and set an “overweight” rating on the stock in a report on Tuesday, April 8th. Arete Research set a $200.00 price target on shares of AppLovin in a research report on Wednesday, March 5th. Finally, Jefferies Financial Group raised their price target on AppLovin from $400.00 to $425.00 and gave the company a “buy” rating in a report on Wednesday, January 8th. One research analyst has rated the stock with a sell rating, three have given a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, AppLovin has an average rating of “Moderate Buy” and an average target price of $424.84.

AppLovin Trading Up 3.9 %

The firm has a market capitalization of $81.18 billion, a PE ratio of 52.56, a P/E/G ratio of 3.02 and a beta of 2.39. The firm has a fifty day moving average of $318.93 and a 200 day moving average of $294.53. The company has a debt-to-equity ratio of 3.70, a quick ratio of 2.41 and a current ratio of 2.41.

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

Insider Transactions at AppLovin

In related news, CTO Vasily Shikin sold 17,500 shares of the company’s stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $241.65, for a total transaction of $4,228,875.00. Following the transaction, the chief technology officer now directly owns 88,389 shares in the company, valued at approximately $21,359,201.85. This represents a 16.53 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Arash Adam Foroughi sold 44,400 shares of the stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $410.89, for a total transaction of $18,243,516.00. Following the sale, the chief executive officer now owns 2,869,492 shares of the company’s stock, valued at $1,179,045,567.88. This trade represents a 1.52 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 306,900 shares of company stock worth $106,401,841. 14.69% of the stock is owned by company insiders.

Hedge Funds Weigh In On AppLovin

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. GHP Investment Advisors Inc. bought a new position in AppLovin in the fourth quarter worth about $25,000. Fuller & Thaler Asset Management Inc. purchased a new position in shares of AppLovin during the 4th quarter worth approximately $25,000. Riverview Trust Co raised its position in shares of AppLovin by 1,640.0% in the 4th quarter. Riverview Trust Co now owns 87 shares of the company’s stock worth $28,000 after acquiring an additional 82 shares in the last quarter. Tucker Asset Management LLC purchased a new position in shares of AppLovin in the 4th quarter valued at approximately $28,000. Finally, Hemington Wealth Management boosted its position in shares of AppLovin by 78.4% during the fourth quarter. Hemington Wealth Management now owns 91 shares of the company’s stock valued at $29,000 after purchasing an additional 40 shares in the last quarter. 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.