Shares of AppLovin Corporation (NASDAQ:APP – Get Free Report) were down 4.9% during mid-day trading on Tuesday . The company traded as low as $319.50 and last traded at $322.4220. 1,616,651 shares were traded during mid-day trading, a decline of 72% from the average session volume of 5,710,702 shares. The stock had previously closed at $339.00.
Analyst Upgrades and Downgrades
A number of equities research analysts have recently weighed in on APP shares. Needham & Company LLC cut their price objective on AppLovin from $700.00 to $500.00 and set a “buy” rating on the stock in a research report on Thursday, August 6th. JPMorgan Chase & Co. raised their price target on AppLovin from $500.00 to $515.00 and gave the stock a “neutral” rating in a research note on Thursday, May 7th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $660.00 price target on shares of AppLovin in a report on Thursday, May 7th. Wedbush reduced their price objective on shares of AppLovin from $640.00 to $610.00 and set an “outperform” rating on the stock in a research report on Thursday. Finally, Benchmark dropped their target price on shares of AppLovin from $775.00 to $500.00 and set a “buy” rating for the company in a research report on Thursday. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and eight have given a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $573.45.
Check Out Our Latest Stock Report on APP
AppLovin Trading Down 5.1%
AppLovin (NASDAQ:APP – Get Free Report) last announced its earnings results on Tuesday, August 4th. The company reported $3.76 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $3.76. The firm had revenue of $1.92 billion for the quarter, compared to analyst estimates of $1.94 billion. AppLovin had a net margin of 64.58% and a return on equity of 193.10%. AppLovin’s revenue was up 52.8% compared to the same quarter last year. During the same quarter last year, the business earned $2.39 earnings per share. Equities analysts expect that AppLovin Corporation will post 15.56 earnings per share for the current year.
Insider Activity
In other news, CTO Vasily Shikin sold 62,804 shares of AppLovin stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $484.42, for a total transaction of $30,423,513.68. Following the sale, the chief technology officer owned 3,189,739 shares in the company, valued at $1,545,173,366.38. This trade represents a 1.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Victoria Valenzuela sold 20,000 shares of the company’s stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $565.89, for a total transaction of $11,317,800.00. Following the completion of the transaction, the insider directly owned 243,961 shares of the company’s stock, valued at approximately $138,055,090.29. The trade was a 7.58% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 393,000 shares of company stock valued at $197,297,363 over the last quarter. 12.81% of the stock is owned by insiders.
Institutional Trading of AppLovin
Several institutional investors have recently added to or reduced their stakes in the business. Revolve Wealth Partners LLC bought a new stake in shares of AppLovin in the 4th quarter worth approximately $294,000. Bison Wealth LLC bought a new position in AppLovin during the 4th quarter worth $239,000. Integrated Wealth Concepts LLC increased its position in AppLovin by 58.0% in the first quarter. Integrated Wealth Concepts LLC now owns 1,692 shares of the company’s stock worth $448,000 after buying an additional 621 shares during the period. NewEdge Advisors LLC increased its position in AppLovin by 5.7% in the second quarter. NewEdge Advisors LLC now owns 14,523 shares of the company’s stock worth $5,084,000 after buying an additional 782 shares during the period. Finally, Treasurer of the State of North Carolina lifted its stake in AppLovin by 7.2% in the second quarter. Treasurer of the State of North Carolina now owns 139,189 shares of the company’s stock valued at $48,727,000 after buying an additional 9,380 shares during the last quarter. Institutional investors own 41.85% of the company’s stock.
About AppLovin
AppLovin Corporation is a Palo Alto–based mobile technology company that provides software and services to help app developers grow and monetize their businesses. The company operates a data-driven advertising and marketing platform that connects app publishers and advertisers, delivering tools for user acquisition, monetization, analytics and creative optimization. AppLovin’s technology is integrated into a broad set of mobile applications through software development kits (SDKs) and ad products designed to maximize revenue and engagement for developers.
Key components of AppLovin’s offering include an ad mediation and exchange platform that enables publishers to manage and monetize inventory across multiple demand sources, and a user-acquisition platform that helps advertisers target and scale campaigns.
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