Shares of AppLovin Corporation (NASDAQ:APP – Get Free Report) shot up 11.7% on Tuesday . The stock traded as high as $538.34 and last traded at $537.98. 2,355,623 shares changed hands during trading, a decline of 57% from the average session volume of 5,482,489 shares. The stock had previously closed at $481.68.
Wall Street Analyst Weigh In
A number of research analysts recently weighed in on APP shares. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $660.00 price objective on shares of AppLovin in a report on Thursday, May 7th. Weiss Ratings downgraded AppLovin from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday, May 7th. Arete Research set a $340.00 price target on AppLovin and gave the stock a “neutral” rating in a research note on Monday, March 2nd. Benchmark reiterated a “buy” rating on shares of AppLovin in a research note on Friday, March 6th. Finally, Evercore reiterated a “buy” rating on shares of AppLovin in a research note on Friday, January 30th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, AppLovin has a consensus rating of “Moderate Buy” and an average target price of $664.35.
Check Out Our Latest Stock Analysis on APP
AppLovin Stock Up 6.8%
AppLovin (NASDAQ:APP – Get Free Report) last issued its quarterly earnings results on Wednesday, May 6th. The company reported $3.56 earnings per share for the quarter, beating analysts’ consensus estimates of $3.44 by $0.12. The business had revenue of $1.84 billion for the quarter, compared to the consensus estimate of $1.77 billion. AppLovin had a return on equity of 219.37% and a net margin of 64.29%.AppLovin’s revenue for the quarter was up 58.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.67 earnings per share. As a group, sell-side analysts expect that AppLovin Corporation will post 15.86 EPS for the current year.
Insider Transactions at AppLovin
In other news, CTO Vasily Shikin sold 62,804 shares of AppLovin stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $486.43, for a total value of $30,549,749.72. Following the transaction, the chief technology officer directly owned 3,255,273 shares in the company, valued at approximately $1,583,462,445.39. The trade was a 1.89% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Arash Adam Foroughi sold 50,000 shares of the business’s stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $466.04, for a total value of $23,302,000.00. Following the transaction, the chief executive officer owned 2,480,414 shares in the company, valued at $1,155,972,140.56. This represents a 1.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 365,244 shares of company stock worth $169,584,607. Company insiders own 13.66% of the company’s stock.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Glenmede Trust Co. NA raised its stake in shares of AppLovin by 12.2% in the 1st quarter. Glenmede Trust Co. NA now owns 5,075 shares of the company’s stock valued at $2,020,000 after purchasing an additional 550 shares during the period. Groupama Asset Managment bought a new stake in AppLovin during the first quarter valued at $572,000. Verus Capital Partners LLC raised its holdings in shares of AppLovin by 122.7% in the 1st quarter. Verus Capital Partners LLC now owns 686 shares of the company’s stock worth $273,000 after acquiring an additional 378 shares during the last quarter. Liontrust Investment Partners LLP increased its stake in AppLovin by 2.5% in the 1st quarter. Liontrust Investment Partners LLP now owns 20,272 shares of the company’s stock valued at $8,068,000 after buying an additional 485 shares during the last quarter. Finally, Western Wealth Management LLC bought a new position in AppLovin in the 1st quarter worth approximately $194,000. 41.85% of the stock is currently owned by institutional investors.
AppLovin Company Profile
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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