AppLovin (NASDAQ:APP) Stock Price Down 3%

AppLovin Co. (NASDAQ:APP) dropped 3% during mid-day trading on Monday . The stock traded as low as $83.89 and last traded at $84.21. Approximately 322,827 shares traded hands during trading, a decline of 92% from the average daily volume of 4,276,375 shares. The stock had previously closed at $86.80.

Analyst Ratings Changes

A number of brokerages have recently commented on APP. Morgan Stanley lifted their price objective on shares of AppLovin from $55.00 to $70.00 and gave the company an “equal weight” rating in a research report on Tuesday, April 16th. Daiwa Capital Markets initiated coverage on AppLovin in a report on Monday, April 15th. They set a “neutral” rating and a $80.00 price target for the company. Stifel Nicolaus upped their price objective on AppLovin from $85.00 to $98.00 and gave the company a “buy” rating in a research note on Thursday, May 9th. Oppenheimer reissued an “outperform” rating and set a $97.00 target price on shares of AppLovin in a report on Thursday, June 13th. Finally, Citigroup raised their price target on AppLovin from $80.00 to $98.00 and gave the company a “buy” rating in a report on Friday, May 10th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and twelve have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $71.72.

AppLovin Stock Down 0.4 %

The company has a market cap of $27.76 billion, a P/E ratio of 49.56, a PEG ratio of 1.44 and a beta of 1.86. The stock has a 50-day moving average of $81.22 and a 200 day moving average of $65.45. The company has a debt-to-equity ratio of 4.59, a current ratio of 2.11 and a quick ratio of 2.11.

AppLovin (NASDAQ:APP) last released its earnings results on Wednesday, May 8th. The company reported $0.67 EPS for the quarter, beating the consensus estimate of $0.57 by $0.10. AppLovin had a net margin of 16.46% and a return on equity of 51.55%. The firm had revenue of $1.06 billion for the quarter, compared to analyst estimates of $973.70 million. During the same period last year, the firm earned ($0.01) EPS. The business’s quarterly revenue was up 47.9% compared to the same quarter last year. Research analysts anticipate that AppLovin Co. will post 2.96 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Eduardo Vivas sold 118,839 shares of the business’s stock in a transaction on Friday, July 5th. The stock was sold at an average price of $90.75, for a total transaction of $10,784,639.25. Following the completion of the transaction, the director now owns 7,641,531 shares of the company’s stock, valued at approximately $693,468,938.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other AppLovin news, Director Eduardo Vivas sold 118,839 shares of the firm’s stock in a transaction that occurred on Friday, July 5th. The shares were sold at an average price of $90.75, for a total value of $10,784,639.25. Following the sale, the director now owns 7,641,531 shares in the company, valued at $693,468,938.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CMO Katie Kihorany Jansen sold 147,984 shares of the business’s stock in a transaction on Thursday, May 9th. The stock was sold at an average price of $82.29, for a total value of $12,177,603.36. Following the sale, the chief marketing officer now owns 1,264,284 shares in the company, valued at approximately $104,037,930.36. The disclosure for this sale can be found here. Insiders sold 17,857,726 shares of company stock worth $1,489,251,374 over the last three months. Insiders own 14.69% of the company’s stock.

Institutional Investors Weigh In On AppLovin

Hedge funds have recently added to or reduced their stakes in the business. Gulf International Bank UK Ltd acquired a new position in shares of AppLovin during the first quarter worth $1,131,000. CWM LLC grew its position in shares of AppLovin by 16.3% in the 4th quarter. CWM LLC now owns 2,864 shares of the company’s stock valued at $114,000 after buying an additional 401 shares during the last quarter. Contrarius Investment Management Ltd bought a new position in shares of AppLovin during the fourth quarter worth about $7,334,000. Allspring Global Investments Holdings LLC lifted its stake in shares of AppLovin by 177.2% in the first quarter. Allspring Global Investments Holdings LLC now owns 340,823 shares of the company’s stock worth $23,592,000 after acquiring an additional 217,887 shares during the period. Finally, Dynamic Technology Lab Private Ltd bought a new stake in AppLovin in the fourth quarter valued at approximately $2,284,000. 41.85% of the stock is currently owned by institutional investors and hedge funds.

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.