Van ECK Associates Corp Cuts Stake in AppLovin Co. (NASDAQ:APP)

Van ECK Associates Corp lessened its holdings in AppLovin Co. (NASDAQ:APP) by 10.9% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 412,431 shares of the company’s stock after selling 50,504 shares during the quarter. Van ECK Associates Corp’s holdings in AppLovin were worth $53,843,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Lone Pine Capital LLC increased its holdings in shares of AppLovin by 7.2% in the second quarter. Lone Pine Capital LLC now owns 5,702,438 shares of the company’s stock worth $474,557,000 after buying an additional 382,767 shares during the period. Jericho Capital Asset Management L.P. increased its stake in AppLovin by 185.0% in the 1st quarter. Jericho Capital Asset Management L.P. now owns 3,890,567 shares of the company’s stock worth $269,305,000 after purchasing an additional 2,525,240 shares during the period. Fred Alger Management LLC bought a new stake in AppLovin in the second quarter valued at approximately $290,655,000. Whale Rock Capital Management LLC purchased a new stake in shares of AppLovin during the first quarter valued at approximately $195,129,000. Finally, 1832 Asset Management L.P. grew its holdings in shares of AppLovin by 977.2% in the second quarter. 1832 Asset Management L.P. now owns 1,496,300 shares of the company’s stock worth $124,522,000 after purchasing an additional 1,357,400 shares during the last quarter. 41.85% of the stock is owned by institutional investors.

Insider Activity at AppLovin

In other AppLovin news, insider Victoria Valenzuela sold 14,166 shares of the stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $89.98, for a total transaction of $1,274,656.68. Following the completion of the transaction, the insider now owns 352,616 shares in the company, valued at $31,728,387.68. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, insider Victoria Valenzuela sold 14,166 shares of the stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $89.98, for a total value of $1,274,656.68. Following the completion of the transaction, the insider now owns 352,616 shares of the company’s stock, valued at approximately $31,728,387.68. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Eduardo Vivas sold 229,200 shares of the firm’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $86.35, for a total value of $19,791,420.00. Following the completion of the sale, the director now directly owns 7,412,475 shares of the company’s stock, valued at $640,067,216.25. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 610,094 shares of company stock valued at $51,022,478. 14.69% of the stock is owned by corporate insiders.

AppLovin Trading Down 3.5 %

Shares of AppLovin stock opened at $163.53 on Monday. The company has a debt-to-equity ratio of 4.27, a quick ratio of 2.28 and a current ratio of 2.28. The company has a fifty day moving average of $127.73 and a 200 day moving average of $96.69. The company has a market capitalization of $54.66 billion, a P/E ratio of 69.59, a P/E/G ratio of 2.44 and a beta of 1.86. AppLovin Co. has a fifty-two week low of $35.79 and a fifty-two week high of $174.46.

AppLovin (NASDAQ:APP) last announced its quarterly earnings data on Wednesday, August 7th. The company reported $0.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.12. The business had revenue of $1.08 billion during the quarter, compared to analyst estimates of $1.08 billion. AppLovin had a net margin of 20.89% and a return on equity of 84.16%. The company’s revenue was up 44.0% on a year-over-year basis. During the same period last year, the firm posted $0.22 EPS. On average, sell-side analysts anticipate that AppLovin Co. will post 3.47 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

APP has been the subject of several recent analyst reports. Oppenheimer increased their target price on shares of AppLovin from $105.00 to $180.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. BTIG Research increased their price objective on AppLovin from $150.00 to $202.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Benchmark boosted their target price on AppLovin from $48.00 to $66.00 and gave the company a “sell” rating in a research note on Friday, August 23rd. Wedbush decreased their target price on AppLovin from $100.00 to $90.00 and set an “outperform” rating for the company in a report on Thursday, August 8th. Finally, Loop Capital initiated coverage on shares of AppLovin in a report on Tuesday, October 22nd. They issued a “buy” rating and a $181.00 price target on the stock. One analyst has rated the stock with a sell rating, five have issued a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $136.78.

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.