AppLovin (NASDAQ:APP) Trading 4.9% Higher – Here’s Why

AppLovin Co. (NASDAQ:APP)’s stock price shot up 4.9% during trading on Wednesday . The stock traded as high as $291.46 and last traded at $292.43. 2,124,232 shares traded hands during mid-day trading, a decline of 59% from the average session volume of 5,195,103 shares. The stock had previously closed at $278.84.

Wall Street Analysts Forecast Growth

APP has been the topic of a number of research analyst reports. Stifel Nicolaus boosted their price objective on shares of AppLovin from $250.00 to $435.00 and gave the company a “buy” rating in a research report on Thursday, December 5th. Piper Sandler lifted their price target on AppLovin from $400.00 to $575.00 and gave the company an “overweight” rating in a report on Thursday, February 13th. JPMorgan Chase & Co. boosted their price target on AppLovin from $325.00 to $475.00 and gave the company a “neutral” rating in a research note on Thursday, February 13th. Loop Capital boosted their target price on shares of AppLovin from $450.00 to $650.00 and gave the stock a “buy” rating in a research report on Thursday, February 20th. Finally, Macquarie upped their price objective on shares of AppLovin from $270.00 to $450.00 and gave the stock an “outperform” rating in a report on Friday, December 6th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $438.28.

AppLovin Stock Down 0.4 %

The firm has a 50 day moving average of $353.92 and a 200-day moving average of $272.44. The company has a debt-to-equity ratio of 3.70, a current ratio of 2.41 and a quick ratio of 2.41. The stock has a market capitalization of $103.86 billion, a P/E ratio of 67.43, a price-to-earnings-growth ratio of 3.02 and a beta of 2.33.

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

Insider Activity

In other news, CEO Arash Adam Foroughi sold 45,000 shares of the stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $422.21, for a total value of $18,999,450.00. Following the completion of the transaction, the chief executive officer now directly owns 2,914,492 shares of the company’s stock, valued at approximately $1,230,527,667.32. This represents a 1.52 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CTO Vasily Shikin sold 17,500 shares of the business’s stock in a transaction on Monday, March 10th. The shares were sold at an average price of $241.65, for a total value of $4,228,875.00. Following the completion of the sale, 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 disclosure for this sale can be found here. In the last 90 days, insiders sold 306,900 shares of company stock worth $106,401,841. 14.69% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of APP. 111 Capital acquired a new stake in AppLovin during the 4th quarter valued at $1,142,000. Wealth Enhancement Advisory Services LLC raised its stake in shares of AppLovin by 2.7% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 105,925 shares of the company’s stock worth $34,302,000 after acquiring an additional 2,793 shares during the last quarter. NorthCrest Asset Manangement LLC bought a new stake in shares of AppLovin during the fourth quarter valued at approximately $283,000. Lansforsakringar Fondforvaltning AB publ acquired a new stake in shares of AppLovin in the fourth quarter valued at approximately $21,804,000. Finally, Centaurus Financial Inc. raised its position in AppLovin by 3.7% in the 4th quarter. Centaurus Financial Inc. now owns 27,601 shares of the company’s stock worth $8,938,000 after purchasing an additional 997 shares during the last quarter. Institutional investors own 41.85% of the company’s stock.

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.