AppLovin (NASDAQ:APP) Trading Down 16.1% – Here’s What Happened

by · The Markets Daily

AppLovin Co. (NASDAQ:APP – Get Free Report) traded down 16.1% during trading on Friday . The stock traded as low as $214.26 and last traded at $219.91. 4,851,339 shares traded hands during mid-day trading, a decline of 13% from the average session volume of 5,549,434 shares. The stock had previously closed at $261.98.

Analyst Ratings Changes

Several analysts recently issued reports on APP shares. Citigroup upped their price objective on shares of AppLovin from $460.00 to $600.00 and gave the company a “buy” rating in a research note on Wednesday, February 19th. The Goldman Sachs Group increased their price target on AppLovin from $220.00 to $335.00 and gave the company a “neutral” rating in a report on Monday, January 27th. Needham & Company LLC reissued a “hold” rating on shares of AppLovin in a research note on Monday, March 17th. FBN Securities initiated coverage on AppLovin in a research note on Friday, March 28th. They issued an “outperform” rating and a $385.00 target price for the company. Finally, Oppenheimer reiterated an “outperform” rating and set a $560.00 price target on shares of AppLovin in a report on Thursday, March 27th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, AppLovin currently has a consensus rating of “Moderate Buy” and a consensus price target of $435.47.

Read Our Latest Stock Report on APP

AppLovin Price Performance

The company has a quick ratio of 2.41, a current ratio of 2.41 and a debt-to-equity ratio of 3.70. The stock has a fifty day moving average of $342.89 and a two-hundred day moving average of $288.42. The stock has a market cap of $74.58 billion, a price-to-earnings ratio of 48.32, a price-to-earnings-growth ratio of 3.02 and a beta of 2.39.

AppLovin (NASDAQ:APP – Get Free Report) last announced its quarterly earnings results 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 net margin of 33.54% and a return on equity of 188.55%. On average, equities research analysts anticipate that AppLovin Co. will post 6.87 earnings per share for the current year.

Insider Activity at AppLovin

In other news, CEO Arash Adam Foroughi sold 45,000 shares of the firm’s stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $422.21, for a total transaction 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 $1,230,527,667.32. This trade represents a 1.52 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Herald Y. Chen sold 200,000 shares of the stock in a transaction on Friday, February 28th. The shares were sold at an average price of $324.65, for a total value of $64,930,000.00. Following the sale, the director now owns 621,209 shares in the company, valued at approximately $201,675,501.85. This trade represents a 24.35 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 306,900 shares of company stock valued at $106,401,841 in the last ninety days. Corporate insiders own 14.69% of the company’s stock.

Institutional Trading of AppLovin

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in APP. Benjamin Edwards Inc. purchased a new position in AppLovin in the 3rd quarter valued at about $364,000. IHT Wealth Management LLC purchased a new position in shares of AppLovin during the third quarter valued at approximately $316,000. Royal London Asset Management Ltd. acquired a new stake in AppLovin during the third quarter worth approximately $13,052,000. Quarry LP grew its stake in AppLovin by 121.2% in the 3rd quarter. Quarry LP now owns 1,157 shares of the company’s stock worth $151,000 after acquiring an additional 634 shares during the period. Finally, Quantinno Capital Management LP grew its stake in AppLovin by 146.6% in the 3rd quarter. Quantinno Capital Management LP now owns 6,412 shares of the company’s stock worth $837,000 after acquiring an additional 3,812 shares during the period. Hedge funds and other institutional investors own 41.85% of the company’s stock.

About AppLovin

(Get Free Report)

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.

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