AppLovin (NYSE:APP) Trading Up 6.1%

Posted by Defense World Staff on Mar 31st, 2023

Shares of AppLovin Co. (NYSE:APP – Get Rating) were up 6.1% during mid-day trading on Wednesday . The company traded as high as $14.85 and last traded at $14.82. Approximately 275,614 shares changed hands during mid-day trading, a decline of 91% from the average daily volume of 2,991,845 shares. The stock had previously closed at $13.97.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on APP shares. Morgan Stanley increased their price objective on shares of AppLovin from $15.00 to $16.00 and gave the company an “equal weight” rating in a research note on Thursday, February 9th. The Goldman Sachs Group dropped their price objective on shares of AppLovin from $33.00 to $21.00 and set a “buy” rating for the company in a research note on Thursday, January 19th. KeyCorp dropped their price objective on shares of AppLovin from $25.00 to $20.00 and set an “overweight” rating for the company in a research note on Monday, February 6th. Truist Financial dropped their price objective on shares of AppLovin from $29.00 to $17.00 and set a “buy” rating for the company in a research note on Friday, March 17th. Finally, Credit Suisse Group dropped their price objective on shares of AppLovin from $57.00 to $47.00 and set an “outperform” rating for the company in a research note on Wednesday, February 8th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, AppLovin presently has a consensus rating of “Hold” and a consensus price target of $26.18.

AppLovin Trading Up 0.1 %

The business’s fifty day simple moving average is $13.63 and its 200 day simple moving average is $14.70. The company has a current ratio of 3.35, a quick ratio of 3.35 and a debt-to-equity ratio of 1.68. The stock has a market cap of $5.65 billion, a P/E ratio of -28.85, a price-to-earnings-growth ratio of 2.82 and a beta of 1.85.

Insiders Place Their Bets

In other AppLovin news, insider Victoria Valenzuela sold 25,000 shares of the stock in a transaction dated Monday, February 13th. The shares were sold at an average price of $14.77, for a total transaction of $369,250.00. Following the sale, the insider now owns 961,382 shares of the company’s stock, valued at approximately $14,199,612.14. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, insider Victoria Valenzuela sold 25,000 shares of the firm’s stock in a transaction dated Monday, February 13th. The shares were sold at an average price of $14.77, for a total value of $369,250.00. Following the transaction, the insider now owns 961,382 shares of the company’s stock, valued at approximately $14,199,612.14. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CMO Katie Kihorany Jansen sold 65,155 shares of the firm’s stock in a transaction dated Monday, March 6th. The shares were sold at an average price of $13.78, for a total transaction of $897,835.90. Following the completion of the transaction, the chief marketing officer now directly owns 1,564,539 shares in the company, valued at approximately $21,559,347.42. The disclosure for this sale can be found here. Insiders have sold a total of 155,322 shares of company stock valued at $2,140,975 in the last 90 days. 12.78% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp bought a new position in AppLovin during the 2nd quarter worth approximately $475,000. Pearl River Capital LLC bought a new position in AppLovin during the 3rd quarter worth approximately $380,000. US Bancorp DE boosted its stake in AppLovin by 197.4% during the 3rd quarter. US Bancorp DE now owns 4,660 shares of the company’s stock worth $91,000 after acquiring an additional 3,093 shares during the last quarter. Deutsche Bank AG boosted its stake in AppLovin by 11,778.5% during the 2nd quarter. Deutsche Bank AG now owns 107,025 shares of the company’s stock worth $3,685,000 after acquiring an additional 106,124 shares during the last quarter. Finally, Davidson Kempner Capital Management LP boosted its stake in AppLovin by 75.0% during the 2nd quarter. Davidson Kempner Capital Management LP now owns 350,000 shares of the company’s stock worth $12,054,000 after acquiring an additional 150,000 shares during the last quarter. Institutional investors own 38.19% of the company’s stock.

About AppLovin

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AppLovin Corporation engages in building a software-based platform for mobile app developers to enhance the marketing and monetization of their apps in the United States and internationally. The company's software solutions include AppDiscovery, a marketing software solution, which matches advertiser demand with publisher supply through auctions; Adjust, an analytics platform that helps marketers grow their mobile apps with solutions for measuring, optimizing campaigns, and protecting user data; and MAX, an in-app bidding software that optimizes the value of an app's advertising inventory by running a real-time competitive auction.

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