AppLovin (NASDAQ:APP) Trading 2.7% Higher - Here's What Happened

AppLovin Corporation (NASDAQ:APP - Get Free Report)'s stock price was up 2.7% during mid-day trading on Monday . The stock traded as high as $377.00 and last traded at $374.37. Approximately 1,412,580 shares changed hands during trading, a decline of 77% from the average daily volume of 6,106,930 shares. The stock had previously closed at $364.49.

Analyst Ratings Changes

Several analysts have issued reports on APP shares. Benchmark reissued a "buy" rating and set a $525.00 price target on shares of AppLovin in a report on Thursday, May 8th. Piper Sandler boosted their price target on AppLovin from $425.00 to $455.00 and gave the company an "overweight" rating in a report on Thursday, May 8th. Morgan Stanley boosted their price target on AppLovin from $420.00 to $460.00 and gave the company an "overweight" rating in a report on Monday, June 9th. Arete Research set a $200.00 price target on AppLovin in a report on Wednesday, March 5th. Finally, HSBC set a $436.00 price objective on AppLovin and gave the stock a "buy" rating in a research note on Wednesday, April 23rd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, AppLovin presently has a consensus rating of "Moderate Buy" and an average price target of $438.10.

AppLovin Stock Down 4.5%

The company has a debt-to-equity ratio of 6.10, a current ratio of 1.68 and a quick ratio of 1.68. The company has a market capitalization of $116.53 billion, a PE ratio of 62.16, a P/E/G ratio of 2.00 and a beta of 2.53. The business has a 50-day moving average of $331.71 and a 200 day moving average of $334.73.

AppLovin (NASDAQ:APP - Get Free Report) last posted its earnings results on Wednesday, May 7th. The company reported $1.67 EPS for the quarter, topping analysts' consensus estimates of $1.45 by $0.22. The company had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.38 billion. AppLovin had a return on equity of 224.65% and a net margin of 37.38%. The firm's revenue for the quarter was up 40.3% on a year-over-year basis. During the same period in the previous year, the business earned $0.67 earnings per share. Equities research analysts predict that AppLovin Corporation will post 6.87 earnings per share for the current year.

Insider Buying and Selling

In other AppLovin news, Director Dawson Alyssa Harvey sold 513 shares of the company's stock in a transaction that occurred on Friday, June 6th. The stock was sold at an average price of $420.30, for a total transaction of $215,613.90. Following the sale, the director now directly owns 3,451 shares in the company, valued at $1,450,455.30. This represents a 12.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Barbara Messing sold 1,500 shares of the company's stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $382.46, for a total value of $573,690.00. Following the sale, the director now owns 9,510 shares in the company, valued at approximately $3,637,194.60. This trade represents a 13.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,212,968 shares of company stock worth $455,062,980. Corporate insiders own 13.66% of the company's stock.

Institutional Investors Weigh In On AppLovin

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Capital Advisory Group Advisory Services LLC purchased a new stake in AppLovin during the fourth quarter valued at approximately $213,000. Peak Retirement Planning Inc. bought a new position in shares of AppLovin during the fourth quarter valued at approximately $969,000. Parcion Private Wealth LLC bought a new position in shares of AppLovin during the fourth quarter valued at approximately $366,000. Handelsbanken Fonder AB grew its stake in shares of AppLovin by 162.0% during the fourth quarter. Handelsbanken Fonder AB now owns 110,022 shares of the company's stock valued at $35,628,000 after buying an additional 68,022 shares during the last quarter. Finally, Revolve Wealth Partners LLC bought a new position in shares of AppLovin during the fourth quarter valued at approximately $294,000. 41.85% of the stock is currently owned by hedge funds and other institutional investors.

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.