AppLovin (NASDAQ:APP) Shares Down 2.9% - What's Next?

AppLovin Co. (NASDAQ:APP - Get Free Report)'s stock price was down 2.9% on Wednesday . The company traded as low as $294.96 and last traded at $295.91. Approximately 2,851,802 shares changed hands during mid-day trading, a decline of 52% from the average daily volume of 5,945,969 shares. The stock had previously closed at $304.62.

Analyst Ratings Changes

Several research analysts have recently weighed in on APP shares. Morgan Stanley upped their target price on AppLovin from $350.00 to $420.00 and gave the stock an "overweight" rating in a research note on Thursday. Loop Capital reissued a "buy" rating and set a $650.00 price target on shares of AppLovin in a report on Friday, March 28th. HSBC set a $436.00 price objective on shares of AppLovin and gave the stock a "buy" rating in a report on Wednesday, April 23rd. Piper Sandler upped their target price on shares of AppLovin from $425.00 to $455.00 and gave the company an "overweight" rating in a report on Thursday. Finally, Needham & Company LLC restated a "hold" rating on shares of AppLovin in a research note on Monday, April 21st. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $428.85.

AppLovin Stock Down 2.2 %

The business's 50 day moving average is $275.52 and its 200 day moving average is $309.36. 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 company has a market cap of $112.92 billion, a P/E ratio of 73.16, a P/E/G ratio of 3.02 and a beta of 2.39.

AppLovin (NASDAQ:APP - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The company reported $1.67 EPS for the quarter, topping the consensus estimate of $1.45 by $0.22. AppLovin had a return on equity of 188.55% and a net margin of 33.54%. The firm had revenue of $1.48 billion during the quarter, compared to analysts' expectations of $1.38 billion. During the same period in the previous year, the business earned $0.67 earnings per share. The firm's revenue for the quarter was up 40.3% on a year-over-year basis. As a group, equities analysts anticipate that AppLovin Co. will post 6.87 earnings per share for the current fiscal year.

Insider Transactions at AppLovin

In other news, CTO Vasily Shikin sold 17,500 shares of the firm'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 sale, the chief technology officer now owns 88,389 shares in the company, valued at approximately $21,359,201.85. This trade represents a 16.53 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Arash Adam Foroughi sold 45,000 shares of AppLovin 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 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 disclosure for this sale can be found here. Insiders have sold a total of 306,900 shares of company stock worth $106,401,841 over the last ninety days. 14.69% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On AppLovin

A number of institutional investors have recently bought and sold shares of the business. GHP Investment Advisors Inc. acquired a new position in shares of AppLovin during the fourth quarter worth $25,000. Fuller & Thaler Asset Management Inc. purchased a new stake in AppLovin during the 4th quarter valued at $25,000. Atala Financial Inc purchased a new position in shares of AppLovin during the first quarter valued at approximately $26,000. Alpine Bank Wealth Management purchased a new stake in shares of AppLovin during the first quarter valued at $27,000. Finally, Riverview Trust Co raised its position in AppLovin by 1,640.0% in the fourth quarter. Riverview Trust Co now owns 87 shares of the company's stock worth $28,000 after acquiring an additional 82 shares during the period. Institutional investors and hedge funds 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.