AppLovin (NASDAQ:APP) Stock Price Down 2.1% - What's Next?

AppLovin Corporation (NASDAQ:APP - Get Free Report) was down 2.1% during mid-day trading on Tuesday . The stock traded as low as $345.41 and last traded at $348.31. Approximately 1,415,431 shares changed hands during trading, a decline of 77% from the average daily volume of 6,236,150 shares. The stock had previously closed at $355.90.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on APP. The Goldman Sachs Group upped their target price on AppLovin from $335.00 to $435.00 and gave the company a "neutral" rating in a report on Friday, May 9th. JPMorgan Chase & Co. upped their target price on AppLovin from $355.00 to $400.00 and gave the company a "neutral" rating in a report on Tuesday, June 3rd. Wedbush upgraded AppLovin to a "strong-buy" rating in a report on Tuesday, July 1st. Piper Sandler reiterated an "overweight" rating and issued a $470.00 target price (up previously from $455.00) on shares of AppLovin in a report on Thursday, June 26th. Finally, HSBC set a $436.00 price target on AppLovin and gave the company 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, sixteen have issued a buy rating and three have given a strong buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $438.43.

AppLovin Stock Up 0.7%

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 firm has a 50 day simple moving average of $361.32 and a 200-day simple moving average of $334.61. The stock has a market capitalization of $120.30 billion, a price-to-earnings ratio of 64.17, a price-to-earnings-growth ratio of 2.10 and a beta of 2.42.

AppLovin (NASDAQ:APP - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The company reported $1.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.45 by $0.22. AppLovin had a return on equity of 224.65% and a net margin of 37.38%. The firm had revenue of $1.48 billion during the quarter, compared to analyst estimates of $1.38 billion. During the same period in the prior year, the company posted $0.67 earnings per share. The business's revenue for the quarter was up 40.3% compared to the same quarter last year. On average, sell-side analysts forecast that AppLovin Corporation will post 6.87 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CTO Vasily Shikin sold 34,766 shares of AppLovin stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $353.64, for a total value of $12,294,648.24. Following the completion of the sale, the chief technology officer directly owned 70,889 shares in the company, valued at $25,069,185.96. This trade represents a 32.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Barbara Messing sold 1,500 shares of AppLovin stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $382.46, for a total value of $573,690.00. Following the completion of the sale, the director owned 9,510 shares of the company's stock, valued at approximately $3,637,194.60. The trade was a 13.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,212,968 shares of company stock valued at $455,062,980 in the last 90 days. 13.66% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On AppLovin

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its holdings in shares of AppLovin by 7.3% during the 1st quarter. Vanguard Group Inc. now owns 17,830,675 shares of the company's stock valued at $4,724,594,000 after purchasing an additional 1,213,536 shares in the last quarter. FMR LLC lifted its holdings in shares of AppLovin by 75.5% during the 4th quarter. FMR LLC now owns 13,851,122 shares of the company's stock valued at $4,485,409,000 after purchasing an additional 5,957,885 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of AppLovin by 36.7% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,588,483 shares of the company's stock valued at $1,745,752,000 after purchasing an additional 1,769,400 shares in the last quarter. Baillie Gifford & Co. raised its position in AppLovin by 29.0% in the 1st quarter. Baillie Gifford & Co. now owns 5,270,355 shares of the company's stock valued at $1,396,486,000 after buying an additional 1,185,859 shares during the last quarter. Finally, Geode Capital Management LLC raised its position in AppLovin by 14.5% in the 4th quarter. Geode Capital Management LLC now owns 4,519,445 shares of the company's stock valued at $1,462,144,000 after buying an additional 573,310 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.