AppLovin (NASDAQ:APP) Trading Up 8% - Here's What Happened

AppLovin Corporation (NASDAQ:APP - Get Free Report)'s share price shot up 8% during trading on Monday . The company traded as high as $357.70 and last traded at $361.80. 2,669,116 shares traded hands during trading, a decline of 64% from the average session volume of 7,393,086 shares. The stock had previously closed at $335.10.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on APP. Benchmark reissued a "buy" rating and set a $525.00 price target on shares of AppLovin in a report on Thursday, May 8th. UBS Group upped their target price on AppLovin from $450.00 to $475.00 and gave the stock a "buy" rating in a report on Thursday, May 8th. Wedbush raised AppLovin to a "strong-buy" rating in a report on Tuesday, July 1st. Scotiabank raised AppLovin to a "strong-buy" rating in a report on Tuesday, July 8th. Finally, Jefferies Financial Group upped their target price on AppLovin from $460.00 to $530.00 and gave the stock a "buy" rating in a report on Thursday, May 8th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, sixteen have given a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat, AppLovin has a consensus rating of "Moderate Buy" and a consensus target price of $438.43.

AppLovin Stock Up 6.8%

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 stock has a fifty day moving average price of $358.23 and a two-hundred day moving average price of $334.19. The company has a market cap of $121.07 billion, a P/E ratio of 64.78, a price-to-earnings-growth ratio of 2.00 and a beta of 2.42.

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, beating analysts' consensus estimates of $1.45 by $0.22. The company had revenue of $1.48 billion during 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%. AppLovin's revenue was up 40.3% on a year-over-year basis. During the same period last year, the business posted $0.67 earnings per share. On average, research analysts expect that AppLovin Corporation will post 6.87 EPS for the current year.

Insider Activity at AppLovin

In other news, Director Dawson Alyssa Harvey sold 513 shares of the firm's stock in a transaction on Friday, June 6th. The stock was sold at an average price of $420.30, for a total value of $215,613.90. Following the completion of the transaction, the director directly owned 3,451 shares of the company's stock, valued at $1,450,455.30. This trade represents a 12.94% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Matthew Stumpf sold 9,714 shares of the business's stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $423.00, for a total value of $4,109,022.00. Following the transaction, the chief financial officer owned 192,421 shares of the company's stock, valued at approximately $81,394,083. The trade was a 4.81% 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 ninety days. Insiders own 13.66% of the company's stock.

Institutional Investors Weigh In On AppLovin

Several hedge funds have recently added to or reduced their stakes in the company. GAMMA Investing LLC lifted its stake in AppLovin by 9.5% during the second quarter. GAMMA Investing LLC now owns 2,033 shares of the company's stock worth $712,000 after purchasing an additional 176 shares during the last quarter. U.S. Capital Wealth Advisors LLC bought a new stake in shares of AppLovin in the 2nd quarter worth approximately $294,000. Park Avenue Securities LLC grew its position in shares of AppLovin by 30.6% in the 2nd quarter. Park Avenue Securities LLC now owns 20,890 shares of the company's stock worth $7,313,000 after buying an additional 4,890 shares during the last quarter. Matrix Trust Co lifted its stake in shares of AppLovin by 33.8% in the 2nd quarter. Matrix Trust Co now owns 981 shares of the company's stock valued at $343,000 after purchasing an additional 248 shares during the period. Finally, Farther Finance Advisors LLC lifted its stake in shares of AppLovin by 142.8% in the 2nd quarter. Farther Finance Advisors LLC now owns 6,504 shares of the company's stock valued at $2,277,000 after purchasing an additional 3,825 shares during the period. 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.

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