Armistice Capital LLC Acquires 26,992 Shares of AppLovin Corporation $APP

Key Points

• Armistice Capital LLC significantly increased its stake in AppLovin Corporation by 439.2% in the first quarter, owning 33,138 shares valued at approximately $8.78 million.
• Insider trading activity includes Director Herald Y. Chen selling 200,000 shares for about $92.94 million, and CEO Arash Adam Foroughi selling 90,000 shares for roughly $37.89 million.
• AppLovin's stock recently reported $2.26 EPS, surpassing analyst expectations, despite revenue falling short of estimates at $1.26 billion.

Armistice Capital LLC boosted its position in AppLovin Corporation (NASDAQ:APP - Free Report) by 439.2% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 33,138 shares of the company's stock after purchasing an additional 26,992 shares during the period. Armistice Capital LLC's holdings in AppLovin were worth $8,781,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the business. Kingswood Wealth Advisors LLC raised its stake in AppLovin by 5.1% during the 1st quarter. Kingswood Wealth Advisors LLC now owns 1,663 shares of the company's stock valued at $445,000 after purchasing an additional 80 shares during the period. Wealth Enhancement Advisory Services LLC raised its position in AppLovin by 62.7% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 172,378 shares of the company's stock valued at $45,675,000 after buying an additional 66,453 shares during the period. Yousif Capital Management LLC lifted its stake in AppLovin by 3.5% in the 1st quarter. Yousif Capital Management LLC now owns 3,544 shares of the company's stock worth $939,000 after acquiring an additional 119 shares in the last quarter. Peak Retirement Planning Inc. acquired a new stake in AppLovin during the 4th quarter worth about $969,000. Finally, Assenagon Asset Management S.A. grew its stake in AppLovin by 3.0% during the 1st quarter. Assenagon Asset Management S.A. now owns 4,173 shares of the company's stock valued at $1,106,000 after acquiring an additional 121 shares in the last quarter. 41.85% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, CEO Arash Adam Foroughi sold 90,000 shares of the business's stock in a transaction on Thursday, August 21st. The stock was sold at an average price of $421.04, for a total transaction of $37,893,600.00. Following the completion of the transaction, the chief executive officer owned 2,620,054 shares of the company's stock, valued at approximately $1,103,147,536.16. The trade was a 3.32% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Herald Y. Chen sold 200,000 shares of the firm's stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $464.69, for a total value of $92,938,000.00. Following the transaction, the director owned 381,929 shares of the company's stock, valued at $177,478,587.01. This trade represents a 34.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,236,152 shares of company stock valued at $545,240,378 in the last ninety days. Corporate insiders own 13.66% of the company's stock.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. Oppenheimer restated an "outperform" rating and issued a $500.00 price objective (down previously from $560.00) on shares of AppLovin in a report on Thursday, May 8th. JPMorgan Chase & Co. boosted their price target on shares of AppLovin from $400.00 to $425.00 and gave the stock a "neutral" rating in a research note on Thursday, August 7th. Piper Sandler increased their price objective on shares of AppLovin from $470.00 to $500.00 and gave the company an "overweight" rating in a report on Thursday, August 7th. Citigroup reaffirmed a "buy" rating on shares of AppLovin in a report on Thursday, May 29th. Finally, Zacks Research raised shares of AppLovin to a "strong-buy" rating in a report on Friday, August 8th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, AppLovin currently has a consensus rating of "Moderate Buy" and a consensus price target of $478.81.

AppLovin Stock Up 0.7%

Shares of APP traded up $3.14 on Tuesday, hitting $481.73. The company's stock had a trading volume of 5,272,500 shares, compared to its average volume of 6,208,153. The company has a quick ratio of 2.74, a current ratio of 2.74 and a debt-to-equity ratio of 3.01. The firm's fifty day moving average price is $390.26 and its 200-day moving average price is $347.01. AppLovin Corporation has a fifty-two week low of $82.51 and a fifty-two week high of $525.15. The firm has a market capitalization of $162.95 billion, a price-to-earnings ratio of 69.26, a P/E/G ratio of 2.68 and a beta of 2.44.

AppLovin (NASDAQ:APP - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $2.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.05 by $0.21. AppLovin had a net margin of 45.72% and a return on equity of 252.67%. The firm had revenue of $1.26 billion for the quarter, compared to analyst estimates of $1.37 billion. During the same period in the previous year, the business earned $0.89 EPS. The company's revenue was up 77.1% compared to the same quarter last year. On average, equities research analysts expect that AppLovin Corporation will post 6.87 EPS for the current year.

About AppLovin

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.