Bienville Capital Management LLC Boosts Stock Position in AppLovin Corporation $APP

Key Points

• Bienville Capital Management increased its AppLovin stake by 38.5% in the second quarter, purchasing 6,243 additional shares and bringing its holdings to 22,444 shares valued at approximately $11.6 million.
• Analysts maintain a generally positive outlook, with AppLovin receiving a consensus “Moderate Buy” rating and an average price target of $538.09, despite several recent target reductions.
• AppLovin reported second-quarter revenue of $1.92 billion, up 52.8% year over year, while matching the consensus EPS estimate of $3.76; the stock was trading near $305, well below its 52-week high of $745.61.

Bienville Capital Management LLC increased its holdings in AppLovin Corporation (NASDAQ:APP - Free Report) by 38.5% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 22,444 shares of the company's stock after purchasing an additional 6,243 shares during the period. AppLovin makes up about 1.5% of Bienville Capital Management LLC's investment portfolio, making the stock its 22nd largest position. Bienville Capital Management LLC's holdings in AppLovin were worth $11,564,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the business. California State Teachers Retirement System grew its stake in shares of AppLovin by 50,874.8% in the 2nd quarter. California State Teachers Retirement System now owns 178,017,633 shares of the company's stock worth $91,720,025,000 after buying an additional 177,668,406 shares in the last quarter. State Street Corp raised its position in shares of AppLovin by 0.4% during the 4th quarter. State Street Corp now owns 11,904,843 shares of the company's stock valued at $8,021,721,000 after buying an additional 52,377 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of AppLovin by 6.7% in the 4th quarter. Geode Capital Management LLC now owns 7,167,003 shares of the company's stock valued at $4,817,269,000 after acquiring an additional 448,005 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of AppLovin by 3.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,089,735 shares of the company's stock valued at $4,103,386,000 after acquiring an additional 212,349 shares during the last quarter. Finally, Morgan Stanley grew its position in AppLovin by 10.7% in the fourth quarter. Morgan Stanley now owns 5,561,646 shares of the company's stock worth $3,747,551,000 after acquiring an additional 538,806 shares in the last quarter. Hedge funds and other institutional investors own 41.85% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Evercore reissued an "outperform" rating and set a $510.00 price objective on shares of AppLovin in a research note on Tuesday, September 1st. KeyCorp set a $775.00 price objective on AppLovin in a research note on Wednesday, June 10th. Bank of America reiterated a "neutral" rating and issued a $400.00 target price (down from $430.00) on shares of AppLovin in a report on Tuesday, August 11th. Benchmark cut their target price on AppLovin from $500.00 to $440.00 and set a "buy" rating on the stock in a research report on Monday, August 17th. Finally, Royal Bank Of Canada decreased their price target on AppLovin from $700.00 to $575.00 and set an "outperform" rating on the stock in a report on Thursday, August 6th. Three equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat.com, AppLovin currently has a consensus rating of "Moderate Buy" and a consensus target price of $538.09.

AppLovin Stock Performance

AppLovin stock opened at $305.06 on Thursday. The company has a debt-to-equity ratio of 1.11, a current ratio of 4.30 and a quick ratio of 4.30. AppLovin Corporation has a 1-year low of $297.50 and a 1-year high of $745.61. The firm has a market capitalization of $102.09 billion, a P/E ratio of 23.45, a price-to-earnings-growth ratio of 0.66 and a beta of 2.49. The company's 50-day moving average is $381.77 and its 200 day moving average is $438.82.

AppLovin (NASDAQ:APP - Get Free Report) last announced its earnings results on Tuesday, August 4th. The company reported $3.76 earnings per share (EPS) for the quarter, meeting the consensus estimate of $3.76. The business had revenue of $1.92 billion during the quarter, compared to analyst estimates of $1.94 billion. AppLovin had a return on equity of 193.10% and a net margin of 64.58%.The company's revenue for the quarter was up 52.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.39 earnings per share. Research analysts forecast that AppLovin Corporation will post 15.53 EPS for the current year.

Insider Activity at AppLovin

In related news, Director G Jr sold 3,076 shares of the business's stock in a transaction on Monday, July 6th. The stock was sold at an average price of $521.29, for a total transaction of $1,603,488.04. Following the completion of the transaction, the director owned 120,444 shares in the company, valued at $62,786,252.76. The trade was a 2.49% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Eduardo Vivas sold 163,910 shares of the company's stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $504.06, for a total value of $82,620,474.60. Following the completion of the transaction, the director directly owned 6,785,087 shares in the company, valued at $3,420,090,953.22. This trade represents a 2.36% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 208,653 shares of company stock worth $104,600,460 in the last quarter. 12.81% of the stock is owned by company insiders.

AppLovin Company Profile

AppLovin Corporation NASDAQ: APP is a technology company that provides software and services designed to help mobile application developers grow their businesses. Its platform supports user acquisition, advertising, monetization, measurement and other functions that enable developers to attract users and generate revenue from their applications.

AppLovin's offerings include AXON, an artificial-intelligence-powered software engine used to optimize advertising and user-acquisition campaigns; MAX, a platform for managing in-app advertising and mediation; and AppDiscovery, which helps developers promote their applications.

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