Caitong International Asset Management Co. Ltd Makes New Investment in AppLovin Corporation (NASDAQ:APP)

Key Points

• Caitong International Asset Management Co. Ltd has acquired 6,095 shares of AppLovin Corporation, valued at approximately $1.615 million, making it the firm's 10th largest investment position.
• AppLovin reported a Q2 EPS of $2.26, surpassing analysts' estimates of $2.05, despite revenue falling short of expectations at $1.26 billion.
• Multiple institutional investors have adjusted their stakes in AppLovin, with 41.85% of the stock currently owned by hedge funds and other institutional investors.

Caitong International Asset Management Co. Ltd acquired a new position in shares of AppLovin Corporation (NASDAQ:APP - Free Report) during the 1st quarter, according to its most recent 13F filing with the SEC. The firm acquired 6,095 shares of the company's stock, valued at approximately $1,615,000. AppLovin accounts for 1.2% of Caitong International Asset Management Co. Ltd's investment portfolio, making the stock its 10th biggest position.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Kingswood Wealth Advisors LLC lifted its holdings in shares of AppLovin by 5.1% in the 1st quarter. Kingswood Wealth Advisors LLC now owns 1,663 shares of the company's stock valued at $445,000 after buying an additional 80 shares during the period. Wealth Enhancement Advisory Services LLC increased its stake in AppLovin by 62.7% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 172,378 shares of the company's stock worth $45,675,000 after buying an additional 66,453 shares in the last quarter. Yousif Capital Management LLC increased its stake in AppLovin by 3.5% during the 1st quarter. Yousif Capital Management LLC now owns 3,544 shares of the company's stock worth $939,000 after buying an additional 119 shares in the last quarter. Peak Retirement Planning Inc. purchased a new stake in AppLovin during the 4th quarter worth approximately $969,000. Finally, Assenagon Asset Management S.A. increased 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 worth $1,106,000 after buying an additional 121 shares in the last quarter. 41.85% of the stock is currently owned by hedge funds and other institutional investors.

AppLovin Stock Up 0.3%

Shares of AppLovin stock opened at $467.00 on Wednesday. The company has a fifty day moving average price of $369.42 and a 200 day moving average price of $341.34. The company has a current ratio of 2.74, a quick ratio of 2.74 and a debt-to-equity ratio of 3.01. AppLovin Corporation has a twelve month low of $75.89 and a twelve month high of $525.15. The stock has a market cap of $158.03 billion, a price-to-earnings ratio of 66.34, a price-to-earnings-growth ratio of 2.60 and a beta of 2.43.

AppLovin (NASDAQ:APP - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $2.26 EPS for the quarter, topping analysts' consensus estimates 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 quarter in the previous year, the business posted $0.89 EPS. The firm's revenue was up 77.1% compared to the same quarter last year. Equities research analysts forecast that AppLovin Corporation will post 6.87 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the company. JPMorgan Chase & Co. upped their price target on AppLovin from $400.00 to $425.00 and gave the company a "neutral" rating in a research report on Thursday, August 7th. Needham & Company LLC restated a "hold" rating on shares of AppLovin in a research report on Thursday, June 26th. Scotiabank increased their price objective on AppLovin from $430.00 to $450.00 and gave the stock a "sector outperform" rating in a research report on Thursday, August 7th. Wedbush reiterated an "outperform" rating and issued a $620.00 price objective on shares of AppLovin in a research report on Thursday, August 7th. Finally, Wells Fargo & Company increased their price objective on AppLovin from $405.00 to $480.00 and gave the stock an "overweight" rating in a research report on Thursday, August 7th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $472.33.

Insider Transactions at AppLovin

In other news, insider Victoria Valenzuela sold 6,599 shares of the company's stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $369.35, for a total value of $2,437,340.65. Following the sale, the insider owned 344,256 shares in the company, valued at approximately $127,150,953.60. This represents a 1.88% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Herald Y. Chen sold 100,000 shares of the company's stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $419.91, for a total transaction of $41,991,000.00. Following the completion of the sale, the director owned 181,929 shares in the company, valued at approximately $76,393,806.39. This trade represents a 35.47% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 400,398 shares of company stock worth $151,712,641 over the last three months. Insiders own 13.66% 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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