CYBER HORNET ETFs LLC Buys 5,924 Shares of AppLovin Corporation $APP

Key Points

• CYBER HORNET ETFs LLC increased its AppLovin stake by 795.2% in the second quarter, purchasing 5,924 additional shares and bringing its holdings to 6,669 shares valued at approximately $3.44 million.
• AppLovin shares opened at $320.56, near their 52-week low of $297.50 and substantially below the $745.61 high. The company reported $3.76 in quarterly EPS, revenue of $1.92 billion, and 52.8% year-over-year revenue growth.
• Analysts have lowered several price targets, but sentiment remains positive: AppLovin carries a “Moderate Buy” consensus rating and an average target of $538.61. Meanwhile, insiders sold 271,152 shares worth approximately $135.3 million over the past 90 days.

CYBER HORNET ETFs LLC grew its stake in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 795.2% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,669 shares of the company's stock after buying an additional 5,924 shares during the period. AppLovin accounts for 1.1% of CYBER HORNET ETFs LLC's portfolio, making the stock its 13th biggest holding. CYBER HORNET ETFs LLC's holdings in AppLovin were worth $3,436,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the stock. Cassaday & Co Wealth Management LLC purchased a new position in AppLovin during the first quarter valued at approximately $25,000. Washington Trust Advisors Inc. increased its stake in shares of AppLovin by 160.0% in the fourth quarter. Washington Trust Advisors Inc. now owns 39 shares of the company's stock worth $27,000 after purchasing an additional 24 shares in the last quarter. Mcguire Capital Advisors Inc. bought a new stake in shares of AppLovin during the 4th quarter valued at $27,000. Pioneer Family Office LLC purchased a new position in shares of AppLovin during the 2nd quarter valued at $31,000. Finally, First Pacific Financial bought a new position in AppLovin in the 1st quarter worth $33,000. 41.85% of the stock is currently owned by institutional investors.

AppLovin Stock Performance

Shares of AppLovin stock opened at $320.56 on Monday. AppLovin Corporation has a twelve month low of $297.50 and a twelve month high of $745.61. The company has a quick ratio of 4.30, a current ratio of 4.30 and a debt-to-equity ratio of 1.11. The business has a 50-day moving average price of $394.59 and a 200-day moving average price of $440.62. The firm has a market cap of $107.28 billion, a price-to-earnings ratio of 24.64, a PEG ratio of 0.68 and a beta of 2.49.

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

Insider Transactions 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 shares were sold at an average price of $521.29, for a total value of $1,603,488.04. Following the sale, the director owned 120,444 shares in the company, valued at approximately $62,786,252.76. The trade was a 2.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Arash Foroughi sold 19,123 shares of the company's stock in a transaction on Friday, June 12th. The shares were sold at an average price of $482.02, for a total transaction of $9,217,668.46. Following the sale, the chief executive officer directly owned 2,350,228 shares in the company, valued at approximately $1,132,856,900.56. The trade was a 0.81% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 271,152 shares of company stock valued at $135,295,830 in the last ninety days. Corporate insiders own 12.81% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on APP shares. Wells Fargo & Company cut their price target on AppLovin from $357.00 to $325.00 and set an "equal weight" rating for the company in a research note on Wednesday, August 19th. BTIG Research dropped their price objective on AppLovin from $574.00 to $408.00 and set a "buy" rating for the company in a research note on Wednesday, August 12th. UBS Group cut their target price on AppLovin from $798.00 to $790.00 and set a "buy" rating for the company in a research report on Thursday, August 6th. KeyCorp set a $775.00 target price on AppLovin in a research note on Wednesday, June 10th. Finally, Royal Bank Of Canada dropped their price target on AppLovin from $700.00 to $575.00 and set an "outperform" rating for the company in a research note on Thursday, August 6th. Three investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat, AppLovin presently has an average rating of "Moderate Buy" and an average target price of $538.61.

AppLovin Company Profile

AppLovin Corporation is a Palo Alto–based mobile technology company that provides software and services to help app developers grow and monetize their businesses. The company operates a data-driven advertising and marketing platform that connects app publishers and advertisers, delivering tools for user acquisition, monetization, analytics and creative optimization. AppLovin's technology is integrated into a broad set of mobile applications through software development kits (SDKs) and ad products designed to maximize revenue and engagement for developers.

Key components of AppLovin's offering include an ad mediation and exchange platform that enables publishers to manage and monetize inventory across multiple demand sources, and a user-acquisition platform that helps advertisers target and scale campaigns.

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