Exchange Traded Concepts LLC Sells 20,353 Shares of AppLovin Corporation (NASDAQ:APP)

Exchange Traded Concepts LLC trimmed its stake in AppLovin Corporation (NASDAQ:APP - Free Report) by 70.6% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 8,495 shares of the company's stock after selling 20,353 shares during the quarter. Exchange Traded Concepts LLC's holdings in AppLovin were worth $2,251,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the stock. FMR LLC raised its position in AppLovin by 75.5% in the fourth quarter. FMR LLC now owns 13,851,122 shares of the company's stock worth $4,485,409,000 after acquiring an additional 5,957,885 shares in the last quarter. SVB Wealth LLC bought a new stake in AppLovin in the fourth quarter worth about $1,781,922,000. Norges Bank bought a new stake in AppLovin in the fourth quarter worth about $828,138,000. Arrowstreet Capital Limited Partnership raised its holdings in AppLovin by 457.2% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,893,148 shares of the company's stock worth $936,888,000 after buying an additional 2,373,885 shares during the period. Finally, Alliancebernstein L.P. raised its holdings in AppLovin by 193.6% during the 4th quarter. Alliancebernstein L.P. now owns 2,725,101 shares of the company's stock worth $882,469,000 after buying an additional 1,797,027 shares during the period. 41.85% of the stock is currently owned by institutional investors.

AppLovin Trading Down 4.5%

APP traded down $16.08 during midday trading on Thursday, reaching $344.37. 5,806,553 shares of the company were exchanged, compared to its average volume of 6,117,065. The company has a debt-to-equity ratio of 6.10, a quick ratio of 1.68 and a current ratio of 1.68. AppLovin Corporation has a one year low of $60.67 and a one year high of $525.15. The stock has a market capitalization of $116.53 billion, a P/E ratio of 62.16, a PEG ratio of 2.00 and a beta of 2.53. The stock's 50-day simple moving average is $330.10 and its 200 day simple moving average is $334.71.

AppLovin (NASDAQ:APP - Get Free Report) last issued its earnings results on Wednesday, May 7th. The company reported $1.67 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.45 by $0.22. AppLovin had a return on equity of 224.65% and a net margin of 37.38%. The firm had revenue of $1.48 billion for the quarter, compared to analysts' expectations of $1.38 billion. During the same quarter last year, the business earned $0.67 earnings per share. The company's revenue was up 40.3% compared to the same quarter last year. As a group, analysts forecast that AppLovin Corporation will post 6.87 earnings per share for the current fiscal year.

Insider Transactions at AppLovin

In related news, Director Barbara Messing sold 1,500 shares of AppLovin stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $382.46, for a total value of $573,690.00. Following the sale, the director now owns 9,510 shares of the company's stock, valued at approximately $3,637,194.60. This trade represents a 13.62% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Victoria Valenzuela sold 6,585 shares of AppLovin stock in a transaction that occurred on Monday, May 19th. The shares were sold at an average price of $370.23, for a total value of $2,437,964.55. Following the completion of the sale, the insider now directly owns 357,903 shares in the company, valued at approximately $132,506,427.69. This represents a 1.81% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,212,968 shares of company stock valued at $455,062,980 over the last 90 days. 13.66% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. FBN Securities assumed coverage on AppLovin in a report on Friday, March 28th. They set an "outperform" rating and a $385.00 price objective on the stock. Piper Sandler upped their target price on AppLovin from $425.00 to $455.00 and gave the company an "overweight" rating in a report on Thursday, May 8th. Arete Research set a $200.00 price target on AppLovin in a research note on Wednesday, March 5th. Jefferies Financial Group upped their price target on AppLovin from $460.00 to $530.00 and gave the stock a "buy" rating in a report on Thursday, May 8th. Finally, The Goldman Sachs Group upped their target price on AppLovin from $335.00 to $435.00 and gave the company a "neutral" rating in a research note on Friday, May 9th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $438.10.

AppLovin 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.