Moore Capital Management LP Reduces Stock Holdings in AppLovin Corporation $APP

Key Points

• Moore Capital Management cut its AppLovin stake by 57.4% in the fourth quarter, selling 30,237 shares and ending the period with 22,444 shares valued at about $15.1 million.
• AppLovin beat first-quarter expectations, reporting EPS of $3.56 versus $3.44 expected and revenue of $1.84 billion versus $1.77 billion expected, with revenue up 58.9% year over year.
• Despite recent insider selling and a 6.9% stock drop, analysts remain mostly bullish, with a consensus “Moderate Buy” rating and an average price target of $669.62.

Moore Capital Management LP decreased its stake in AppLovin Corporation (NASDAQ:APP - Free Report) by 57.4% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 22,444 shares of the company's stock after selling 30,237 shares during the quarter. Moore Capital Management LP's holdings in AppLovin were worth $15,123,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Board of the Pension Protection Fund bought a new stake in shares of AppLovin during the 4th quarter worth approximately $27,000. Washington Trust Advisors Inc. lifted its stake in shares of AppLovin by 160.0% during the 4th quarter. Washington Trust Advisors Inc. now owns 39 shares of the company's stock worth $27,000 after acquiring an additional 24 shares during the last quarter. Laurel Wealth Advisors LLC bought a new stake in shares of AppLovin during the 4th quarter worth approximately $32,000. Graney & King LLC bought a new stake in shares of AppLovin during the 3rd quarter worth approximately $36,000. Finally, Aventura Private Wealth LLC bought a new stake in shares of AppLovin during the 4th quarter worth approximately $38,000. Hedge funds and other institutional investors own 41.85% of the company's stock.

AppLovin Trading Down 6.9%

Shares of NASDAQ APP opened at $479.49 on Thursday. The company has a quick ratio of 3.24, a current ratio of 3.24 and a debt-to-equity ratio of 1.49. The business has a fifty day simple moving average of $489.48 and a two-hundred day simple moving average of $519.07. The firm has a market cap of $161.08 billion, a PE ratio of 41.19, a price-to-earnings-growth ratio of 0.84 and a beta of 2.45. AppLovin Corporation has a twelve month low of $320.00 and a twelve month high of $745.61.

AppLovin (NASDAQ:APP - Get Free Report) last announced its earnings results on Wednesday, May 6th. The company reported $3.56 earnings per share for the quarter, topping the consensus estimate of $3.44 by $0.12. The firm had revenue of $1.84 billion for the quarter, compared to the consensus estimate of $1.77 billion. AppLovin had a return on equity of 219.37% and a net margin of 64.29%.The firm's revenue for the quarter was up 58.9% on a year-over-year basis. During the same period in the previous year, the business earned $1.67 EPS. Analysts expect that AppLovin Corporation will post 15.86 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the company. Piper Sandler reissued an "overweight" rating on shares of AppLovin in a research note on Tuesday, June 9th. Wedbush reissued an "outperform" rating and set a $640.00 price target on shares of AppLovin in a research note on Thursday, May 7th. BTIG Research reissued a "buy" rating and set a $640.00 price target on shares of AppLovin in a research note on Thursday, May 7th. Arete Research set a $340.00 price target on AppLovin and gave the stock a "neutral" rating in a research note on Monday, March 2nd. Finally, Oppenheimer decreased their price target on AppLovin from $740.00 to $660.00 and set an "outperform" rating for the company in a research note on Thursday, March 5th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $669.62.

Insider Buying and Selling at AppLovin

In other AppLovin news, Director Maynard G. Webb, Jr. sold 3,076 shares of the business's stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $582.04, for a total transaction of $1,790,355.04. Following the sale, the director owned 123,520 shares in the company, valued at approximately $71,893,580.80. The trade was a 2.43% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Victoria Valenzuela sold 20,000 shares of the business's stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $565.89, for a total value of $11,317,800.00. Following the sale, the insider owned 243,961 shares in the company, valued at approximately $138,055,090.29. The trade was a 7.58% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 226,014 shares of company stock worth $113,073,400. 13.66% of the stock is owned by corporate insiders.

About AppLovin

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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