Mount Lucas Management LP Boosts Holdings in AppLovin Corporation (NASDAQ:APP)

Mount Lucas Management LP raised its holdings in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 17.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,530 shares of the company's stock after acquiring an additional 986 shares during the quarter. Mount Lucas Management LP's holdings in AppLovin were worth $1,730,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in APP. Fuller & Thaler Asset Management Inc. acquired a new position in AppLovin during the fourth quarter valued at approximately $25,000. Tucker Asset Management LLC acquired a new position in shares of AppLovin during the fourth quarter worth $28,000. Atala Financial Inc acquired a new position in shares of AppLovin during the first quarter worth $26,000. ORG Wealth Partners LLC acquired a new position in shares of AppLovin during the first quarter worth $29,000. Finally, Alpine Bank Wealth Management acquired a new position in shares of AppLovin during the first quarter worth $27,000. 41.85% of the stock is currently owned by hedge funds and other institutional investors.

AppLovin Price Performance

Shares of APP opened at $350.00 on Wednesday. AppLovin Corporation has a 52-week low of $60.67 and a 52-week high of $525.15. The company has a debt-to-equity ratio of 6.10, a quick ratio of 1.68 and a current ratio of 1.68. The business's 50 day moving average price is $362.51 and its two-hundred day moving average price is $335.12. The firm has a market cap of $118.44 billion, a PE ratio of 63.18, a price-to-earnings-growth ratio of 2.17 and a beta of 2.42.

AppLovin (NASDAQ:APP - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The company reported $1.67 earnings per share (EPS) for the quarter, beating the consensus estimate 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 analyst estimates of $1.38 billion. During the same period in the previous year, the firm earned $0.67 earnings per share. The company's revenue was up 40.3% compared to the same quarter last year. On average, equities analysts anticipate that AppLovin Corporation will post 6.87 EPS for the current year.

Analysts Set New Price Targets

APP has been the subject of several recent research reports. Loop Capital restated a "buy" rating and set a $650.00 price target on shares of AppLovin in a research report on Friday, March 28th. UBS Group upped their price objective on shares of AppLovin from $450.00 to $475.00 and gave the company a "buy" rating in a research note on Thursday, May 8th. 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 report on Friday, May 9th. Citigroup reiterated a "buy" rating on shares of AppLovin in a report on Thursday, May 29th. Finally, Piper Sandler restated an "overweight" rating and issued a $470.00 price objective (up previously from $455.00) on shares of AppLovin in a research note on Thursday, June 26th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, sixteen have assigned a buy rating and three have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $438.43.

Insider Transactions at AppLovin

In related news, Director Herald Y. Chen sold 171,420 shares of the stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $373.77, for a total transaction of $64,071,653.40. Following the sale, the director owned 221,209 shares of the company's stock, valued at approximately $82,681,287.93. This represents a 43.66% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Herald Y. Chen sold 400,000 shares of the stock in a transaction dated Wednesday, May 14th. The stock was sold at an average price of $374.61, for a total value of $149,844,000.00. Following the sale, the director directly owned 221,209 shares in the company, valued at $82,867,103.49. This trade represents a 64.39% 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 worth $455,062,980 over the last 90 days. 13.66% of the stock is owned by insiders.

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.

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