Redhawk Wealth Advisors Inc. Buys Shares of 685 AppLovin Corporation $APP

Key Points

• Redhawk Wealth Advisors Inc. has acquired 685 shares of AppLovin Corporation, valued at approximately $240,000, as indicated in their recent SEC filing.
• The company reported $2.26 EPS for the quarter, surpassing expectations but showing a decline in revenue compared to analyst estimates.
• Insider selling has been significant, with CEO Arash Adam Foroughi selling 90,000 shares valued at about $37.9 million and Director Eduardo Vivas selling shares worth $58.25 million.

Redhawk Wealth Advisors Inc. bought a new stake in shares of AppLovin Corporation (NASDAQ:APP - Free Report) during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 685 shares of the company's stock, valued at approximately $240,000.

A number of other large investors also recently made changes to their positions in the business. Park Capital Management LLC WI purchased a new position in shares of AppLovin during the 2nd quarter worth $338,000. Fulton Bank N.A. lifted its stake in shares of AppLovin by 2.9% during the 2nd quarter. Fulton Bank N.A. now owns 8,243 shares of the company's stock worth $2,886,000 after purchasing an additional 232 shares during the period. NorthCrest Asset Manangement LLC lifted its stake in shares of AppLovin by 3.7% during the 2nd quarter. NorthCrest Asset Manangement LLC now owns 2,232 shares of the company's stock worth $762,000 after purchasing an additional 79 shares during the period. Capital Advisory Group Advisory Services LLC lifted its stake in shares of AppLovin by 8.9% during the 2nd quarter. Capital Advisory Group Advisory Services LLC now owns 883 shares of the company's stock worth $309,000 after purchasing an additional 72 shares during the period. Finally, Mn Services Vermogensbeheer B.V. lifted its stake in shares of AppLovin by 49.5% during the 2nd quarter. Mn Services Vermogensbeheer B.V. now owns 86,700 shares of the company's stock worth $30,352,000 after purchasing an additional 28,700 shares during the period. Hedge funds and other institutional investors own 41.85% of the company's stock.

AppLovin Trading Up 4.5%

NASDAQ:APP opened at $649.59 on Friday. The business's 50-day moving average is $451.52 and its two-hundred day moving average is $363.36. The company has a debt-to-equity ratio of 3.01, a current ratio of 2.74 and a quick ratio of 2.74. AppLovin Corporation has a 12 month low of $123.51 and a 12 month high of $653.06. The firm has a market capitalization of $219.72 billion, a PE ratio of 92.27, a price-to-earnings-growth ratio of 3.44 and a beta of 2.44.

AppLovin (NASDAQ:APP - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported $2.26 EPS for the quarter, beating the consensus estimate of $2.05 by $0.21. AppLovin had a return on equity of 252.67% and a net margin of 45.72%.The company had revenue of $1.26 billion for the quarter, compared to analyst estimates of $1.37 billion. During the same period last year, the company posted $0.89 earnings per share. The firm's revenue was up 77.1% compared to the same quarter last year. Research analysts predict that AppLovin Corporation will post 6.87 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have weighed in on APP. Zacks Research raised AppLovin to a "strong-buy" rating in a research note on Friday, August 8th. Citigroup reaffirmed a "buy" rating on shares of AppLovin in a research report on Thursday, May 29th. Morgan Stanley increased their target price on AppLovin from $460.00 to $480.00 and gave the stock an "overweight" rating in a research report on Thursday, August 7th. Needham & Company LLC reaffirmed a "hold" rating on shares of AppLovin in a research report on Tuesday, August 26th. Finally, Wedbush increased their target price on AppLovin from $620.00 to $725.00 and gave the stock an "outperform" rating in a research report on Friday, September 12th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $501.95.

Insider Buying and Selling

In other AppLovin news, CEO Arash Adam Foroughi sold 90,000 shares of the firm's stock in a transaction dated Thursday, August 21st. The stock was sold at an average price of $421.04, for a total value of $37,893,600.00. Following the transaction, the chief executive officer directly owned 2,620,054 shares of the company's stock, valued at $1,103,147,536.16. This trade represents a 3.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Eduardo Vivas sold 125,000 shares of the firm's stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $466.00, for a total value of $58,250,000.00. Following the completion of the transaction, the director directly owned 7,283,292 shares in the company, valued at $3,394,014,072. This trade represents a 1.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,156,788 shares of company stock valued at $514,863,333 over the last ninety days. Insiders own 13.66% of the company's stock.

About AppLovin

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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