SteelPeak Wealth LLC Sells 27,517 Shares of AppLovin Corporation $APP

Key Points

• SteelPeak Wealth cut its AppLovin position by 94.3% in the second quarter, selling 27,517 shares and retaining 1,669 shares valued at approximately $860,000.
• AppLovin reported 52.8% year-over-year revenue growth to $1.92 billion and expects sequential revenue reacceleration in the third quarter, while maintaining an approximately 83% margin despite increased AI infrastructure spending.
• APP has fallen near its 12-month low of $303.17, prompting several analysts to reduce price targets, although the stock retains a “Moderate Buy” consensus rating and a $565.91 average target.

SteelPeak Wealth LLC cut its holdings in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 94.3% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,669 shares of the company's stock after selling 27,517 shares during the quarter. SteelPeak Wealth LLC's holdings in AppLovin were worth $860,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Insight Wealth Strategies LLC acquired a new stake in shares of AppLovin in the second quarter valued at about $6,939,000. Tema ETFs LLC grew its stake in AppLovin by 9.2% in the second quarter. Tema ETFs LLC now owns 5,188 shares of the company's stock valued at $2,673,000 after purchasing an additional 435 shares in the last quarter. E. Ohman J or Asset Management AB grew its stake in AppLovin by 49.2% in the second quarter. E. Ohman J or Asset Management AB now owns 8,341 shares of the company's stock valued at $4,298,000 after purchasing an additional 2,750 shares in the last quarter. Carolina Wealth Advisors LLC increased its position in shares of AppLovin by 1.5% during the 2nd quarter. Carolina Wealth Advisors LLC now owns 2,732 shares of the company's stock worth $1,408,000 after purchasing an additional 40 shares during the last quarter. Finally, Fulton Bank N.A. increased its position in shares of AppLovin by 6.3% during the 2nd quarter. Fulton Bank N.A. now owns 8,830 shares of the company's stock worth $4,549,000 after purchasing an additional 527 shares during the last quarter. Institutional investors own 41.85% of the company's stock.

AppLovin News Roundup

Here are the key news stories impacting AppLovin this week:

• Positive Sentiment: AppLovin expects revenue growth to reaccelerate sequentially in the third quarter while maintaining an approximately 83% margin, even as it invests in additional AI computing capacity. The guidance supports the view that recent weakness may be temporary. AppLovin Q3 Guidance Signals Reacceleration After a Mixed Q2 Print
• Positive Sentiment: Phillip Securities upgraded APP from “moderate buy” to “strong buy.” BTIG also maintained a buy rating and set a $408 price target, implying substantial upside despite lowering its previous target of $574. BTIG AppLovin Price Target
• Positive Sentiment: Several investment commentaries characterize AppLovin as an attractive value opportunity after its steep decline, citing rapid revenue growth, high margins and strong earnings potential relative to valuation. AppLovin Won't Be This Cheap for Long

AppLovin Stock Performance

APP opened at $303.76 on Thursday. The company has a quick ratio of 4.30, a current ratio of 4.30 and a debt-to-equity ratio of 1.11. AppLovin Corporation has a 12-month low of $303.17 and a 12-month high of $745.61. The business has a 50 day moving average of $457.60 and a 200-day moving average of $458.54. The stock has a market cap of $102.05 billion, a price-to-earnings ratio of 23.35, a PEG ratio of 0.59 and a beta of 2.54.

AppLovin (NASDAQ:APP - Get Free Report) last posted its earnings results on Tuesday, August 4th. The company reported $3.76 earnings per share for the quarter, hitting analysts' consensus estimates of $3.76. AppLovin had a return on equity of 193.10% and a net margin of 64.58%.The business had revenue of $1.92 billion for the quarter, compared to analyst estimates of $1.94 billion. During the same period in the previous year, the firm earned $2.39 EPS. The firm's revenue was up 52.8% compared to the same quarter last year. On average, equities research analysts expect that AppLovin Corporation will post 15.57 earnings per share for the current year.

Analyst Ratings Changes

Several research firms have recently commented on APP. Piper Sandler downgraded AppLovin from an "overweight" rating to a "neutral" rating and cut their price objective for the company from $665.00 to $385.00 in a report on Thursday, August 6th. UBS Group lowered their target price on shares of AppLovin from $798.00 to $790.00 and set a "buy" rating on the stock in a report on Thursday, August 6th. Benchmark dropped their price target on shares of AppLovin from $775.00 to $500.00 and set a "buy" rating on the stock in a research report on Thursday, August 6th. Weiss Ratings upgraded shares of AppLovin from a "hold (c)" rating to a "hold (c+)" rating in a research note on Thursday, August 6th. Finally, Citigroup decreased their price objective on shares of AppLovin from $710.00 to $650.00 and set a "buy" rating for the company in a research report on Friday, August 7th. Three investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $565.91.

Insider Activity

In other AppLovin news, CTO Vasily Shikin sold 62,804 shares of the company's stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $484.42, for a total value of $30,423,513.68. Following the transaction, the chief technology officer directly owned 3,189,739 shares in the company, valued at $1,545,173,366.38. The trade was a 1.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Victoria Valenzuela sold 20,000 shares of the stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $565.89, for a total transaction of $11,317,800.00. Following the completion of the transaction, the insider directly owned 243,961 shares in the company, valued at $138,055,090.29. The trade was a 7.58% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 393,000 shares of company stock valued at $197,297,363. 12.81% of the stock is owned by company insiders.

AppLovin 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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