Wealthedge Investment Advisors LLC Cuts Stake in AppLovin Corporation (NASDAQ:APP)

Key Points

• Wealthedge Investment Advisors LLC has decreased its stake in AppLovin Corporation by 45.0%, owning now 1,509 shares valued at $400,000 following the sale of 1,237 shares.
• Despite a Q2 earnings miss, where the company reported $2.26 EPS against an expected $2.05, AppLovin's revenue grew 77.1% year-over-year, reaching $1.26 billion.
• Following a series of stock sales by insiders, including a notable transaction from Director Eduardo Vivas, 13.66% of AppLovin's stock is owned by company insiders.

Wealthedge Investment Advisors LLC reduced its stake in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 45.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,509 shares of the company's stock after selling 1,237 shares during the period. Wealthedge Investment Advisors LLC's holdings in AppLovin were worth $400,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of APP. Forum Financial Management LP grew its position in AppLovin by 0.9% in the fourth quarter. Forum Financial Management LP now owns 3,776 shares of the company's stock valued at $1,223,000 after acquiring an additional 33 shares in the last quarter. Vestcor Inc grew its position in AppLovin by 0.8% in the first quarter. Vestcor Inc now owns 4,108 shares of the company's stock valued at $1,088,000 after acquiring an additional 33 shares in the last quarter. Argentarii LLC grew its position in AppLovin by 1.5% in the first quarter. Argentarii LLC now owns 2,638 shares of the company's stock valued at $699,000 after acquiring an additional 40 shares in the last quarter. Atlas Capital Advisors Inc. grew its position in AppLovin by 11.3% in the first quarter. Atlas Capital Advisors Inc. now owns 394 shares of the company's stock valued at $104,000 after acquiring an additional 40 shares in the last quarter. Finally, Versant Capital Management Inc grew its position in AppLovin by 13.4% in the first quarter. Versant Capital Management Inc now owns 365 shares of the company's stock valued at $97,000 after acquiring an additional 43 shares in the last quarter. Hedge funds and other institutional investors own 41.85% of the company's stock.

AppLovin Price Performance

Shares of NASDAQ APP opened at $433.34 on Friday. AppLovin Corporation has a fifty-two week low of $82.51 and a fifty-two week high of $525.15. The firm's 50-day simple moving average is $370.40 and its 200 day simple moving average is $342.69. The company has a quick ratio of 2.74, a current ratio of 2.74 and a debt-to-equity ratio of 3.01. The stock has a market cap of $146.64 billion, a P/E ratio of 61.55, a P/E/G ratio of 2.50 and a beta of 2.43.

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

Insider Transactions at AppLovin

In other AppLovin news, Director Eduardo Vivas sold 125,000 shares of the business'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 sale, the director directly owned 7,283,292 shares in the company, valued at approximately $3,394,014,072. The trade was a 1.69% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Matthew Stumpf sold 9,714 shares of the business's stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $423.00, for a total transaction of $4,109,022.00. Following the completion of the sale, the chief financial officer owned 192,421 shares in the company, valued at approximately $81,394,083. This trade represents a 4.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 925,398 shares of company stock valued at $392,582,738 in the last quarter. 13.66% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

APP has been the subject of several recent research reports. The Goldman Sachs Group increased their price objective on shares of AppLovin from $335.00 to $435.00 and gave the company a "neutral" rating in a research report on Friday, May 9th. HSBC set a $436.00 price objective on shares of AppLovin and gave the company a "buy" rating in a research report on Wednesday, April 23rd. Wells Fargo & Company raised their price target on shares of AppLovin from $405.00 to $480.00 and gave the stock an "overweight" rating in a research report on Thursday, August 7th. Jefferies Financial Group lifted their price target on shares of AppLovin from $460.00 to $530.00 and gave the stock a "buy" rating in a research note on Thursday, May 8th. Finally, Piper Sandler lifted their price target on shares of AppLovin from $470.00 to $500.00 and gave the stock an "overweight" rating in a research note on Thursday, August 7th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $472.33.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.