AppLovin (NASDAQ:APP) Trading Up 3.1% - Here's What Happened

Key Points

• AppLovin shares rose 3.1% to $314.49 in mid-day trading, despite trading below their 50-day and 200-day moving averages.
• Analysts maintain a generally bullish outlook, with a consensus “Moderate Buy” rating and an average price target of $538.09, although several firms recently lowered their targets.
• The company reported quarterly EPS in line with estimates at $3.76, while revenue reached $1.92 billion and increased 52.8% year over year; insiders have sold more than $104 million of shares over the past three months.

Shares of AppLovin Corporation (NASDAQ:APP - Get Free Report) rose 3.1% during mid-day trading on Thursday . The stock traded as high as $317.66 and last traded at $314.49. Approximately 4,719,787 shares were traded during mid-day trading, a decline of 17% from the average session volume of 5,656,496 shares. The stock had previously closed at $305.06.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. The Goldman Sachs Group dropped their price objective on AppLovin from $585.00 to $465.00 and set a "neutral" rating for the company in a report on Thursday, August 6th. Citigroup dropped their price target on AppLovin from $710.00 to $650.00 and set a "buy" rating for the company in a research note on Friday, August 7th. Phillip Securities upgraded shares of AppLovin from a "moderate buy" rating to a "strong-buy" rating in a research note on Tuesday, August 11th. KeyCorp set a $775.00 target price on shares of AppLovin in a report on Wednesday, June 10th. Finally, Piper Sandler dropped their target price on shares of AppLovin from $385.00 to $325.00 and set a "neutral" rating for the company in a research report on Friday, August 21st. Three research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and eight have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $538.09.

AppLovin Trading Up 3.1%

The business's 50 day simple moving average is $381.77 and its two-hundred day simple moving average is $438.82. The stock has a market cap of $105.24 billion, a P/E ratio of 24.17, a PEG ratio of 0.66 and a beta of 2.49. 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 (NASDAQ:APP - Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The company reported $3.76 EPS for the quarter, meeting analysts' consensus estimates of $3.76. The company had revenue of $1.92 billion during the quarter, compared to analysts' expectations of $1.94 billion. AppLovin had a return on equity of 193.10% and a net margin of 64.58%.AppLovin's revenue was up 52.8% compared to the same quarter last year. During the same period in the prior year, the company earned $2.39 EPS. As a group, analysts expect that AppLovin Corporation will post 15.53 EPS for the current year.

Insider Transactions at AppLovin

In other AppLovin news, CEO Arash Foroughi sold 19,123 shares of the company's stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $482.02, for a total value of $9,217,668.46. Following the completion of the transaction, the chief executive officer directly owned 2,350,228 shares in the company, valued at approximately $1,132,856,900.56. This represents a 0.81% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Eduardo Vivas sold 163,910 shares of the firm's stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $504.06, for a total transaction of $82,620,474.60. Following the transaction, the director directly owned 6,785,087 shares of the company's stock, valued at $3,420,090,953.22. The trade was a 2.36% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 208,653 shares of company stock worth $104,600,460. Insiders own 12.81% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. California State Teachers Retirement System grew its stake in AppLovin by 50,874.8% during the second quarter. California State Teachers Retirement System now owns 178,017,633 shares of the company's stock worth $91,720,025,000 after purchasing an additional 177,668,406 shares during the period. State Street Corp lifted its stake in AppLovin by 111.1% in the third quarter. State Street Corp now owns 11,852,466 shares of the company's stock valued at $8,516,471,000 after buying an additional 6,237,051 shares during the period. Corient Private Wealth LLC boosted its holdings in shares of AppLovin by 3,118.6% during the 4th quarter. Corient Private Wealth LLC now owns 4,194,071 shares of the company's stock worth $2,826,049,000 after buying an additional 4,063,763 shares in the last quarter. Norges Bank bought a new position in shares of AppLovin during the 4th quarter worth approximately $2,040,321,000. Finally, Bank of New York Mellon Corp acquired a new stake in shares of AppLovin during the 2nd quarter worth approximately $730,015,000. 41.85% of the stock is owned by institutional investors.

About AppLovin

AppLovin Corporation NASDAQ: APP is a technology company that provides software and services designed to help mobile application developers grow their businesses. Its platform supports user acquisition, advertising, monetization, measurement and other functions that enable developers to attract users and generate revenue from their applications.

AppLovin's offerings include AXON, an artificial-intelligence-powered software engine used to optimize advertising and user-acquisition campaigns; MAX, a platform for managing in-app advertising and mediation; and AppDiscovery, which helps developers promote their applications.

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