AppLovin (NASDAQ:APP) Stock Price Up 3.5% After Analyst Upgrade

AppLovin Co. (NASDAQ:APP)’s stock price was up 3.5% during mid-day trading on Wednesday after Oppenheimer raised their price target on the stock from $105.00 to $180.00. Oppenheimer currently has an outperform rating on the stock. AppLovin traded as high as $165.38 and last traded at $164.49. Approximately 1,234,189 shares were traded during trading, a decline of 70% from the average daily volume of 4,168,617 shares. The stock had previously closed at $158.95.

A number of other analysts have also commented on the company. BTIG Research lifted their price target on AppLovin from $114.00 to $150.00 and gave the stock a “buy” rating in a report on Friday, September 13th. Jefferies Financial Group lifted their price target on AppLovin from $105.00 to $108.00 and gave the stock a “buy” rating in a report on Tuesday, September 10th. Loop Capital started coverage on AppLovin in a report on Tuesday. They set a “buy” rating and a $181.00 price target on the stock. Citigroup lifted their price target on AppLovin from $155.00 to $185.00 and gave the stock a “buy” rating in a report on Tuesday. Finally, Wedbush dropped their price target on AppLovin from $100.00 to $90.00 and set an “outperform” rating on the stock in a report on Thursday, August 8th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $124.14.

Insider Buying and Selling

In other AppLovin news, Director Dawson Alyssa Harvey sold 1,500 shares of the company’s stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $87.90, for a total value of $131,850.00. Following the transaction, the director now directly owns 10,247 shares in the company, valued at $900,711.30. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director Dawson Alyssa Harvey sold 1,500 shares of the stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $87.90, for a total transaction of $131,850.00. Following the transaction, the director now directly owns 10,247 shares in the company, valued at approximately $900,711.30. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Vasily Shikin sold 5,500 shares of the stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $86.04, for a total value of $473,220.00. Following the transaction, the chief technology officer now owns 4,536,447 shares in the company, valued at $390,315,899.88. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 610,094 shares of company stock valued at $51,022,478. Corporate insiders own 14.69% of the company’s stock.

Institutional Investors Weigh In On AppLovin

Institutional investors and hedge funds have recently bought and sold shares of the business. DT Investment Partners LLC purchased a new position in shares of AppLovin in the 3rd quarter valued at approximately $27,000. IFM Investors Pty Ltd lifted its stake in shares of AppLovin by 11.0% in the 3rd quarter. IFM Investors Pty Ltd now owns 40,439 shares of the company’s stock valued at $5,279,000 after purchasing an additional 3,999 shares during the period. Impact Partnership Wealth LLC purchased a new position in shares of AppLovin in the 3rd quarter valued at approximately $661,000. X Square Capital LLC purchased a new position in shares of AppLovin in the 3rd quarter valued at approximately $509,000. Finally, International Assets Investment Management LLC purchased a new position in shares of AppLovin in the 3rd quarter valued at approximately $56,410,000. Hedge funds and other institutional investors own 41.85% of the company’s stock.

AppLovin Trading Up 2.9 %

The company has a current ratio of 2.28, a quick ratio of 2.28 and a debt-to-equity ratio of 4.27. The company has a market cap of $53.82 billion, a PE ratio of 97.36, a PEG ratio of 2.07 and a beta of 1.92. The stock has a 50 day moving average price of $115.25 and a 200 day moving average price of $91.60.

AppLovin (NASDAQ:APP) last posted its quarterly earnings data on Wednesday, August 7th. The company reported $0.89 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.12. AppLovin had a return on equity of 84.16% and a net margin of 20.89%. The company had revenue of $1.08 billion during the quarter, compared to analyst estimates of $1.08 billion. During the same quarter last year, the company earned $0.22 EPS. The firm’s revenue for the quarter was up 44.0% on a year-over-year basis. Sell-side analysts predict that AppLovin Co. will post 3.46 EPS for the current fiscal year.

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.