WT Asset Management Ltd Sells 5,063 Shares of AppLovin Corporation $APP

WT Asset Management Ltd reduced its stake in shares of AppLovin Corporation (NASDAQ:APP) by 5.5% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 86,800 shares of the company’s stock after selling 5,063 shares during the quarter. AppLovin comprises about 2.1% of WT Asset Management Ltd’s investment portfolio, making the stock its 14th biggest position. WT Asset Management Ltd’s holdings in AppLovin were worth $30,387,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently added to or reduced their stakes in the company. Kingswood Wealth Advisors LLC increased its stake in AppLovin by 5.1% during the first quarter. Kingswood Wealth Advisors LLC now owns 1,663 shares of the company’s stock worth $445,000 after acquiring an additional 80 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its stake in AppLovin by 62.7% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 172,378 shares of the company’s stock worth $45,675,000 after acquiring an additional 66,453 shares during the last quarter. Park Avenue Securities LLC increased its stake in AppLovin by 30.6% during the second quarter. Park Avenue Securities LLC now owns 20,890 shares of the company’s stock worth $7,313,000 after acquiring an additional 4,890 shares during the last quarter. Yousif Capital Management LLC increased its stake in AppLovin by 3.5% during the first quarter. Yousif Capital Management LLC now owns 3,544 shares of the company’s stock worth $939,000 after acquiring an additional 119 shares during the last quarter. Finally, IFM Investors Pty Ltd increased its stake in AppLovin by 15.6% during the second quarter. IFM Investors Pty Ltd now owns 45,209 shares of the company’s stock worth $15,827,000 after acquiring an additional 6,104 shares during the last quarter. 41.85% of the stock is owned by institutional investors.

AppLovin Stock Down 0.1%

Shares of NASDAQ APP opened at $682.76 on Friday. The company has a debt-to-equity ratio of 3.01, a quick ratio of 2.74 and a current ratio of 2.74. The firm has a market capitalization of $230.94 billion, a price-to-earnings ratio of 96.98, a PEG ratio of 3.75 and a beta of 2.53. The stock has a 50 day moving average price of $514.58 and a 200 day moving average price of $390.81. AppLovin Corporation has a 52-week low of $135.50 and a 52-week high of $745.61.

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

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on APP shares. Scotiabank reissued an “outperform” rating on shares of AppLovin in a research note on Thursday, August 28th. BTIG Research boosted their target price on AppLovin from $547.00 to $664.00 and gave the company a “buy” rating in a research report on Monday, September 15th. Morgan Stanley boosted their target price on AppLovin from $480.00 to $750.00 and gave the company an “overweight” rating in a research report on Monday. Wall Street Zen lowered AppLovin from a “buy” rating to a “hold” rating in a research report on Saturday, August 9th. Finally, Piper Sandler boosted their target price on AppLovin from $500.00 to $740.00 and gave the company an “overweight” rating in a research report on Friday, September 26th. Two research analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, AppLovin has an average rating of “Moderate Buy” and a consensus target price of $578.86.

Insider Buying and Selling

In other AppLovin news, CTO Vasily Shikin sold 30,000 shares of the company’s stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $437.57, for a total transaction of $13,127,100.00. Following the completion of the sale, the chief technology officer owned 3,360,104 shares in the company, valued at $1,470,280,707.28. This represents a 0.88% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Arash Adam Foroughi sold 26,200 shares of the company’s stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $440.23, for a total value of $11,534,026.00. Following the sale, the chief executive officer owned 2,590,054 shares of the company’s stock, valued at approximately $1,140,219,472.42. This represents a 1.00% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,156,788 shares of company stock worth $514,863,333 in the last three months. Corporate insiders own 13.66% of the company’s stock.

AppLovin Company 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.