AppLovin (NASDAQ:APP) Trading Down 8.2% – Here’s Why

AppLovin Corporation (NASDAQ:APP) traded down 8.2% on Friday . The company traded as low as $610.58 and last traded at $618.32. 5,588,139 shares were traded during mid-day trading, an increase of 75% from the average session volume of 3,186,949 shares. The stock had previously closed at $673.82.

Analysts Set New Price Targets

APP has been the topic of several recent research reports. Scotiabank lifted their target price on AppLovin from $575.00 to $750.00 and gave the stock an “outperform” rating in a report on Thursday, November 6th. Wells Fargo & Company lifted their price objective on AppLovin from $633.00 to $721.00 and gave the stock an “overweight” rating in a research note on Friday, November 7th. Benchmark upped their target price on AppLovin from $700.00 to $775.00 and gave the company a “buy” rating in a report on Thursday, December 11th. Royal Bank Of Canada increased their target price on shares of AppLovin from $700.00 to $750.00 and gave the company an “outperform” rating in a research report on Thursday, November 6th. Finally, The Goldman Sachs Group raised their price target on shares of AppLovin from $630.00 to $720.00 and gave the stock a “neutral” rating in a report on Friday, November 7th. Nineteen equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $695.90.

AppLovin Trading Down 8.2%

The firm’s 50 day simple moving average is $639.27 and its two-hundred day simple moving average is $530.85. The stock has a market capitalization of $208.96 billion, a P/E ratio of 75.04, a P/E/G ratio of 3.62 and a beta of 2.50. The company has a quick ratio of 3.25, a current ratio of 3.25 and a debt-to-equity ratio of 2.38.

AppLovin (NASDAQ:APP) last issued its earnings results on Wednesday, November 5th. The company reported $2.45 EPS for the quarter, beating the consensus estimate of $2.34 by $0.11. AppLovin had a return on equity of 258.49% and a net margin of 51.27%.The company had revenue of $1.41 billion during the quarter, compared to the consensus estimate of $1.34 billion. During the same period last year, the business posted $1.29 EPS. The firm’s revenue for the quarter was up 68.2% compared to the same quarter last year. As a group, analysts forecast that AppLovin Corporation will post 6.87 earnings per share for the current fiscal year.

Insider Transactions at AppLovin

In other AppLovin news, CTO Vasily Shikin sold 27,143 shares of the business’s stock in a transaction on Monday, November 24th. The stock was sold at an average price of $545.38, for a total value of $14,803,249.34. Following the transaction, the chief technology officer owned 3,323,681 shares of the company’s stock, valued at approximately $1,812,669,143.78. The trade was a 0.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Eduardo Vivas sold 150,000 shares of the firm’s stock in a transaction on Monday, November 10th. The shares were sold at an average price of $650.91, for a total value of $97,636,500.00. Following the sale, the director directly owned 7,133,292 shares of the company’s stock, valued at approximately $4,643,131,095.72. This represents a 2.06% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 340,336 shares of company stock worth $200,062,623 in the last 90 days. Insiders own 13.66% of the company’s stock.

Hedge Funds Weigh In On AppLovin

Institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its position in AppLovin by 39.4% in the third quarter. Vanguard Group Inc. now owns 24,954,458 shares of the company’s stock worth $17,930,776,000 after acquiring an additional 7,051,663 shares during the period. State Street Corp boosted its position in AppLovin by 111.1% during the third quarter. State Street Corp now owns 11,852,466 shares of the company’s stock worth $8,516,471,000 after purchasing an additional 6,237,051 shares during the period. Norges Bank purchased a new position in shares of AppLovin in the second quarter worth about $951,541,000. Rakuten Investment Management Inc. bought a new stake in shares of AppLovin in the third quarter valued at approximately $1,456,108,000. Finally, Jennison Associates LLC lifted its stake in shares of AppLovin by 55.2% during the 3rd quarter. Jennison Associates LLC now owns 3,886,150 shares of the company’s stock valued at $2,792,355,000 after buying an additional 1,381,970 shares in the last quarter. Institutional investors own 41.85% of the company’s stock.

AppLovin Company 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.