AppLovin (NYSE:APP) Reaches New 1-Year High at $90.22

AppLovin Co. (NYSE:APP) shares hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $90.22 and last traded at $89.83, with a volume of 54019 shares traded. The stock had previously closed at $88.01.

APP has been the topic of a number of research reports. Oppenheimer increased their target price on shares of AppLovin from $75.00 to $95.00 and gave the stock an “outperform” rating in a report on Thursday, October 7th. JPMorgan Chase & Co. increased their target price on shares of AppLovin from $83.00 to $95.00 and gave the stock an “overweight” rating in a report on Thursday, September 23rd. Stifel Nicolaus raised shares of AppLovin from a “hold” rating to a “buy” rating and increased their target price for the stock from $65.00 to $90.00 in a report on Thursday, September 9th. Morgan Stanley increased their target price on shares of AppLovin from $60.00 to $80.00 and gave the stock an “equal weight” rating in a report on Wednesday, September 29th. Finally, Macquarie started coverage on shares of AppLovin in a report on Tuesday, August 31st. They set an “outperform” rating and a $90.00 target price on the stock. One equities research analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $82.54.

The stock’s 50-day moving average price is $72.24. The company has a debt-to-equity ratio of 0.87, a quick ratio of 2.85 and a current ratio of 2.85.

AppLovin (NYSE:APP) last announced its earnings results on Tuesday, August 10th. The company reported $0.04 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.05 by ($0.01). The company had revenue of $668.81 million for the quarter, compared to analysts’ expectations of $641.78 million. As a group, sell-side analysts expect that AppLovin Co. will post 0.26 earnings per share for the current year.

In other news, CTO Vasily Shikin sold 22,500 shares of the firm’s stock in a transaction dated Tuesday, October 12th. The shares were sold at an average price of $87.37, for a total transaction of $1,965,825.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Herald Y. Chen acquired 25,000 shares of AppLovin stock in a transaction on Tuesday, August 17th. The shares were purchased at an average cost of $60.00 per share, with a total value of $1,500,000.00. The disclosure for this purchase can be found here. Insiders sold a total of 276,869 shares of company stock valued at $21,302,532 in the last quarter. 1.90% of the stock is currently owned by insiders.

A number of hedge funds have recently bought and sold shares of the business. Spruce House Investment Management LLC purchased a new stake in AppLovin during the second quarter valued at about $210,476,000. Thrivent Financial for Lutherans purchased a new stake in shares of AppLovin in the second quarter worth approximately $68,234,000. Y Intercept Hong Kong Ltd purchased a new stake in shares of AppLovin in the second quarter worth approximately $290,000. Marshall Wace North America L.P. purchased a new stake in shares of AppLovin in the second quarter worth approximately $29,269,000. Finally, Morgan Stanley purchased a new stake in shares of AppLovin in the second quarter worth approximately $826,000. 35.80% of the stock is owned by institutional investors.

About AppLovin (NYSE:APP)

AppLovin Corporation engages in building a software-based platform for mobile app developers to enhance the marketing and monetization of their apps worldwide. The company's software solutions include AppDiscovery, a solution to automate, optimize, and manage user acquisition investments for business clients; and MAX, an in-app bidding solution that optimizes purchases of app ad inventory.

Further Reading: Euro STOXX 50 Index

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