B. Riley Wealth Advisors Inc. Buys New Shares in AppLovin Corporation $APP

B. Riley Wealth Advisors Inc. bought a new position in shares of AppLovin Corporation (NASDAQ:APP) during the second quarter, HoldingsChannel reports. The firm bought 3,601 shares of the company’s stock, valued at approximately $1,261,000.

Several other large investors have also recently added to or reduced their stakes in the company. Newbridge Financial Services Group Inc. bought a new stake in shares of AppLovin in the 2nd quarter worth approximately $219,000. Marex Group plc acquired a new position in shares of AppLovin in the second quarter valued at $19,620,000. Advisory Services Network LLC lifted its position in AppLovin by 4.1% in the second quarter. Advisory Services Network LLC now owns 26,340 shares of the company’s stock worth $9,221,000 after purchasing an additional 1,035 shares during the period. State of Wyoming bought a new position in AppLovin in the second quarter worth $310,000. Finally, Liontrust Investment Partners LLP boosted its stake in AppLovin by 87.1% during the second quarter. Liontrust Investment Partners LLP now owns 12,363 shares of the company’s stock worth $4,328,000 after buying an additional 5,757 shares in the last quarter. Institutional investors and hedge funds own 41.85% of the company’s stock.

Insider Buying and Selling at AppLovin

In other news, CEO Arash Adam Foroughi sold 30,888 shares of AppLovin stock in a transaction that occurred on Friday, November 21st. The shares were sold at an average price of $520.29, for a total transaction of $16,070,717.52. Following the completion of the sale, the chief executive officer owned 2,553,161 shares in the company, valued at $1,328,384,136.69. The trade was a 1.20% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Eduardo Vivas sold 150,000 shares of the business’s stock in a transaction that occurred on Monday, November 10th. The stock was sold at an average price of $650.91, for a total transaction 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 trade represents a 2.06% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 332,727 shares of company stock worth $195,062,520. Company insiders own 13.66% of the company’s stock.

AppLovin Stock Up 0.7%

Shares of APP opened at $675.16 on Tuesday. The firm has a market capitalization of $228.17 billion, a price-to-earnings ratio of 81.94, a PEG ratio of 3.60 and a beta of 2.51. AppLovin Corporation has a 52 week low of $200.50 and a 52 week high of $745.61. The company has a debt-to-equity ratio of 2.38, a quick ratio of 3.25 and a current ratio of 3.25. The business’s fifty day moving average price is $610.73 and its two-hundred day moving average price is $504.57.

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

Wall Street Analyst Weigh In

APP has been the subject of a number of recent research reports. UBS Group restated a “buy” rating and issued a $775.00 price objective on shares of AppLovin in a research note on Thursday. Citigroup dropped their price target on shares of AppLovin from $850.00 to $820.00 and set a “buy” rating for the company in a research report on Wednesday, November 12th. Piper Sandler raised their price target on shares of AppLovin from $740.00 to $800.00 and gave the stock an “overweight” rating in a research note on Thursday, November 6th. Zacks Research lowered AppLovin from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 6th. Finally, Phillip Securities raised AppLovin to a “moderate buy” rating in a report on Monday, September 29th. Nineteen investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $692.60.

AppLovin 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.