Exchange Traded Concepts LLC Sells 6,518 Shares of AppLovin Corporation $APP

Exchange Traded Concepts LLC lessened its stake in AppLovin Corporation (NASDAQ:APP) by 83.1% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,321 shares of the company’s stock after selling 6,518 shares during the quarter. Exchange Traded Concepts LLC’s holdings in AppLovin were worth $949,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the stock. Hilltop National Bank purchased a new stake in AppLovin in the 2nd quarter worth $26,000. LFA Lugano Financial Advisors SA purchased a new position in shares of AppLovin during the second quarter valued at about $26,000. Twin Peaks Wealth Advisors LLC bought a new stake in shares of AppLovin in the second quarter worth about $33,000. Heartwood Wealth Advisors LLC purchased a new stake in shares of AppLovin in the third quarter worth about $33,000. Finally, Hoey Investments Inc. purchased a new stake in shares of AppLovin in the second quarter worth about $35,000. 41.85% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at AppLovin

In other AppLovin news, CTO Vasily Shikin sold 27,143 shares of the business’s stock in a transaction that occurred on Monday, November 24th. The stock was sold at an average price of $545.38, for a total transaction of $14,803,249.34. Following the completion of the transaction, the chief technology officer owned 3,323,681 shares in the company, valued at $1,812,669,143.78. The trade was a 0.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Eduardo Vivas sold 150,000 shares of the company’s stock in a transaction that occurred 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 transaction, the director directly owned 7,133,292 shares in the company, valued at approximately $4,643,131,095.72. This represents a 2.06% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 340,336 shares of company stock worth $200,062,623. Insiders own 13.66% of the company’s stock.

AppLovin Stock Performance

NASDAQ:APP opened at $714.23 on Monday. The firm has a market capitalization of $241.37 billion, a PE ratio of 86.68, a PEG ratio of 3.83 and a beta of 2.51. The stock’s fifty day moving average is $629.93 and its 200 day moving average is $524.28. AppLovin Corporation has a fifty-two week low of $200.50 and a fifty-two 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.

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

Analyst Upgrades and Downgrades

Several research firms have weighed in on APP. Zacks Research cut AppLovin from a “strong-buy” rating to a “hold” rating in a report on Monday, October 6th. Benchmark increased their target price on AppLovin from $700.00 to $775.00 and gave the company a “buy” rating in a research report on Thursday, December 11th. UBS Group reissued a “buy” rating and issued a $775.00 target price on shares of AppLovin in a report on Thursday, December 11th. JPMorgan Chase & Co. boosted their price target on shares of AppLovin from $425.00 to $650.00 and gave the stock a “neutral” rating in a research report on Thursday, November 6th. Finally, Phillip Securities upgraded shares of AppLovin to a “moderate buy” rating in a research report on Monday, September 29th. Nineteen 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. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $695.90.

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.