AppLovin (NASDAQ:APP) Shares Down 2.9% – What’s Next?

AppLovin Corporation (NASDAQ:APP) was down 2.9% on Wednesday . The company traded as low as $672.28 and last traded at $673.82. Approximately 1,877,223 shares changed hands during mid-day trading, a decline of 72% from the average daily volume of 6,694,936 shares. The stock had previously closed at $693.71.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on APP shares. JPMorgan Chase & Co. lifted their price objective on shares of AppLovin from $425.00 to $650.00 and gave the company a “neutral” rating in a research note on Thursday, November 6th. The Goldman Sachs Group raised their price target on shares of AppLovin from $630.00 to $720.00 and gave the company a “neutral” rating in a report on Friday, November 7th. Piper Sandler boosted their price objective on shares of AppLovin from $740.00 to $800.00 and gave the stock an “overweight” rating in a report on Thursday, November 6th. Bank of America raised their target price on AppLovin from $580.00 to $860.00 and gave the company a “buy” rating in a research note on Wednesday, October 1st. Finally, Morgan Stanley lifted their target price on AppLovin from $480.00 to $750.00 and gave the stock an “overweight” rating in a research report on Monday, September 29th. Nineteen equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $695.90.

AppLovin Trading Down 2.9%

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 50 day moving average price is $639.27 and its 200-day moving average price is $530.85. The firm has a market cap of $227.72 billion, a price-to-earnings ratio of 81.77, a price-to-earnings-growth ratio of 3.62 and a beta of 2.50.

AppLovin (NASDAQ:APP) last announced its quarterly earnings data on Wednesday, November 5th. The company reported $2.45 earnings per share 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 firm had revenue of $1.41 billion during the quarter, compared to analyst estimates of $1.34 billion. During the same period in the previous year, the company earned $1.29 earnings per share. AppLovin’s quarterly revenue was up 68.2% on a year-over-year basis. Equities analysts expect that AppLovin Corporation will post 6.87 EPS for the current year.

Insider Transactions at AppLovin

In other AppLovin news, Director Dawson Alyssa Harvey sold 150 shares of the business’s stock in a transaction on Monday, December 8th. The shares were sold at an average price of $693.32, for a total transaction of $103,998.00. Following the completion of the sale, the director owned 2,829 shares in the company, valued at $1,961,402.28. The trade was a 5.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Victoria Valenzuela sold 7,609 shares of the stock in a transaction on Thursday, December 18th. The stock was sold at an average price of $657.13, for a total transaction of $5,000,102.17. Following the sale, the insider directly owned 277,110 shares in the company, valued at $182,097,294.30. This trade represents a 2.67% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 340,336 shares of company stock valued at $200,062,623 over the last 90 days. Insiders own 13.66% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. raised its stake in AppLovin by 39.4% during 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 stake in AppLovin by 111.1% in the third quarter. State Street Corp now owns 11,852,466 shares of the company’s stock valued at $8,516,471,000 after acquiring an additional 6,237,051 shares during the period. Norges Bank bought a new position in shares of AppLovin during the second quarter valued at approximately $951,541,000. Rakuten Investment Management Inc. acquired a new stake in shares of AppLovin during the 3rd quarter worth approximately $1,456,108,000. Finally, Jennison Associates LLC lifted its holdings in shares of AppLovin by 55.2% in the 3rd quarter. Jennison Associates LLC now owns 3,886,150 shares of the company’s stock worth $2,792,355,000 after purchasing an additional 1,381,970 shares during the last quarter. 41.85% of the stock is owned by institutional investors and hedge funds.

About AppLovin

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.