AppLovin (NASDAQ:APP) Shares Up 1.7% - Here's What Happened

AppLovin Co. (NASDAQ:APP - Get Free Report)'s stock price rose 1.7% during mid-day trading on Tuesday . The stock traded as high as $242.68 and last traded at $239.97. Approximately 2,260,269 shares changed hands during trading, a decline of 61% from the average daily volume of 5,757,778 shares. The stock had previously closed at $236.07.

Analyst Ratings Changes

A number of research firms have issued reports on APP. Citigroup lifted their price objective on shares of AppLovin from $460.00 to $600.00 and gave the stock a "buy" rating in a report on Wednesday, February 19th. JPMorgan Chase & Co. increased their price objective on AppLovin from $325.00 to $475.00 and gave the company a "neutral" rating in a report on Thursday, February 13th. Jefferies Financial Group lifted their target price on shares of AppLovin from $400.00 to $425.00 and gave the stock a "buy" rating in a research note on Wednesday, January 8th. UBS Group reduced their price target on AppLovin from $630.00 to $450.00 and set a "buy" rating for the company in a research report on Friday, April 11th. Finally, Piper Sandler decreased their target price on shares of AppLovin from $575.00 to $425.00 and set an "overweight" rating on the stock in a report on Thursday, April 10th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $424.84.

AppLovin Stock Up 3.7 %

The company has a market cap of $80.98 billion, a P/E ratio of 52.47, a P/E/G ratio of 3.02 and a beta of 2.39. The stock has a 50-day moving average of $313.27 and a two-hundred day moving average of $296.01. The company has a debt-to-equity ratio of 3.70, a quick ratio of 2.41 and a current ratio of 2.41.

AppLovin (NASDAQ:APP - Get Free Report) last posted its quarterly earnings results on Wednesday, February 12th. The company reported $1.73 earnings per share for the quarter, topping the consensus estimate of $1.12 by $0.61. AppLovin had a net margin of 33.54% and a return on equity of 188.55%. On average, research analysts anticipate that AppLovin Co. will post 6.87 EPS for the current fiscal year.

Insider Activity

In other AppLovin news, Director Herald Y. Chen sold 200,000 shares of the stock in a transaction on Friday, February 28th. The shares were sold at an average price of $324.65, for a total transaction of $64,930,000.00. Following the completion of the sale, the director now owns 621,209 shares of the company's stock, valued at $201,675,501.85. This represents a 24.35 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Arash Adam Foroughi sold 45,000 shares of the business's stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $422.21, for a total transaction of $18,999,450.00. Following the completion of the transaction, the chief executive officer now owns 2,914,492 shares in the company, valued at $1,230,527,667.32. The trade was a 1.52 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 306,900 shares of company stock valued at $106,401,841. 14.69% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. FMR LLC increased its stake in shares of AppLovin by 75.5% during the fourth quarter. FMR LLC now owns 13,851,122 shares of the company's stock valued at $4,485,409,000 after buying an additional 5,957,885 shares during the period. SVB Wealth LLC purchased a new stake in AppLovin in the fourth quarter worth about $1,781,922,000. Baillie Gifford & Co. increased its position in AppLovin by 5,421.4% during the 4th quarter. Baillie Gifford & Co. now owns 4,084,496 shares of the company's stock valued at $1,322,682,000 after buying an additional 4,010,520 shares in the last quarter. Norges Bank bought a new position in shares of AppLovin during the fourth quarter valued at $828,138,000. Finally, Arrowstreet Capital Limited Partnership grew its position in AppLovin by 457.2% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,893,148 shares of the company's stock valued at $936,888,000 after purchasing an additional 2,373,885 shares during the last quarter. Institutional investors own 41.85% of the company's stock.

AppLovin Company 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.