AppLovin (NASDAQ:APP) Trading Up 5.2% - Here's What Happened

AppLovin Co. (NASDAQ:APP - Get Free Report) shot up 5.2% during mid-day trading on Thursday . The company traded as high as $267.24 and last traded at $265.50. 1,691,072 shares traded hands during trading, a decline of 71% from the average session volume of 5,850,314 shares. The stock had previously closed at $252.35.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on APP. Citigroup lifted their price target on shares of AppLovin from $460.00 to $600.00 and gave the company a "buy" rating in a research note on Wednesday, February 19th. Arete Research set a $200.00 target price on shares of AppLovin in a research note on Wednesday, March 5th. Benchmark lifted their price target on AppLovin from $375.00 to $525.00 and gave the company a "buy" rating in a research note on Thursday, February 13th. Needham & Company LLC reissued a "hold" rating on shares of AppLovin in a research report on Monday. Finally, FBN Securities started coverage on AppLovin in a research note on Friday, March 28th. They issued an "outperform" rating and a $385.00 target price on the stock. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $414.05.

AppLovin Stock Performance

The stock's 50 day moving average is $300.39 and its 200 day moving average is $298.16. The company has a current ratio of 2.41, a quick ratio of 2.41 and a debt-to-equity ratio of 3.70. The firm has a market cap of $91.70 billion, a price-to-earnings ratio of 59.43, a price-to-earnings-growth ratio of 3.02 and a beta of 2.39.

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

Insider Buying and Selling

In related news, CEO Arash Adam Foroughi sold 45,000 shares of the company's stock in a transaction that occurred on 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 directly owns 2,914,492 shares in the company, valued at $1,230,527,667.32. This represents a 1.52 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Herald Y. Chen sold 200,000 shares of the business's stock in a transaction on Friday, February 28th. The stock was sold at an average price of $324.65, for a total transaction of $64,930,000.00. Following the sale, the director now directly owns 621,209 shares in the company, valued at approximately $201,675,501.85. The trade was a 24.35 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 306,900 shares of company stock valued at $106,401,841 over the last quarter. 14.69% of the stock is owned by company insiders.

Institutional Investors Weigh In On AppLovin

Hedge funds and other institutional investors have recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. boosted its position in AppLovin by 53.2% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 115,726 shares of the company's stock worth $31,373,000 after buying an additional 40,166 shares during the period. Achmea Investment Management B.V. lifted its holdings in shares of AppLovin by 18.9% during the first quarter. Achmea Investment Management B.V. now owns 68,750 shares of the company's stock worth $18,216,000 after purchasing an additional 10,934 shares during the period. Paragon Capital Management Inc. bought a new stake in shares of AppLovin in the first quarter worth $319,000. Bartlett & CO. Wealth Management LLC acquired a new stake in AppLovin in the first quarter valued at $29,000. Finally, Diversified Trust Co increased its holdings in AppLovin by 1.2% in the first quarter. Diversified Trust Co now owns 5,093 shares of the company's stock valued at $1,349,000 after purchasing an additional 59 shares during the period. Institutional investors own 41.85% of the company's stock.

About AppLovin

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.

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