AppLovin Co. (NASDAQ:APP - Get Free Report)'s share price rose 5.2% during mid-day trading on Monday after Loop Capital raised their price target on the stock from $385.00 to $450.00. Loop Capital currently has a buy rating on the stock. AppLovin traded as high as $342.76 and last traded at $341.25. Approximately 898,168 shares changed hands during trading, a decline of 80% from the average daily volume of 4,569,913 shares. The stock had previously closed at $324.47.
Several other equities research analysts have also recently weighed in on the stock. Daiwa Capital Markets upgraded shares of AppLovin from a "neutral" rating to an "outperform" rating and boosted their price target for the stock from $80.00 to $280.00 in a research report on Friday, November 8th. Macquarie lifted their price objective on shares of AppLovin from $270.00 to $450.00 and gave the stock an "outperform" rating in a research note on Friday, December 6th. Wedbush reaffirmed an "outperform" rating and set a $270.00 price objective (up from $170.00) on shares of AppLovin in a research note on Thursday, November 7th. Stifel Nicolaus lifted their price objective on shares of AppLovin from $250.00 to $435.00 and gave the stock a "buy" rating in a research note on Thursday, December 5th. Finally, UBS Group raised shares of AppLovin from a "neutral" rating to a "buy" rating and lifted their price objective for the stock from $100.00 to $145.00 in a research note on Tuesday, September 17th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $296.40.
Check Out Our Latest Stock Report on AppLovin
In other AppLovin news, Director Herald Y. Chen sold 99,000 shares of the firm's stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $329.50, for a total transaction of $32,620,500.00. Following the completion of the transaction, the director now directly owns 621,209 shares of the company's stock, valued at approximately $204,688,365.50. This trade represents a 13.75 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Arash Adam Foroughi sold 1,676 shares of the firm's stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $356.39, for a total transaction of $597,309.64. Following the sale, the chief executive officer now directly owns 3,058,635 shares in the company, valued at $1,090,066,927.65. The trade was a 0.05 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 872,896 shares of company stock valued at $279,773,021. 14.69% of the stock is owned by insiders.
A number of institutional investors have recently added to or reduced their stakes in the stock. B. Riley Wealth Advisors Inc. grew its stake in AppLovin by 43.2% in the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 6,391 shares of the company's stock valued at $841,000 after acquiring an additional 1,929 shares during the period. Franklin Resources Inc. grew its stake in AppLovin by 37.0% in the 3rd quarter. Franklin Resources Inc. now owns 996,996 shares of the company's stock valued at $130,158,000 after acquiring an additional 269,134 shares during the period. Castellan Group acquired a new stake in AppLovin in the 3rd quarter valued at $8,799,000. Optimist Retirement Group LLC purchased a new position in AppLovin in the 3rd quarter valued at $284,000. Finally, Wilmington Savings Fund Society FSB purchased a new position in AppLovin in the 3rd quarter valued at $833,000. Institutional investors and hedge funds own 41.85% of the company's stock.
The business has a fifty day simple moving average of $246.00 and a two-hundred day simple moving average of $145.23. 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 company has a market cap of $115.78 billion, a PE ratio of 98.32, a price-to-earnings-growth ratio of 4.17 and a beta of 2.28.
AppLovin (NASDAQ:APP - Get Free Report) last announced its quarterly earnings data on Wednesday, November 6th. The company reported $1.25 earnings per share for the quarter, beating analysts' consensus estimates of $0.92 by $0.33. The company had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.13 billion. AppLovin had a return on equity of 122.24% and a net margin of 26.85%. The firm's revenue for the quarter was up 38.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.30 EPS. As a group, equities research analysts predict that AppLovin Co. will post 4.06 earnings per share for the current year.
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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