AppLovin (NASDAQ:APP) Trading Down 2.2% – Here’s What Happened

AppLovin Corporation (NASDAQ:APP)’s stock price dropped 2.2% on Monday . The company traded as low as $682.00 and last traded at $698.82. Approximately 3,107,166 shares traded hands during trading, a decline of 54% from the average daily volume of 6,731,701 shares. The stock had previously closed at $714.23.

Wall Street Analysts Forecast Growth

APP has been the topic of a number of recent analyst reports. Zacks Research lowered shares of AppLovin from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 6th. Weiss Ratings reiterated a “buy (b-)” rating on shares of AppLovin in a research report on Monday, December 22nd. Oppenheimer set a $740.00 target price on AppLovin in a report on Tuesday, October 7th. BTIG Research reissued a “buy” rating and issued a $771.00 price objective on shares of AppLovin in a research report on Wednesday, December 17th. Finally, The Goldman Sachs Group upped their target price on AppLovin from $630.00 to $720.00 and gave the company a “neutral” rating in a research note on Friday, November 7th. 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 stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $695.90.

AppLovin Stock Down 2.2%

The firm’s 50-day moving average price is $629.93 and its 200 day moving average price is $524.28. The firm has a market cap of $236.17 billion, a P/E ratio of 84.81, a price-to-earnings-growth ratio of 3.83 and a beta of 2.51. The company has a quick ratio of 3.25, a current ratio of 3.25 and a debt-to-equity ratio of 2.38.

AppLovin (NASDAQ:APP) last announced its earnings results on Wednesday, November 5th. The company reported $2.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.34 by $0.11. The firm had revenue of $1.41 billion during the quarter, compared to analyst estimates of $1.34 billion. AppLovin had a net margin of 51.27% and a return on equity of 258.49%. AppLovin’s revenue was up 68.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.29 EPS. As a group, research analysts expect that AppLovin Corporation will post 6.87 earnings per share for the current year.

Insider Buying and Selling at AppLovin

In other news, CEO Arash Adam Foroughi sold 30,888 shares of the firm’s stock in a transaction dated Friday, November 21st. The stock was sold at an average price of $520.29, for a total transaction of $16,070,717.52. Following the completion of the sale, the chief executive officer directly owned 2,553,161 shares of the company’s stock, valued at $1,328,384,136.69. This trade represents a 1.20% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CTO Vasily Shikin sold 27,143 shares of the company’s stock in a transaction 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 sale, the chief technology officer owned 3,323,681 shares of the company’s stock, valued at $1,812,669,143.78. This represents a 0.81% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 340,336 shares of company stock worth $200,062,623. 13.66% of the stock is currently owned by company insiders.

Institutional Trading of AppLovin

Several hedge funds and other institutional investors have recently bought and sold shares of APP. Hilltop National Bank bought a new position in AppLovin during the second quarter valued at about $26,000. LFA Lugano Financial Advisors SA bought a new stake in shares of AppLovin during the second quarter valued at approximately $26,000. Chilton Capital Management LLC acquired a new position in shares of AppLovin in the third quarter valued at $29,000. Activest Wealth Management lifted its position in AppLovin by 760.0% in the third quarter. Activest Wealth Management now owns 43 shares of the company’s stock worth $31,000 after purchasing an additional 38 shares during the period. Finally, Twin Peaks Wealth Advisors LLC bought a new position in AppLovin in the second quarter worth $33,000. 41.85% of the stock is currently 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.