AppLovin (NASDAQ:APP) Hits New 52-Week High – Here’s What Happened

AppLovin Co. (NASDAQ:APP) shares hit a new 52-week high on Monday . The company traded as high as $156.41 and last traded at $156.03, with a volume of 833258 shares changing hands. The stock had previously closed at $145.22.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on APP shares. Wedbush decreased their price target on shares of AppLovin from $100.00 to $90.00 and set an “outperform” rating for the company in a research note on Thursday, August 8th. Oppenheimer reaffirmed an “outperform” rating and set a $105.00 target price (up from $97.00) on shares of AppLovin in a research report on Thursday, August 8th. Benchmark increased their price target on AppLovin from $48.00 to $66.00 and gave the stock a “sell” rating in a research report on Friday, August 23rd. UBS Group upgraded AppLovin from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $100.00 to $145.00 in a report on Tuesday, September 17th. Finally, Jefferies Financial Group increased their target price on shares of AppLovin from $105.00 to $108.00 and gave the stock a “buy” rating in a report on Tuesday, September 10th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, AppLovin currently has an average rating of “Moderate Buy” and an average price target of $110.01.

AppLovin Trading Up 8.2 %

The stock has a 50-day simple moving average of $111.99 and a 200 day simple moving average of $90.40. The company has a current ratio of 2.28, a quick ratio of 2.28 and a debt-to-equity ratio of 4.27. The company has a market cap of $51.70 billion, a price-to-earnings ratio of 93.93, a PEG ratio of 2.07 and a beta of 1.92.

AppLovin (NASDAQ:APP) last issued its quarterly earnings results on Wednesday, August 7th. The company reported $0.89 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.12. AppLovin had a net margin of 20.89% and a return on equity of 84.16%. The company had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $1.08 billion. During the same quarter in the prior year, the company earned $0.22 EPS. AppLovin’s quarterly revenue was up 44.0% on a year-over-year basis. As a group, equities research analysts predict that AppLovin Co. will post 3.46 EPS for the current fiscal year.

Insider Activity at AppLovin

In other AppLovin news, insider Victoria Valenzuela sold 14,166 shares of AppLovin stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $89.98, for a total transaction of $1,274,656.68. Following the completion of the transaction, the insider now owns 352,616 shares in the company, valued at approximately $31,728,387.68. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other AppLovin news, Director Dawson Alyssa Harvey sold 1,500 shares of the company’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $87.90, for a total value of $131,850.00. Following the completion of the sale, the director now directly owns 10,247 shares in the company, valued at $900,711.30. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Victoria Valenzuela sold 14,166 shares of the firm’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $89.98, for a total transaction of $1,274,656.68. Following the sale, the insider now owns 352,616 shares of the company’s stock, valued at approximately $31,728,387.68. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 610,094 shares of company stock worth $51,022,478 over the last three months. Company insiders own 14.69% of the company’s stock.

Hedge Funds Weigh In On AppLovin

A number of hedge funds have recently made changes to their positions in the stock. Wellington Management Group LLP lifted its stake in AppLovin by 1,642.4% during the 4th quarter. Wellington Management Group LLP now owns 182,033 shares of the company’s stock worth $7,254,000 after acquiring an additional 171,586 shares in the last quarter. GAMMA Investing LLC raised its holdings in shares of AppLovin by 13.6% in the 1st quarter. GAMMA Investing LLC now owns 1,285 shares of the company’s stock valued at $89,000 after purchasing an additional 154 shares in the last quarter. Gulf International Bank UK Ltd purchased a new stake in shares of AppLovin during the 1st quarter worth $1,131,000. Steph & Co. acquired a new position in shares of AppLovin during the first quarter worth $92,000. Finally, Annex Advisory Services LLC acquired a new position in shares of AppLovin during the first quarter worth $11,645,000. Hedge funds and other 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.