Harvest Fund Management Co. Ltd Boosts Stake in AppLovin Co. (NASDAQ:APP)

Harvest Fund Management Co. Ltd lifted its holdings in AppLovin Co. (NASDAQ:APP) by 26.4% in the 3rd quarter, Holdings Channel.com reports. The firm owned 17,020 shares of the company’s stock after purchasing an additional 3,555 shares during the quarter. Harvest Fund Management Co. Ltd’s holdings in AppLovin were worth $2,222,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in APP. Capital Performance Advisors LLP acquired a new position in shares of AppLovin in the 3rd quarter worth approximately $25,000. DT Investment Partners LLC purchased a new position in AppLovin during the 3rd quarter valued at about $27,000. Meeder Asset Management Inc. purchased a new position in AppLovin during the 3rd quarter valued at about $27,000. Raleigh Capital Management Inc. purchased a new stake in AppLovin during the third quarter worth about $29,000. Finally, Quest Partners LLC purchased a new position in shares of AppLovin in the second quarter valued at approximately $33,000. 41.85% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

APP has been the subject of several analyst reports. Benchmark reissued a “sell” rating and set a $66.00 target price on shares of AppLovin in a research note on Thursday, November 7th. Piper Sandler initiated coverage on shares of AppLovin in a report on Wednesday, November 20th. They set an “overweight” rating and a $400.00 price target for the company. JPMorgan Chase & Co. boosted their target price on shares of AppLovin from $160.00 to $200.00 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. Daiwa America raised AppLovin from a “hold” rating to a “strong-buy” rating in a research report on Friday, November 8th. Finally, Bank of America boosted their price objective on shares of AppLovin from $100.00 to $120.00 and gave the stock a “buy” rating in a research report on Wednesday, September 11th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $222.96.

AppLovin Stock Performance

NASDAQ APP opened at $333.31 on Monday. The business’s 50-day moving average price is $181.30 and its 200 day moving average price is $117.71. The company has a current ratio of 2.41, a quick ratio of 2.41 and a debt-to-equity ratio of 3.70. AppLovin Co. has a twelve month low of $35.79 and a twelve month high of $342.51. The company has a market capitalization of $111.86 billion, a PE ratio of 101.00, a price-to-earnings-growth ratio of 4.11 and a beta of 1.86.

AppLovin (NASDAQ:APP) last announced its quarterly earnings results 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. AppLovin had a net margin of 26.85% and a return on equity of 122.24%. The company had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.13 billion. During the same quarter last year, the business earned $0.30 EPS. AppLovin’s revenue for the quarter was up 38.6% on a year-over-year basis. On average, research analysts predict that AppLovin Co. will post 4.05 earnings per share for the current year.

Insider Transactions at AppLovin

In other news, Director Craig Scott Billings sold 18,000 shares of the firm’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $318.94, for a total transaction of $5,740,920.00. Following the completion of the sale, the director now directly owns 2,987 shares in the company, valued at $952,673.78. This trade represents a 85.77 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CTO Vasily Shikin sold 593,588 shares of the business’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $319.37, for a total value of $189,574,199.56. Following the completion of the transaction, the chief technology officer now owns 3,919,024 shares in the company, valued at approximately $1,251,618,694.88. This trade represents a 13.15 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 854,065 shares of company stock valued at $233,072,408 over the last 90 days. Corporate insiders own 14.69% 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.