Bay Rivers Group Invests $447,000 in AppLovin Co. (NASDAQ:APP)

Bay Rivers Group acquired a new stake in shares of AppLovin Co. (NASDAQ:APP) in the 3rd quarter, Holdings Channel reports. The firm acquired 3,422 shares of the company’s stock, valued at approximately $447,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Strategic Blueprint LLC raised its position in AppLovin by 13.9% during the 3rd quarter. Strategic Blueprint LLC now owns 3,140 shares of the company’s stock valued at $410,000 after purchasing an additional 383 shares in the last quarter. Diversify Advisory Services LLC boosted its stake in AppLovin by 32.6% in the third quarter. Diversify Advisory Services LLC now owns 15,549 shares of the company’s stock valued at $2,030,000 after acquiring an additional 3,823 shares in the last quarter. China Universal Asset Management Co. Ltd. acquired a new position in shares of AppLovin during the third quarter worth $2,480,000. abrdn plc boosted its position in shares of AppLovin by 784.2% in the 3rd quarter. abrdn plc now owns 49,691 shares of the company’s stock worth $6,487,000 after purchasing an additional 44,071 shares in the last quarter. Finally, Smith Group Asset Management LLC increased its position in AppLovin by 1.5% during the 3rd quarter. Smith Group Asset Management LLC now owns 388,446 shares of the company’s stock valued at $50,712,000 after buying an additional 5,642 shares in the last quarter. 41.85% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Stifel Nicolaus boosted their price target on AppLovin from $100.00 to $185.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. The Goldman Sachs Group downgraded shares of AppLovin from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $103.00 to $150.00 in a research report on Monday, October 14th. Benchmark boosted their price objective on shares of AppLovin from $48.00 to $66.00 and gave the company a “sell” rating in a report on Friday, August 23rd. Wells Fargo & Company initiated coverage on AppLovin in a research note on Monday. They issued an “overweight” rating and a $200.00 target price for the company. Finally, Jefferies Financial Group upped their target price on AppLovin from $105.00 to $108.00 and gave the company a “buy” rating in a research report on Tuesday, September 10th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $133.72.

AppLovin Trading Up 1.9 %

NASDAQ:APP traded up $3.09 on Tuesday, hitting $169.27. The stock had a trading volume of 1,246,740 shares, compared to its average volume of 4,143,042. The company has a fifty day moving average price of $121.33 and a two-hundred day moving average price of $93.97. The stock has a market cap of $55.69 billion, a price-to-earnings ratio of 98.92, a PEG ratio of 2.07 and a beta of 1.92. The company has a quick ratio of 2.28, a current ratio of 2.28 and a debt-to-equity ratio of 4.27. AppLovin Co. has a 1-year low of $35.79 and a 1-year high of $169.99.

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

Insiders Place Their Bets

In related news, CMO Katie Kihorany Jansen sold 72,307 shares of the firm’s stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $75.68, for a total transaction of $5,472,193.76. Following the completion of the transaction, the chief marketing officer now directly owns 1,164,396 shares in the company, valued at $88,121,489.28. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, CMO Katie Kihorany Jansen sold 72,307 shares of AppLovin stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $75.68, for a total value of $5,472,193.76. Following the completion of the transaction, the chief marketing officer now owns 1,164,396 shares in the company, valued at approximately $88,121,489.28. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Matthew Stumpf sold 60,615 shares of the company’s stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $79.63, for a total transaction of $4,826,772.45. Following the sale, the chief financial officer now owns 254,458 shares in the company, valued at $20,262,490.54. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 610,094 shares of company stock valued at $51,022,478 over the last 90 days. 14.69% of the stock is owned by company insiders.

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.