AppLovin (NYSE:APP) Trading Down 6.3%

AppLovin Co. (NYSE:APP)’s stock price traded down 6.3% during trading on Monday . The stock traded as low as $71.66 and last traded at $72.47. 12,642 shares traded hands during mid-day trading, a decline of 99% from the average session volume of 1,099,297 shares. The stock had previously closed at $77.38.

Several equities research analysts recently commented on the stock. Morgan Stanley upgraded shares of AppLovin from an “underweight” rating to an “equal weight” rating and reduced their price target for the company from $68.00 to $60.00 in a research report on Monday, August 16th. Macquarie began coverage on shares of AppLovin in a research note on Tuesday, August 31st. They issued an “outperform” rating and a $90.00 price objective on the stock. Stifel Nicolaus upgraded shares of AppLovin from a “hold” rating to a “buy” rating and upped their price objective for the company from $65.00 to $90.00 in a research note on Thursday, September 9th. Finally, Citigroup upped their price objective on shares of AppLovin from $69.00 to $81.00 and gave the company a “buy” rating in a research note on Friday, June 4th. One equities research analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, AppLovin currently has a consensus rating of “Buy” and an average price target of $78.15.

The company has a current ratio of 2.85, a quick ratio of 2.85 and a debt-to-equity ratio of 0.87. The firm has a fifty day simple moving average of $66.59.

AppLovin (NYSE:APP) last posted its quarterly earnings data on Tuesday, August 10th. The company reported $0.04 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.05 by ($0.01). Equities analysts predict that AppLovin Co. will post 0.26 EPS for the current year.

In other AppLovin news, CMO Katie Kihorany Jansen sold 50,000 shares of the stock in a transaction on Friday, August 20th. The shares were sold at an average price of $69.50, for a total value of $3,475,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Herald Y. Chen purchased 25,000 shares of AppLovin stock in a transaction on Tuesday, August 17th. The stock was bought at an average cost of $60.00 per share, with a total value of $1,500,000.00. The disclosure for this purchase can be found here. Over the last ninety days, insiders have sold 129,369 shares of company stock valued at $9,282,809.

Several large investors have recently added to or reduced their stakes in APP. Fort Point Capital Partners LLC bought a new position in shares of AppLovin during the 2nd quarter worth about $4,251,000. EPIQ Capital Group LLC bought a new position in shares of AppLovin during the 2nd quarter worth about $37,450,000. Advisor Group Holdings Inc. bought a new position in shares of AppLovin during the 2nd quarter worth about $1,272,000. Victory Capital Management Inc. bought a new position in shares of AppLovin during the 2nd quarter worth about $302,000. Finally, Teacher Retirement System of Texas bought a new position in shares of AppLovin during the 2nd quarter worth about $3,007,000. 35.80% of the stock is owned by institutional investors.

About AppLovin (NYSE:APP)

AppLovin Corporation engages in building a software-based platform for mobile app developers to enhance the marketing and monetization of their apps worldwide. The company's software solutions include AppDiscovery, a solution to automate, optimize, and manage user acquisition investments for business clients; and MAX, an in-app bidding solution that optimizes purchases of app ad inventory.

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