Mount Lucas Management LP Boosts Stock Position in AppLovin Co. (NASDAQ:APP)

Mount Lucas Management LP grew its stake in shares of AppLovin Co. (NASDAQ:APP) by 2.4% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 6,717 shares of the company’s stock after acquiring an additional 158 shares during the period. Mount Lucas Management LP’s holdings in AppLovin were worth $877,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in APP. SG Americas Securities LLC lifted its position in shares of AppLovin by 33.5% during the first quarter. SG Americas Securities LLC now owns 4,100 shares of the company’s stock worth $284,000 after acquiring an additional 1,028 shares in the last quarter. US Bancorp DE raised its position in shares of AppLovin by 45.1% in the first quarter. US Bancorp DE now owns 11,172 shares of the company’s stock worth $773,000 after buying an additional 3,472 shares in the last quarter. Bleakley Financial Group LLC purchased a new stake in shares of AppLovin in the first quarter worth $258,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new stake in shares of AppLovin in the first quarter worth $343,000. Finally, Mitsubishi UFJ Trust & Banking Corp raised its position in shares of AppLovin by 9,470.1% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 250,641 shares of the company’s stock worth $17,336,000 after buying an additional 248,022 shares in the last quarter. Hedge funds and other institutional investors own 41.85% of the company’s stock.

AppLovin Stock Up 2.3 %

Shares of NASDAQ:APP opened at $291.09 on Friday. The stock’s 50-day moving average price is $159.14 and its 200-day moving average price is $108.84. AppLovin Co. has a 12-month low of $35.79 and a 12-month high of $302.55. The stock has a market capitalization of $97.30 billion, a P/E ratio of 88.21, a price-to-earnings-growth ratio of 3.49 and a beta of 1.86. 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 (NASDAQ:APP) last posted its earnings results on Wednesday, November 6th. The company reported $1.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.92 by $0.33. The company had revenue of $1.20 billion for the quarter, compared to analysts’ expectations of $1.13 billion. AppLovin had a return on equity of 122.24% and a net margin of 26.85%. AppLovin’s quarterly revenue was up 38.6% on a year-over-year basis. During the same period last year, the firm earned $0.30 earnings per share. On average, equities analysts anticipate that AppLovin Co. will post 4.06 earnings per share for the current year.

Analyst Upgrades and Downgrades

APP has been the topic of a number of recent analyst reports. Macquarie increased their price objective on AppLovin from $150.00 to $270.00 and gave the stock an “outperform” rating in a research report on Thursday, November 7th. JPMorgan Chase & Co. increased their price objective on AppLovin from $160.00 to $200.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Jefferies Financial Group raised their price target on AppLovin from $105.00 to $108.00 and gave the company a “buy” rating in a research report on Tuesday, September 10th. Benchmark restated a “sell” rating and set a $66.00 price target on shares of AppLovin in a research report on Thursday, November 7th. Finally, Wells Fargo & Company initiated coverage on AppLovin in a research report on Monday, October 28th. They set an “overweight” rating and a $200.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $194.31.

Insider Buying and Selling

In related news, Director Dawson Alyssa Harvey sold 1,500 shares of the firm’s stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $87.90, for a total value of $131,850.00. Following the sale, the director now directly owns 10,247 shares of the company’s stock, valued at $900,711.30. This trade represents a 12.77 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CMO Katie Kihorany Jansen sold 59,876 shares of the firm’s stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $286.14, for a total value of $17,132,918.64. Following the completion of the sale, the chief marketing officer now directly owns 1,017,388 shares in the company, valued at $291,115,402.32. The trade was a 5.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 235,542 shares of company stock valued at $32,012,275 over the last ninety days. 14.69% of the stock is owned by 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.