AppLovin (NASDAQ:APP) Shares Down 2.6% – Time to Sell?

AppLovin Corporation (NASDAQ:APP)’s share price fell 2.6% during mid-day trading on Thursday . The company traded as low as $605.15 and last traded at $616.53. 3,022,678 shares were traded during trading, a decline of 24% from the average session volume of 3,999,515 shares. The stock had previously closed at $632.92.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on APP. Scotiabank upped their price objective on AppLovin from $575.00 to $750.00 and gave the stock an “outperform” rating in a research report on Thursday, November 6th. The Goldman Sachs Group boosted their target price on AppLovin from $630.00 to $720.00 and gave the stock a “neutral” rating in a research note on Friday, November 7th. Zacks Research raised AppLovin from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 1st. Benchmark lifted their price objective on AppLovin from $700.00 to $775.00 and gave the company a “buy” rating in a research note on Thursday, December 11th. Finally, Piper Sandler upped their target price on shares of AppLovin from $740.00 to $800.00 and gave the stock an “overweight” rating in a research note on Thursday, November 6th. One investment analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $696.60.

AppLovin Stock Down 2.6%

The firm’s 50-day moving average price is $638.87 and its two-hundred day moving average price is $539.86. The company has a debt-to-equity ratio of 2.38, a quick ratio of 3.25 and a current ratio of 3.25. The firm has a market cap of $208.36 billion, a PE ratio of 74.82, a P/E/G ratio of 2.04 and a beta of 2.50.

AppLovin (NASDAQ:APP) last announced its quarterly earnings results on Wednesday, November 5th. The company reported $2.45 EPS for the quarter, topping the consensus estimate of $2.34 by $0.11. AppLovin had a net margin of 51.27% and a return on equity of 258.49%. The firm had revenue of $1.41 billion for the quarter, compared to analyst estimates of $1.34 billion. During the same period last year, the business earned $1.29 EPS. AppLovin’s revenue for the quarter was up 68.2% compared to the same quarter last year. As a group, equities research analysts expect that AppLovin Corporation will post 6.87 EPS for the current fiscal year.

Insider Transactions at AppLovin

In other AppLovin news, Director Dawson Alyssa Harvey sold 150 shares of AppLovin stock in a transaction on Monday, December 8th. The shares were sold at an average price of $693.32, for a total value of $103,998.00. Following the transaction, the director directly owned 2,829 shares in the company, valued at approximately $1,961,402.28. The trade was a 5.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Victoria Valenzuela sold 7,609 shares of AppLovin stock in a transaction that occurred on Thursday, December 18th. The shares were sold at an average price of $657.13, for a total value of $5,000,102.17. Following the completion of the transaction, the insider owned 277,110 shares in the company, valued at $182,097,294.30. This trade represents a 2.67% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 340,336 shares of company stock valued at $200,062,623 over the last quarter. Company insiders own 13.66% of the company’s stock.

Hedge Funds Weigh In On AppLovin

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Hilltop National Bank acquired a new stake in shares of AppLovin during the 2nd quarter valued at approximately $26,000. LFA Lugano Financial Advisors SA purchased a new position in AppLovin in the 2nd quarter valued at approximately $26,000. Board of the Pension Protection Fund acquired a new position in AppLovin during the fourth quarter worth $27,000. Chilton Capital Management LLC acquired a new position in AppLovin during the third quarter worth $29,000. Finally, Activest Wealth Management boosted its position in AppLovin by 760.0% during the third quarter. Activest Wealth Management now owns 43 shares of the company’s stock worth $31,000 after purchasing an additional 38 shares in the last quarter. 41.85% of the stock is currently owned by hedge funds and other institutional investors.

About AppLovin

AppLovin Corporation is a Palo Alto–based mobile technology company that provides software and services to help app developers grow and monetize their businesses. The company operates a data-driven advertising and marketing platform that connects app publishers and advertisers, delivering tools for user acquisition, monetization, analytics and creative optimization. AppLovin’s technology is integrated into a broad set of mobile applications through software development kits (SDKs) and ad products designed to maximize revenue and engagement for developers.

Key components of AppLovin’s offering include an ad mediation and exchange platform that enables publishers to manage and monetize inventory across multiple demand sources, and a user-acquisition platform that helps advertisers target and scale campaigns.