AppLovin (NASDAQ:APP) Shares Down 2.7% Following Analyst Downgrade

AppLovin Corporation (NASDAQ:APP) shares were down 2.7% during mid-day trading on Tuesday after BTIG Research lowered their price target on the stock from $408.00 to $396.00. BTIG Research currently has a buy rating on the stock. AppLovin traded as low as $309.85 and last traded at $312.01. Approximately 3,820,115 shares were traded during mid-day trading, a decline of 33% from the average daily volume of 5,667,751 shares. The stock had previously closed at $320.56.

APP has been the topic of a number of other research reports. Benchmark cut their price target on shares of AppLovin from $500.00 to $440.00 and set a “buy” rating on the stock in a research note on Monday, August 17th. William Blair set a $440.00 price objective on shares of AppLovin in a research note on Monday, August 17th. Scotiabank restated a “sector outperform” rating and set a $515.00 price objective on shares of AppLovin in a report on Thursday, August 6th. KeyCorp set a $775.00 target price on AppLovin in a research report on Wednesday, June 10th. Finally, Wedbush reduced their target price on AppLovin from $640.00 to $610.00 and set an “outperform” rating on the stock in a report on Thursday, August 6th. Three equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and eight have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $538.09.

Insider Activity at AppLovin

In other AppLovin news, Director Eduardo Vivas sold 163,910 shares of AppLovin stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $504.06, for a total transaction of $82,620,474.60. Following the transaction, the director directly owned 6,785,087 shares of the company’s stock, valued at $3,420,090,953.22. The trade was a 2.36% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director G Jr sold 3,076 shares of the business’s stock in a transaction that occurred on Monday, July 6th. The stock was sold at an average price of $521.29, for a total transaction of $1,603,488.04. Following the sale, the director owned 120,444 shares of the company’s stock, valued at approximately $62,786,252.76. This represents a 2.49% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 271,152 shares of company stock worth $135,295,830. Company insiders own 12.81% of the company’s stock.

Institutional Trading of AppLovin

Large investors have recently added to or reduced their stakes in the stock. Mcguire Capital Advisors Inc. acquired a new position in shares of AppLovin during the fourth quarter worth about $27,000. Osbon Capital Management LLC acquired a new stake in shares of AppLovin in the fourth quarter valued at about $36,000. IMA Advisory Services Inc. grew its stake in shares of AppLovin by 185.7% in the fourth quarter. IMA Advisory Services Inc. now owns 60 shares of the company’s stock valued at $40,000 after buying an additional 39 shares in the last quarter. Pioneer Family Office LLC acquired a new stake in shares of AppLovin in the second quarter valued at about $31,000. Finally, Swiss RE Ltd. purchased a new stake in shares of AppLovin during the 4th quarter valued at about $40,000. 41.85% of the stock is currently owned by institutional investors and hedge funds.

AppLovin Trading Down 2.7%

The firm has a fifty day moving average of $391.02 and a 200 day moving average of $440.23. The firm has a market capitalization of $104.41 billion, a PE ratio of 23.98, a P/E/G ratio of 0.68 and a beta of 2.49. The company has a debt-to-equity ratio of 1.11, a quick ratio of 4.30 and a current ratio of 4.30.

AppLovin (NASDAQ:APP) last released its quarterly earnings results on Tuesday, August 4th. The company reported $3.76 earnings per share for the quarter, hitting analysts’ consensus estimates of $3.76. AppLovin had a return on equity of 193.10% and a net margin of 64.58%.The firm had revenue of $1.92 billion during the quarter, compared to analysts’ expectations of $1.94 billion. During the same quarter in the prior year, the business earned $2.39 EPS. AppLovin’s quarterly revenue was up 52.8% compared to the same quarter last year. Equities research analysts expect that AppLovin Corporation will post 15.53 EPS for the current year.

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.