AppLovin (NYSE:APP) Trading 5.3% Higher Following Analyst Upgrade

AppLovin Co. (NYSE:APP)’s stock price was up 5.3% during trading on Thursday after JPMorgan Chase & Co. raised their price target on the stock from $83.00 to $95.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. AppLovin traded as high as $79.72 and last traded at $76.94. Approximately 5,763 shares were traded during trading, a decline of 99% from the average daily volume of 1,104,970 shares. The stock had previously closed at $73.08.

Several other equities research analysts have also recently issued reports on APP. Macquarie started coverage on shares of AppLovin in a report on Tuesday, August 31st. They issued an “outperform” rating and a $90.00 target price on the stock. Stifel Nicolaus upgraded shares of AppLovin from a “hold” rating to a “buy” rating and raised their target price for the stock from $65.00 to $90.00 in a report on Thursday, September 9th. Citigroup raised their target price on shares of AppLovin from $69.00 to $81.00 and gave the stock a “buy” rating in a report on Friday, June 4th. Finally, Morgan Stanley upgraded shares of AppLovin from an “underweight” rating to an “equal weight” rating and dropped their target price for the stock from $68.00 to $60.00 in a report on Monday, August 16th. One investment analyst has rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $79.08.

In other news, CTO Vasily Shikin sold 16,500 shares of the firm’s stock in a transaction on Tuesday, September 14th. The shares were sold at an average price of $75.78, for a total transaction of $1,250,370.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Herald Y. Chen acquired 25,000 shares of the firm’s stock in a transaction dated Tuesday, August 17th. The shares were purchased at an average price of $60.00 per share, for a total transaction of $1,500,000.00. The disclosure for this purchase can be found here. Insiders sold 153,169 shares of company stock worth $11,117,179 over the last quarter.

Several hedge funds have recently made changes to their positions in APP. Y Intercept Hong Kong Ltd bought a new stake in AppLovin in the 2nd quarter valued at $290,000. Marshall Wace North America L.P. bought a new stake in AppLovin in the 2nd quarter valued at $29,269,000. Morgan Stanley bought a new stake in AppLovin in the 2nd quarter valued at $826,000. Thrivent Financial for Lutherans bought a new stake in AppLovin in the 2nd quarter valued at $68,234,000. Finally, Blackstone Inc bought a new stake in AppLovin in the 2nd quarter valued at $11,276,000. Hedge funds and other institutional investors own 35.80% of the company’s stock.

The company has a debt-to-equity ratio of 0.87, a quick ratio of 2.85 and a current ratio of 2.85. The stock’s fifty day simple moving average is $67.59.

AppLovin (NYSE:APP) last announced its quarterly earnings results on Tuesday, August 10th. The company reported $0.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.01). On average, equities analysts expect that AppLovin Co. will post 0.26 EPS for the current year.

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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