AppLovin (NASDAQ:APP) Stock Price Down 2.2% on Analyst Downgrade

AppLovin Corporation (NASDAQ:APP) shares traded down 2.2% on Wednesday 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 $304.21 and last traded at $305.06. 3,867,155 shares traded hands during trading, a decline of 32% from the average session volume of 5,660,016 shares. The stock had previously closed at $312.01.

APP has been the subject of a number of other reports. Raymond James Financial assumed coverage on shares of AppLovin in a report on Monday, June 29th. They set a “strong-buy” rating and a $640.00 price objective for the company. Phillip Securities upgraded shares of AppLovin from a “moderate buy” rating to a “strong-buy” rating in a report on Tuesday, August 11th. Evercore reaffirmed an “outperform” rating and issued a $510.00 price target on shares of AppLovin in a research report on Tuesday, September 1st. Wedbush cut their price target on AppLovin from $640.00 to $610.00 and set an “outperform” rating for the company in a research note on Thursday, August 6th. Finally, UBS Group decreased their price objective on AppLovin from $798.00 to $790.00 and set a “buy” rating for the company in a report on Thursday, August 6th. Three analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $538.09.

Insider Transactions at AppLovin

In related news, Director Maynard G. Webb, Jr. sold 3,076 shares of AppLovin stock in a transaction 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 directly owned 120,444 shares in the company, valued at approximately $62,786,252.76. This trade represents a 2.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Eduardo Vivas sold 163,910 shares of the business’s stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $504.06, for a total value of $82,620,474.60. Following the completion of the transaction, the director directly owned 6,785,087 shares in the company, valued at approximately $3,420,090,953.22. This represents a 2.36% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 250,319 shares of company stock worth $124,797,873 in the last 90 days. Insiders own 12.81% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of APP. Signature Estate & Investment Advisors LLC grew its stake in AppLovin by 3,695.3% in the 2nd quarter. Signature Estate & Investment Advisors LLC now owns 76,361 shares of the company’s stock worth $39,345,000 after buying an additional 74,349 shares in the last quarter. Insight Wealth Strategies LLC purchased a new stake in shares of AppLovin during the 2nd quarter valued at $6,939,000. Generate Investment Management Ltd bought a new stake in shares of AppLovin during the 2nd quarter worth $7,226,000. Asset Management One Co. Ltd. lifted its holdings in shares of AppLovin by 6.5% during the 2nd quarter. Asset Management One Co. Ltd. now owns 105,909 shares of the company’s stock worth $54,567,000 after acquiring an additional 6,424 shares during the last quarter. Finally, Nykredit A S purchased a new position in AppLovin in the second quarter worth $41,902,000. 41.85% of the stock is owned by institutional investors.

AppLovin Price Performance

The company has a market capitalization of $102.09 billion, a PE ratio of 23.45, a price-to-earnings-growth ratio of 0.68 and a beta of 2.49. The company has a quick ratio of 4.30, a current ratio of 4.30 and a debt-to-equity ratio of 1.11. The firm’s 50-day moving average is $386.96 and its 200-day moving average is $439.58.

AppLovin (NASDAQ:APP) last released its quarterly earnings results on Tuesday, August 4th. The company reported $3.76 earnings per share for the quarter, meeting analysts’ consensus estimates of $3.76. AppLovin had a return on equity of 193.10% and a net margin of 64.58%.The business had revenue of $1.92 billion for the quarter, compared to the consensus estimate of $1.94 billion. During the same quarter last year, the business posted $2.39 earnings per share. The company’s revenue for the quarter was up 52.8% on a year-over-year basis. Equities analysts predict that AppLovin Corporation will post 15.53 earnings per share for the current fiscal year.

AppLovin Company Profile

AppLovin Corporation (NASDAQ: APP) is a technology company that provides software and services designed to help mobile application developers grow their businesses. Its platform supports user acquisition, advertising, monetization, measurement and other functions that enable developers to attract users and generate revenue from their applications.

AppLovin’s offerings include AXON, an artificial-intelligence-powered software engine used to optimize advertising and user-acquisition campaigns; MAX, a platform for managing in-app advertising and mediation; and AppDiscovery, which helps developers promote their applications.