Shares of AppLovin Co. (NYSE:APP – Get Rating) hit a new 52-week low on Tuesday following insider selling activity. The company traded as low as $12.17 and last traded at $12.18, with a volume of 22254 shares traded. The stock had previously closed at $12.83.
Specifically, CTO Vasily Shikin sold 557,207 shares of AppLovin stock in a transaction that occurred on Wednesday, November 30th. The shares were sold at an average price of $13.85, for a total value of $7,717,316.95. Following the completion of the transaction, the chief technology officer now owns 1,223,243 shares in the company, valued at $16,941,915.55. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other AppLovin news, Director Eduardo Vivas sold 358,423 shares of the company's stock in a transaction on Wednesday, November 23rd. The shares were sold at an average price of $14.08, for a total value of $5,046,595.84. Following the completion of the transaction, the director now owns 9,931,396 shares in the company, valued at $139,834,055.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Vasily Shikin sold 557,207 shares of the firm's stock in a transaction that occurred on Wednesday, November 30th. The stock was sold at an average price of $13.85, for a total transaction of $7,717,316.95. Following the transaction, the chief technology officer now owns 1,223,243 shares in the company, valued at $16,941,915.55. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,684,857 shares of company stock worth $23,242,297. 12.78% of the stock is currently owned by company insiders.
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Analyst Ratings Changes
APP has been the topic of several research reports. Oppenheimer lowered their target price on AppLovin from $65.00 to $45.00 and set an "outperform" rating on the stock in a report on Tuesday, September 13th. The Goldman Sachs Group decreased their price objective on shares of AppLovin from $56.00 to $33.00 and set a "buy" rating for the company in a research note on Thursday, November 10th. Bank of America lowered AppLovin from a "buy" rating to a "neutral" rating and lowered their target price for the company from $35.00 to $17.00 in a research note on Friday, November 11th. DA Davidson dropped their price target on shares of AppLovin from $80.00 to $70.00 in a research note on Friday, August 12th. Finally, Credit Suisse Group cut their target price on AppLovin from $63.00 to $57.00 and set an "outperform" rating on the stock in a research report on Thursday, November 10th. Five investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $39.75.
AppLovin Price Performance
The stock has a market cap of $4.13 billion, a price-to-earnings ratio of -51.61 and a beta of 1.66. The company has a debt-to-equity ratio of 1.69, a current ratio of 3.36 and a quick ratio of 3.36. The stock's 50 day simple moving average is $16.72 and its two-hundred day simple moving average is $27.08.
Hedge Funds Weigh In On AppLovin
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Blair William & Co. IL lifted its stake in AppLovin by 5.4% during the first quarter. Blair William & Co. IL now owns 7,552 shares of the company's stock worth $416,000 after purchasing an additional 386 shares during the period. JPMorgan Chase & Co. lifted its holdings in shares of AppLovin by 99.0% during the first quarter. JPMorgan Chase & Co. now owns 981 shares of the company's stock valued at $54,000 after acquiring an additional 488 shares during the period. Cohen Capital Management Inc. boosted its stake in shares of AppLovin by 1.6% in the 2nd quarter. Cohen Capital Management Inc. now owns 51,521 shares of the company's stock valued at $1,774,000 after purchasing an additional 800 shares in the last quarter. abrdn plc grew its holdings in shares of AppLovin by 7.6% in the 2nd quarter. abrdn plc now owns 12,224 shares of the company's stock worth $421,000 after purchasing an additional 867 shares during the last quarter. Finally, Hsbc Holdings PLC lifted its holdings in AppLovin by 8.5% during the 3rd quarter. Hsbc Holdings PLC now owns 12,637 shares of the company's stock valued at $250,000 after purchasing an additional 985 shares during the last quarter. 37.23% of the stock is owned by institutional investors.
About AppLovin
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AppLovin Corporation engages in building a software-based platform for mobile app developers to enhance the marketing and monetization of their apps in the United States and internationally. The company's software solutions include AppDiscovery, a marketing software solution, which matches advertiser demand with publisher supply through auctions; Adjust, an analytics platform that helps marketers grow their mobile apps with solutions for measuring, optimizing campaigns, and protecting user data; and MAX, an in-app bidding software that optimizes the value of an app's advertising inventory by running a real-time competitive auction.
Further Reading
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