Shares of AppLovin Co. (NYSE:APP) fell 4.1% on Monday . The company traded as low as $75.61 and last traded at $76.24. 5,740 shares traded hands during trading, a decline of 99% from the average session volume of 1,110,609 shares. The stock had previously closed at $79.47.
A number of brokerages recently weighed in on APP. Morgan Stanley raised AppLovin from an “underweight” rating to an “equal weight” rating and dropped their price objective for the stock from $68.00 to $60.00 in a report on Monday, August 16th. Stifel Nicolaus upgraded AppLovin from a “hold” rating to a “buy” rating and increased their target price for the stock from $65.00 to $90.00 in a research report on Thursday, September 9th. JPMorgan Chase & Co. raised their price objective on AppLovin from $83.00 to $95.00 and gave the stock an “overweight” rating in a report on Thursday. Macquarie assumed coverage on AppLovin in a research note on Tuesday, August 31st. They issued an “outperform” rating and a $90.00 target price for the company. Finally, Citigroup raised their price objective on AppLovin from $69.00 to $81.00 and gave the company a “buy” rating in a research note on Friday, June 4th. One investment analyst has rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $79.08.
The company has a quick ratio of 2.85, a current ratio of 2.85 and a debt-to-equity ratio of 0.87. The firm’s fifty day simple moving average is $67.96.
In other AppLovin news, CMO Katie Kihorany Jansen sold 50,000 shares of the business’s stock in a transaction dated Friday, August 20th. The stock was sold at an average price of $69.50, for a total value of $3,475,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CTO Vasily Shikin sold 16,500 shares of the business’s stock in a transaction dated Tuesday, September 14th. The stock was sold at an average price of $75.78, for a total value of $1,250,370.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 153,169 shares of company stock valued at $11,117,179. Insiders own 1.90% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Thrivent Financial for Lutherans bought a new stake in shares of AppLovin in the 2nd quarter valued at approximately $68,234,000. Y Intercept Hong Kong Ltd acquired a new position in AppLovin during the 2nd quarter worth $290,000. Marshall Wace North America L.P. acquired a new position in AppLovin during the 2nd quarter worth $29,269,000. Morgan Stanley acquired a new position in AppLovin during the 2nd quarter worth $826,000. Finally, Blackstone Inc acquired a new position in AppLovin during the 2nd quarter worth $11,276,000. 35.80% of the stock is owned by institutional investors and hedge funds.
AppLovin Company Profile (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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