AppLovin Co. (NYSE:APP – Get Rating) was down 10.3% during mid-day trading on Thursday . The stock traded as low as $30.54 and last traded at $30.55. Approximately 19,166 shares traded hands during mid-day trading, a decline of 99% from the average daily volume of 2,337,261 shares. The stock had previously closed at $34.07.
Several analysts have recently issued reports on APP shares. Bank of America upgraded shares of AppLovin from a “neutral” rating to a “buy” rating in a research note on Thursday, May 12th. BTIG Research reduced their target price on shares of AppLovin from $103.00 to $60.00 in a research note on Thursday, May 12th. Truist Financial reduced their target price on shares of AppLovin from $90.00 to $77.00 in a research note on Thursday, May 12th. Citigroup reduced their target price on shares of AppLovin from $86.00 to $68.00 in a research note on Friday, June 10th. Finally, The Goldman Sachs Group reduced their target price on shares of AppLovin from $65.00 to $58.00 in a research note on Thursday, June 9th. Fourteen equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $84.43.
The firm has a market capitalization of $11.54 billion, a PE ratio of -162.68, a P/E/G ratio of 4.67 and a beta of 3.05. The company has a debt-to-equity ratio of 1.59, a current ratio of 2.93 and a quick ratio of 2.93. The company’s fifty day simple moving average is $40.10 and its 200 day simple moving average is $60.05.
Several institutional investors have recently made changes to their positions in the company. Offit Capital Advisors LLC lifted its holdings in shares of AppLovin by 68.2% in the first quarter. Offit Capital Advisors LLC now owns 18,652 shares of the company’s stock worth $1,027,000 after buying an additional 7,564 shares in the last quarter. Bank of America Corp DE grew its position in AppLovin by 227.4% during the first quarter. Bank of America Corp DE now owns 159,991 shares of the company’s stock valued at $8,810,000 after acquiring an additional 111,128 shares during the last quarter. Verition Fund Management LLC bought a new position in AppLovin during the first quarter valued at approximately $900,000. Walleye Capital LLC grew its position in AppLovin by 271.9% during the first quarter. Walleye Capital LLC now owns 31,533 shares of the company’s stock valued at $1,737,000 after acquiring an additional 23,053 shares during the last quarter. Finally, EP Wealth Advisors LLC grew its position in AppLovin by 75.1% during the first quarter. EP Wealth Advisors LLC now owns 14,461 shares of the company’s stock valued at $796,000 after acquiring an additional 6,202 shares during the last quarter. 43.30% of the stock is currently owned by hedge funds and other institutional investors.
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 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.
- Get a free copy of the StockNews.com research report on AppLovin (APP)
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