AppLovin (NYSE:APP) Stock Price Down 10.3%

AppLovin Co. (NYSE:APPGet 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.

In other news, CMO Katie Kihorany Jansen sold 2,009 shares of the stock in a transaction dated Thursday, May 19th. The shares were sold at an average price of $40.10, for a total value of $80,560.90. Following the sale, the chief marketing officer now directly owns 1,328,491 shares of the company’s stock, valued at $53,272,489.10. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CTO Vasily Shikin sold 22,500 shares of the stock in a transaction dated Wednesday, May 25th. The stock was sold at an average price of $34.86, for a total transaction of $784,350.00. Following the completion of the sale, the chief technology officer now directly owns 2,667,035 shares in the company, valued at $92,972,840.10. The disclosure for this sale can be found here. 12.78% of the stock is owned by corporate insiders.

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.

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