AppLovin (NASDAQ:APP) Shares Down 13.6% After Insider Selling

AppLovin Co. (NASDAQ:APP)’s stock price was down 13.6% during mid-day trading on Wednesday after an insider sold shares in the company. The stock traded as low as $288.92 and last traded at $325.82. Approximately 14,780,647 shares changed hands during mid-day trading, an increase of 155% from the average daily volume of 5,794,863 shares. The stock had previously closed at $377.06.

Specifically, CEO Arash Adam Foroughi sold 45,000 shares of the business’s stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $422.21, for a total value of $18,999,450.00. Following the completion of the sale, the chief executive officer now owns 2,914,492 shares in the company, valued at approximately $1,230,527,667.32. The trade was a 1.52 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Arash Adam Foroughi sold 44,400 shares of the business’s stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $410.89, for a total transaction of $18,243,516.00. Following the completion of the sale, the chief executive officer now owns 2,869,492 shares of the company’s stock, valued at approximately $1,179,045,567.88. This represents a 1.52 % decrease in their position. The disclosure for this sale can be found here.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Stifel Nicolaus boosted their price objective on shares of AppLovin from $250.00 to $435.00 and gave the stock a “buy” rating in a research note on Thursday, December 5th. UBS Group boosted their price objective on shares of AppLovin from $440.00 to $630.00 and gave the stock a “buy” rating in a research note on Thursday, February 13th. Jefferies Financial Group boosted their price objective on shares of AppLovin from $400.00 to $425.00 and gave the stock a “buy” rating in a research note on Wednesday, January 8th. Wedbush reiterated an “outperform” rating and set a $270.00 price objective (up previously from $170.00) on shares of AppLovin in a research note on Thursday, November 7th. Finally, Wells Fargo & Company set a $538.00 price objective on shares of AppLovin and gave the stock an “overweight” rating in a research note on Thursday. Four equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, AppLovin presently has a consensus rating of “Moderate Buy” and a consensus price target of $452.29.

AppLovin Price Performance

The firm has a market capitalization of $107.55 billion, a price-to-earnings ratio of 70.59, a PEG ratio of 3.02 and a beta of 2.30. The stock’s 50-day moving average price is $368.10 and its 200 day moving average price is $251.23. The company has a quick ratio of 2.41, a current ratio of 2.41 and a debt-to-equity ratio of 3.70.

AppLovin (NASDAQ:APP) last released its quarterly earnings data on Wednesday, February 12th. The company reported $1.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.12 by $0.61. AppLovin had a net margin of 33.54% and a return on equity of 188.55%. Equities research analysts expect that AppLovin Co. will post 6.87 earnings per share for the current fiscal year.

Institutional Investors Weigh In On AppLovin

Hedge funds and other institutional investors have recently bought and sold shares of the company. Fuller & Thaler Asset Management Inc. acquired a new stake in AppLovin during the fourth quarter worth about $25,000. GHP Investment Advisors Inc. acquired a new stake in AppLovin during the fourth quarter worth about $25,000. Riverview Trust Co boosted its stake in AppLovin by 1,640.0% during the fourth quarter. Riverview Trust Co now owns 87 shares of the company’s stock worth $28,000 after buying an additional 82 shares during the period. Tucker Asset Management LLC purchased a new position in AppLovin during the fourth quarter worth about $28,000. Finally, Hemington Wealth Management boosted its stake in AppLovin by 78.4% during the fourth quarter. Hemington Wealth Management now owns 91 shares of the company’s stock worth $29,000 after buying an additional 40 shares during the period. 41.85% of the stock is currently owned by institutional investors and hedge funds.

AppLovin Company Profile

AppLovin Corporation engages in building a software-based platform for advertisers to enhance the marketing and monetization of their content in the United States and internationally. It operates through two segments, Software Platform and Apps. The company's software solutions include AppDiscovery, a marketing software solution, which matches advertiser demand with publisher supply through auctions; MAX, an in-app bidding software that optimizes the value of a publisher's advertising inventory by running a real-time competitive auction; Adjust, a measurement and analytics marketing platform that provides marketers with the visibility, insights, and tools needed to grow their apps from early stage to maturity; and Wurl, a connected TV platform, which distributes streaming video for content companies and provides advertising and publishing solutions through its AdPool, ContentDiscovery, and Global FAST Pass products.