The stock of AppLovin Corporation (NASDAQ:APP) last traded at $37.20, up 26.49% from the previous session.
Data from the available sources indicates that AppLovin Corporation (NASDAQ:APP) is covered by 23 analysts. The consensus rating among analysts is ‘Overweight’. As we calculate the median target price by taking the range between a high of $57.00 and a low of $17.50, we find $33.50. Given the previous closing price of $29.41, this indicates a potential upside of 13.91 percent. APP stock price is now 39.79% away from the 50-day moving average and 110.59% away from the 200-day moving average. The market capitalization of the company currently stands at $12.62B.
In total, 8 analysts have assigned it a hold rating, and 14 have given it a buy rating. Brokers who have rated the stock have averaged $34.05 as their price target over the next twelve months.
With the price target maintained at $34, BTIG Research recently Upgraded its rating from Neutral to Buy for AppLovin Corporation (NASDAQ: APP).
In other news, Valenzuela Victoria, CLO & Corp. Secretary sold 25,000 shares of the company’s stock on Jul 27. The stock was sold for $773,500 at an average price of $30.94. Upon completion of the transaction, the CLO & Corp. Secretary now directly owns 659,533 shares in the company, valued at $24.53 million. An SEC document containing details of the transaction can be found on the SEC’s website. On Jun 13, Chief Technology Officer Shikin Vasily sold 30,000 shares of the business’s stock. A total of $676,092 was realized by selling the stock at an average price of $22.54. This leaves the insider owning 8,672,832 shares of the company worth $322.63 million. Insiders disposed of 68,966,006 shares of company stock worth roughly $2.57 billion over the past 1 year. A total of 4.30% of the company’s stock is owned by insiders.
There have been several recent changes in the stakes of large investors in APP stock. A new stake in AppLovin Corporation shares was purchased by PACER ADVISORS, INC. during the first quarter worth $70,447,000. INCLINE GLOBAL MANAGEMENT LLC invested $50,061,000 in shares of APP during the first quarter. In the first quarter, THINK INVESTMENTS LP acquired a new stake in AppLovin Corporation valued at approximately $23,326,000. VAN ECK ASSOCIATES CORP acquired a new stake in APP for approximately $23,203,000. POLAR ASSET MANAGEMENT PARTNERS INC. purchased a new stake in APP valued at around $18,310,000 in the second quarter. In total, there are 325 active investors with 49.30% ownership of the company’s stock.
With an opening price of $38.32 on Thursday morning, AppLovin Corporation (NASDAQ: APP) set off the trading day. During the past 12 months, AppLovin Corporation has had a low of $9.14 and a high of $40.53. As of last week, the company has a debt-to-equity ratio of 1.70, a current ratio of 3.30, and a quick ratio of 3.30. The fifty day moving average price for APP is $26.87 and a two-hundred day moving average price translates $17.76 for the stock.
The latest earnings results from AppLovin Corporation (NASDAQ: APP) was released for Jun, 2023. The company reported revenue of $750.16 million for the quarter, compared to $776.23 million a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue fell -3.36 percent.
