AppLovin Co. (NASDAQ:APP) Short Interest Update

AppLovin Co. (NASDAQ:APP) was the recipient of a large drop in short interest in the month of June. As of June 15th, there was short interest totalling 15,150,000 shares, a drop of 7.7% from the May 31st total of 16,420,000 shares. Approximately 8.9% of the shares of the stock are sold short. Based on an average trading volume of 4,250,000 shares, the short-interest ratio is currently 3.6 days.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. BTIG Research increased their price objective on shares of AppLovin from $87.00 to $100.00 and gave the stock a “buy” rating in a research report on Thursday, May 9th. Stifel Nicolaus boosted their price objective on AppLovin from $85.00 to $98.00 and gave the company a “buy” rating in a research note on Thursday, May 9th. Jefferies Financial Group raised their target price on AppLovin from $93.00 to $105.00 and gave the stock a “buy” rating in a research note on Thursday, May 9th. Needham & Company LLC reissued a “hold” rating on shares of AppLovin in a research note on Thursday, May 9th. Finally, Wedbush raised their price objective on shares of AppLovin from $87.00 to $100.00 and gave the stock an “outperform” rating in a research report on Thursday, May 9th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and twelve have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $71.72.

Insiders Place Their Bets

In related news, major shareholder Kkr Group Partnership L.P. sold 17,500,000 shares of the company’s stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $83.36, for a total transaction of $1,458,800,000.00. Following the completion of the sale, the insider now owns 366,567 shares of the company’s stock, valued at $30,557,025.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other AppLovin news, major shareholder Kkr Group Partnership L.P. sold 17,500,000 shares of the firm’s stock in a transaction that occurred on Monday, May 13th. The shares were sold at an average price of $83.36, for a total value of $1,458,800,000.00. Following the sale, the insider now owns 366,567 shares in the company, valued at $30,557,025.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Craig Scott Billings sold 5,620 shares of the stock in a transaction on Monday, May 13th. The shares were sold at an average price of $84.97, for a total value of $477,531.40. Following the completion of the transaction, the director now owns 1,780 shares of the company’s stock, valued at $151,246.60. The disclosure for this sale can be found here. Insiders have sold a total of 17,741,886 shares of company stock worth $1,478,219,330 in the last 90 days. Company insiders own 14.69% of the company’s stock.

Institutional Investors Weigh In On AppLovin

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. FMR LLC boosted its holdings in shares of AppLovin by 224.6% in the 3rd quarter. FMR LLC now owns 755,798 shares of the company’s stock worth $30,202,000 after buying an additional 522,949 shares during the last quarter. Acadian Asset Management LLC bought a new position in shares of AppLovin during the 3rd quarter valued at approximately $59,000. Mariner LLC increased its stake in shares of AppLovin by 17.0% during the 3rd quarter. Mariner LLC now owns 17,435 shares of the company’s stock worth $697,000 after purchasing an additional 2,536 shares during the last quarter. Northern Trust Corp raised its holdings in shares of AppLovin by 5.6% in the 3rd quarter. Northern Trust Corp now owns 836,613 shares of the company’s stock worth $33,431,000 after purchasing an additional 44,339 shares during the period. Finally, Schonfeld Strategic Advisors LLC lifted its stake in AppLovin by 713.1% in the third quarter. Schonfeld Strategic Advisors LLC now owns 248,039 shares of the company’s stock valued at $9,912,000 after purchasing an additional 217,533 shares during the last quarter. Hedge funds and other institutional investors own 41.85% of the company’s stock.

AppLovin Stock Up 0.4 %

APP stock opened at $84.00 on Wednesday. The stock’s 50 day moving average is $79.73 and its 200-day moving average is $63.91. AppLovin has a twelve month low of $25.24 and a twelve month high of $88.50. The firm has a market capitalization of $27.64 billion, a PE ratio of 49.81, a P/E/G ratio of 1.41 and a beta of 1.86. The company has a quick ratio of 2.11, a current ratio of 2.11 and a debt-to-equity ratio of 4.59.

AppLovin (NASDAQ:APP) last posted its quarterly earnings data on Wednesday, May 8th. The company reported $0.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.57 by $0.10. The firm had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $973.70 million. AppLovin had a net margin of 16.46% and a return on equity of 51.55%. The business’s revenue for the quarter was up 47.9% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.01) EPS. Sell-side analysts expect that AppLovin will post 2.96 EPS for the current fiscal year.

About AppLovin

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.