WT Asset Management Ltd Takes Position in AppLovin Co. (NASDAQ:APP)

WT Asset Management Ltd purchased a new stake in AppLovin Co. (NASDAQ:APP) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 149,400 shares of the company’s stock, valued at approximately $12,433,000. AppLovin makes up 1.2% of WT Asset Management Ltd’s holdings, making the stock its 18th largest position.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. FinTrust Capital Advisors LLC bought a new stake in shares of AppLovin during the fourth quarter worth $32,000. Covestor Ltd grew its stake in shares of AppLovin by 85.8% during the first quarter. Covestor Ltd now owns 511 shares of the company’s stock worth $35,000 after buying an additional 236 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. bought a new stake in shares of AppLovin during the second quarter worth $37,000. Atlas Capital Advisors LLC bought a new stake in shares of AppLovin during the first quarter worth $38,000. Finally, ORG Partners LLC grew its stake in shares of AppLovin by 212.0% during the first quarter. ORG Partners LLC now owns 624 shares of the company’s stock worth $43,000 after buying an additional 424 shares during the last quarter. 41.85% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at AppLovin

In other AppLovin news, insider Victoria Valenzuela sold 14,166 shares of AppLovin stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $89.98, for a total transaction of $1,274,656.68. Following the completion of the transaction, the insider now owns 352,616 shares in the company, valued at approximately $31,728,387.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Eduardo Vivas sold 229,200 shares of the business’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $86.35, for a total value of $19,791,420.00. Following the transaction, the director now owns 7,412,475 shares in the company, valued at approximately $640,067,216.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Victoria Valenzuela sold 14,166 shares of the business’s stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $89.98, for a total value of $1,274,656.68. Following the completion of the transaction, the insider now owns 352,616 shares in the company, valued at approximately $31,728,387.68. The disclosure for this sale can be found here. In the last quarter, insiders sold 637,071 shares of company stock worth $53,971,086. Insiders own 14.69% of the company’s stock.

AppLovin Stock Up 1.3 %

Shares of NASDAQ APP traded up $1.20 during trading on Friday, hitting $90.20. 1,910,210 shares of the company traded hands, compared to its average volume of 4,098,730. The business’s fifty day moving average is $81.06 and its 200 day moving average is $74.21. AppLovin Co. has a fifty-two week low of $34.45 and a fifty-two week high of $92.50. The firm has a market capitalization of $29.68 billion, a price-to-earnings ratio of 53.69, a P/E/G ratio of 1.27 and a beta of 1.86. The company has a debt-to-equity ratio of 4.59, a quick ratio of 2.11 and a current ratio of 2.11.

AppLovin (NASDAQ:APP) last posted its earnings results on Wednesday, August 7th. The company reported $0.89 EPS for the quarter, topping the consensus estimate of $0.77 by $0.12. The company had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.08 billion. AppLovin had a net margin of 16.46% and a return on equity of 51.55%. The firm’s revenue for the quarter was up 44.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.22 earnings per share. Equities research analysts predict that AppLovin Co. will post 2.96 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of analysts have weighed in on APP shares. Jefferies Financial Group boosted their target price on shares of AppLovin from $93.00 to $105.00 and gave the stock a “buy” rating in a research note on Thursday, May 9th. BTIG Research lifted their price target on shares of AppLovin from $87.00 to $100.00 and gave the stock a “buy” rating in a report on Thursday, May 9th. The Goldman Sachs Group lifted their price target on shares of AppLovin from $73.00 to $100.00 and gave the stock a “buy” rating in a report on Thursday, May 9th. Benchmark lifted their price target on shares of AppLovin from $48.00 to $66.00 and gave the stock a “sell” rating in a report on Friday. Finally, Citigroup lifted their price target on shares of AppLovin from $80.00 to $98.00 and gave the stock a “buy” rating in a report on Friday, May 10th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $82.86.

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.