AppLovin (NYSE:APP) Coverage Initiated at JPMorgan Chase & Co.

Stock analysts at JPMorgan Chase & Co. began coverage on shares of AppLovin (NYSE:APPGet Rating) in a research report issued to clients and investors on Thursday, MarketBeat.com reports. The brokerage set a “neutral” rating and a $18.00 price target on the stock. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 29.03% from the stock’s previous close.

APP has been the subject of a number of other reports. BTIG Research reduced their target price on shares of AppLovin from $53.00 to $37.00 and set a “buy” rating for the company in a report on Wednesday, October 26th. Truist Financial reduced their target price on shares of AppLovin from $65.00 to $33.00 and set a “buy” rating for the company in a report on Tuesday, November 1st. DA Davidson reduced their target price on shares of AppLovin from $80.00 to $70.00 in a report on Friday, August 12th. Stifel Nicolaus reaffirmed a “buy” rating and set a $30.00 target price (down from $50.00) on shares of AppLovin in a report on Wednesday, November 2nd. Finally, Credit Suisse Group reduced their target price on shares of AppLovin from $63.00 to $57.00 and set an “outperform” rating for the company in a report on Thursday, November 10th. Three investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $44.20.

AppLovin Stock Down 2.9 %

APP opened at $13.95 on Thursday. The company has a quick ratio of 3.36, a current ratio of 3.36 and a debt-to-equity ratio of 1.69. The firm has a 50 day moving average price of $19.04 and a 200-day moving average price of $29.04. AppLovin has a twelve month low of $13.20 and a twelve month high of $101.00. The stock has a market capitalization of $5.24 billion, a price-to-earnings ratio of -60.65 and a beta of 1.85.

Insider Buying and Selling

In related news, CTO Vasily Shikin sold 22,500 shares of the company’s stock in a transaction on Wednesday, August 24th. The shares were sold at an average price of $26.59, for a total transaction of $598,275.00. Following the completion of the transaction, the chief technology officer now owns 2,644,535 shares in the company, valued at $70,318,185.65. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 12.78% of the stock is owned by company insiders.

Hedge Funds Weigh In On AppLovin

Hedge funds and other institutional investors have recently modified their holdings of the stock. Wipfli Financial Advisors LLC bought a new position in AppLovin during the third quarter valued at $31,000. Harel Insurance Investments & Financial Services Ltd. bought a new position in AppLovin during the second quarter valued at $52,000. US Bancorp DE lifted its position in AppLovin by 1,467.0% during the second quarter. US Bancorp DE now owns 1,567 shares of the company’s stock valued at $54,000 after purchasing an additional 1,467 shares during the last quarter. JPMorgan Chase & Co. lifted its position in AppLovin by 99.0% during the first quarter. JPMorgan Chase & Co. now owns 981 shares of the company’s stock valued at $54,000 after purchasing an additional 488 shares during the last quarter. Finally, Point72 Hong Kong Ltd bought a new position in AppLovin during the second quarter valued at $55,000. Institutional investors own 37.23% of the company’s stock.

AppLovin Company Profile

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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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