AppLovin Co. to Post Q2 2024 Earnings of $0.53 Per Share, Wedbush Forecasts (NASDAQ:APP)

AppLovin Co. (NASDAQ:APP) – Stock analysts at Wedbush dropped their Q2 2024 earnings per share estimates for AppLovin in a research report issued to clients and investors on Thursday, April 11th. Wedbush analyst N. Mckay now expects that the company will post earnings per share of $0.53 for the quarter, down from their prior forecast of $0.54. Wedbush has a “Outperform” rating and a $87.00 price target on the stock. The consensus estimate for AppLovin’s current full-year earnings is $2.47 per share. Wedbush also issued estimates for AppLovin’s Q3 2024 earnings at $53.00 EPS, Q4 2024 earnings at $0.55 EPS, FY2024 earnings at $2.15 EPS, Q1 2025 earnings at $49.00 EPS, Q2 2025 earnings at $0.50 EPS, Q3 2025 earnings at $0.50 EPS, Q4 2025 earnings at $0.52 EPS and FY2025 earnings at $2.01 EPS.

A number of other brokerages have also commented on APP. The Goldman Sachs Group lifted their price objective on AppLovin from $59.00 to $73.00 and gave the stock a “buy” rating in a research report on Thursday, February 15th. BTIG Research raised their target price on AppLovin from $65.00 to $87.00 and gave the stock a “buy” rating in a report on Tuesday, April 9th. Oppenheimer raised their target price on AppLovin from $70.00 to $85.00 and gave the stock an “outperform” rating in a report on Monday, April 8th. UBS Group raised their target price on AppLovin from $46.00 to $55.00 and gave the stock a “neutral” rating in a report on Thursday, February 15th. Finally, TheStreet upgraded AppLovin from a “d+” rating to a “c-” rating in a report on Friday, March 8th. One research analyst has rated the stock with a sell rating, three have given a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat.com, AppLovin currently has an average rating of “Moderate Buy” and an average price target of $56.36.

AppLovin Price Performance

Shares of APP stock opened at $75.57 on Monday. The stock has a 50-day moving average price of $62.89 and a 200 day moving average price of $47.99. The company has a quick ratio of 1.71, a current ratio of 1.71 and a debt-to-equity ratio of 2.31. The firm has a market cap of $25.84 billion, a price-to-earnings ratio of 75.57, a PEG ratio of 1.52 and a beta of 1.90. AppLovin has a 12 month low of $15.41 and a 12 month high of $79.55.

AppLovin (NASDAQ:APP) last announced its quarterly earnings data on Wednesday, February 14th. The company reported $0.49 EPS for the quarter, topping analysts’ consensus estimates of $0.35 by $0.14. The firm had revenue of $953.26 million during the quarter, compared to analyst estimates of $928.66 million. AppLovin had a return on equity of 24.69% and a net margin of 10.84%. The company’s revenue was up 35.7% on a year-over-year basis. During the same period last year, the company earned ($0.21) earnings per share.

Insider Activity

In other news, insider Victoria Valenzuela sold 2,890 shares of AppLovin stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $57.76, for a total transaction of $166,926.40. Following the transaction, the insider now owns 546,560 shares in the company, valued at approximately $31,569,305.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other AppLovin news, CFO Matthew Stumpf sold 2,775 shares of the business’s stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $63.30, for a total value of $175,657.50. Following the sale, the chief financial officer now owns 362,264 shares in the company, valued at approximately $22,931,311.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Victoria Valenzuela sold 2,890 shares of the business’s stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $57.76, for a total value of $166,926.40. Following the completion of the sale, the insider now owns 546,560 shares in the company, valued at approximately $31,569,305.60. The disclosure for this sale can be found here. Insiders have sold 61,215 shares of company stock worth $4,416,815 in the last 90 days. Corporate insiders own 12.43% of the company’s stock.

Institutional Investors Weigh In On AppLovin

Several institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its position in shares of AppLovin by 8.5% during the 3rd quarter. Vanguard Group Inc. now owns 18,099,233 shares of the company’s stock worth $723,245,000 after purchasing an additional 1,411,453 shares during the last quarter. BlackRock Inc. increased its position in shares of AppLovin by 2.4% during the 2nd quarter. BlackRock Inc. now owns 8,335,764 shares of the company’s stock worth $214,479,000 after purchasing an additional 195,030 shares during the last quarter. Spruce House Investment Management LLC increased its holdings in shares of AppLovin by 33.7% during the 4th quarter. Spruce House Investment Management LLC now owns 5,000,000 shares of the company’s stock worth $52,650,000 after acquiring an additional 1,259,199 shares during the last quarter. Sapient Capital LLC acquired a new position in shares of AppLovin during the 4th quarter worth approximately $165,057,000. Finally, First Trust Advisors LP increased its holdings in shares of AppLovin by 3.7% during the 1st quarter. First Trust Advisors LP now owns 4,040,013 shares of the company’s stock worth $63,630,000 after acquiring an additional 144,035 shares during the last quarter. Institutional investors own 41.85% of the company’s stock.

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.