Exchange Traded Concepts LLC Reduces Position in AppLovin Corporation $APP

Exchange Traded Concepts LLC trimmed its holdings in AppLovin Corporation (NASDAQ:APP) by 83.1% in the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 1,321 shares of the company’s stock after selling 6,518 shares during the quarter. Exchange Traded Concepts LLC’s holdings in AppLovin were worth $949,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of APP. Brighton Jones LLC grew its stake in shares of AppLovin by 190.6% in the third quarter. Brighton Jones LLC now owns 1,334 shares of the company’s stock worth $958,000 after acquiring an additional 2,806 shares during the period. Salvus Wealth Management LLC bought a new position in AppLovin during the third quarter valued at approximately $573,000. Foster Group Inc. purchased a new stake in AppLovin in the third quarter worth approximately $313,000. Generali Investments CEE investicni spolecnost a.s. purchased a new stake in AppLovin in the third quarter worth approximately $790,000. Finally, JBR Co Financial Management Inc bought a new stake in AppLovin in the 3rd quarter worth approximately $205,000. Institutional investors own 41.85% of the company’s stock.

Insider Buying and Selling

In other AppLovin news, CEO Arash Adam Foroughi sold 30,888 shares of the stock in a transaction on Friday, November 21st. The stock was sold at an average price of $520.29, for a total value of $16,070,717.52. Following the completion of the sale, the chief executive officer owned 2,553,161 shares in the company, valued at approximately $1,328,384,136.69. This represents a 1.20% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CTO Vasily Shikin sold 27,143 shares of the firm’s stock in a transaction dated Monday, November 24th. The shares were sold at an average price of $545.38, for a total value of $14,803,249.34. Following the sale, the chief technology officer directly owned 3,323,681 shares in the company, valued at approximately $1,812,669,143.78. This represents a 0.81% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 340,336 shares of company stock valued at $200,062,623. Company insiders own 13.66% of the company’s stock.

AppLovin Trading Down 1.8%

AppLovin stock opened at $714.23 on Monday. AppLovin Corporation has a 12-month low of $200.50 and a 12-month high of $745.61. The firm has a market capitalization of $241.37 billion, a price-to-earnings ratio of 86.68, a P/E/G ratio of 3.83 and a beta of 2.51. The firm has a 50 day moving average of $629.93 and a 200 day moving average of $524.28. The company has a current ratio of 3.25, a quick ratio of 3.25 and a debt-to-equity ratio of 2.38.

AppLovin (NASDAQ:APP) last posted its quarterly earnings results on Wednesday, November 5th. The company reported $2.45 earnings per share for the quarter, topping analysts’ consensus estimates of $2.34 by $0.11. The business had revenue of $1.41 billion during the quarter, compared to analyst estimates of $1.34 billion. AppLovin had a net margin of 51.27% and a return on equity of 258.49%. The company’s revenue was up 68.2% on a year-over-year basis. During the same period in the prior year, the business posted $1.29 earnings per share. As a group, research analysts predict that AppLovin Corporation will post 6.87 earnings per share for the current year.

Analysts Set New Price Targets

APP has been the topic of several research analyst reports. Royal Bank Of Canada increased their price target on AppLovin from $700.00 to $750.00 and gave the company an “outperform” rating in a report on Thursday, November 6th. Jefferies Financial Group upped their price objective on AppLovin from $800.00 to $860.00 and gave the company a “buy” rating in a research report on Thursday, December 11th. Wedbush increased their target price on AppLovin from $745.00 to $800.00 and gave the company an “outperform” rating in a report on Thursday, November 6th. Oppenheimer set a $740.00 price target on AppLovin in a research note on Tuesday, October 7th. Finally, Scotiabank upped their price target on shares of AppLovin from $575.00 to $750.00 and gave the company an “outperform” rating in a research report on Thursday, November 6th. Nineteen investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $695.90.

AppLovin Profile

AppLovin Corporation is a Palo Alto–based mobile technology company that provides software and services to help app developers grow and monetize their businesses. The company operates a data-driven advertising and marketing platform that connects app publishers and advertisers, delivering tools for user acquisition, monetization, analytics and creative optimization. AppLovin’s technology is integrated into a broad set of mobile applications through software development kits (SDKs) and ad products designed to maximize revenue and engagement for developers.

Key components of AppLovin’s offering include an ad mediation and exchange platform that enables publishers to manage and monetize inventory across multiple demand sources, and a user-acquisition platform that helps advertisers target and scale campaigns.