Freedom Investment Management Inc. Buys New Shares in AppLovin Co. (NASDAQ:APP)

Freedom Investment Management Inc. purchased a new position in shares of AppLovin Co. (NASDAQ:APP) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 1,767 shares of the company’s stock, valued at approximately $231,000.

A number of other hedge funds also recently made changes to their positions in APP. Great Valley Advisor Group Inc. lifted its stake in shares of AppLovin by 2.2% in the 3rd quarter. Great Valley Advisor Group Inc. now owns 2,837 shares of the company’s stock valued at $370,000 after purchasing an additional 60 shares in the last quarter. HM Payson & Co. lifted its position in AppLovin by 50.0% during the third quarter. HM Payson & Co. now owns 300 shares of the company’s stock valued at $39,000 after buying an additional 100 shares in the last quarter. Aptus Capital Advisors LLC grew its stake in AppLovin by 0.3% during the third quarter. Aptus Capital Advisors LLC now owns 33,478 shares of the company’s stock worth $4,371,000 after buying an additional 104 shares during the period. Ashton Thomas Securities LLC increased its position in shares of AppLovin by 2.6% in the third quarter. Ashton Thomas Securities LLC now owns 4,797 shares of the company’s stock worth $626,000 after acquiring an additional 121 shares in the last quarter. Finally, GAMMA Investing LLC raised its stake in shares of AppLovin by 8.2% in the 3rd quarter. GAMMA Investing LLC now owns 1,665 shares of the company’s stock valued at $217,000 after acquiring an additional 126 shares during the period. Institutional investors and hedge funds own 41.85% of the company’s stock.

Insider Activity

In other news, CTO Vasily Shikin sold 154,500 shares of AppLovin stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $84.14, for a total transaction of $12,999,630.00. Following the sale, the chief technology officer now owns 4,530,455 shares of the company’s stock, valued at approximately $381,192,483.70. The trade was a 3.30 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Craig Scott Billings sold 18,000 shares of the business’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $318.94, for a total value of $5,740,920.00. Following the transaction, the director now owns 2,987 shares of the company’s stock, valued at approximately $952,673.78. This represents a 85.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 884,395 shares of company stock valued at $243,101,629. 14.69% of the stock is currently owned by company insiders.

AppLovin Stock Performance

Shares of NASDAQ APP opened at $336.75 on Monday. The company has a quick ratio of 2.41, a current ratio of 2.41 and a debt-to-equity ratio of 3.70. The firm’s 50-day moving average price is $201.91 and its two-hundred day moving average price is $126.00. AppLovin Co. has a 52-week low of $35.79 and a 52-week high of $344.77. The stock has a market capitalization of $113.01 billion, a P/E ratio of 102.05, a P/E/G ratio of 4.15 and a beta of 1.86.

AppLovin (NASDAQ:APP) last announced its quarterly earnings results on Wednesday, November 6th. The company reported $1.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.92 by $0.33. The business had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.13 billion. AppLovin had a return on equity of 122.24% and a net margin of 26.85%. The business’s revenue was up 38.6% on a year-over-year basis. During the same quarter last year, the business posted $0.30 EPS. As a group, sell-side analysts forecast that AppLovin Co. will post 4.06 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on APP. Macquarie raised their target price on AppLovin from $150.00 to $270.00 and gave the company an “outperform” rating in a report on Thursday, November 7th. Stifel Nicolaus lifted their price target on shares of AppLovin from $185.00 to $250.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Benchmark reissued a “sell” rating and issued a $66.00 price objective on shares of AppLovin in a research report on Thursday, November 7th. Piper Sandler began coverage on AppLovin in a research report on Wednesday, November 20th. They set an “overweight” rating and a $400.00 target price on the stock. Finally, The Goldman Sachs Group downgraded AppLovin from a “buy” rating to a “neutral” rating and increased their price target for the company from $103.00 to $150.00 in a report on Monday, October 14th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, AppLovin has an average rating of “Moderate Buy” and a consensus target price of $265.57.

AppLovin Profile

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.