AppLovin Target of Unusually High Options Trading (NASDAQ:APP)

AppLovin Co. (NASDAQ:APP) was the target of some unusual options trading on Wednesday. Traders acquired 23,237 call options on the stock. This is an increase of 87% compared to the average daily volume of 12,419 call options.

Analyst Ratings Changes

A number of research analysts have weighed in on APP shares. Bank of America increased their price target on AppLovin from $100.00 to $120.00 and gave the stock a “buy” rating in a research note on Wednesday. Jefferies Financial Group increased their price target on AppLovin from $105.00 to $108.00 and gave the stock a “buy” rating in a research note on Tuesday. Benchmark increased their price target on AppLovin from $48.00 to $66.00 and gave the stock a “sell” rating in a research note on Friday, August 23rd. Oppenheimer reissued an “outperform” rating and set a $105.00 price target (up previously from $97.00) on shares of AppLovin in a research note on Thursday, August 8th. Finally, Wedbush reduced their price target on AppLovin from $100.00 to $90.00 and set an “outperform” rating on the stock in a research note on Thursday, August 8th. One research analyst has rated the stock with a sell rating, four have given a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $87.94.

AppLovin Price Performance

Shares of NASDAQ:APP opened at $105.61 on Friday. AppLovin has a 12 month low of $34.45 and a 12 month high of $106.45. The stock has a market cap of $34.75 billion, a price-to-earnings ratio of 62.86, a PEG ratio of 1.22 and a beta of 1.88. The stock’s 50 day moving average price is $83.57 and its 200 day moving average price is $77.74. The company has a debt-to-equity ratio of 4.27, a current ratio of 2.28 and a quick ratio of 2.28.

AppLovin (NASDAQ:APP) last announced 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. AppLovin had a return on equity of 84.16% and a net margin of 20.89%. The firm had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $1.08 billion. During the same quarter in the previous year, the company earned $0.22 earnings per share. The firm’s quarterly revenue was up 44.0% compared to the same quarter last year. Equities research analysts anticipate that AppLovin will post 3.48 earnings per share for the current fiscal year.

Insider Activity

In other AppLovin news, Director Dawson Alyssa Harvey sold 1,500 shares of the company’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $87.90, for a total transaction of $131,850.00. Following the completion of the sale, the director now directly owns 10,247 shares of the company’s stock, valued at approximately $900,711.30. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CTO Vasily Shikin sold 5,500 shares of the company’s stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $86.04, for a total value of $473,220.00. Following the sale, the chief technology officer now owns 4,536,447 shares in the company, valued at approximately $390,315,899.88. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Dawson Alyssa Harvey sold 1,500 shares of the stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $87.90, for a total value of $131,850.00. Following the sale, the director now owns 10,247 shares in the company, valued at approximately $900,711.30. The disclosure for this sale can be found here. In the last three months, insiders sold 775,934 shares of company stock valued at $65,805,022. Insiders own 14.69% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in APP. FinTrust Capital Advisors LLC acquired a new position in AppLovin in the fourth quarter worth approximately $32,000. Quest Partners LLC acquired a new position in AppLovin in the second quarter worth approximately $33,000. Oliver Lagore Vanvalin Investment Group acquired a new position in AppLovin in the second quarter worth approximately $34,000. Covestor Ltd grew its position in AppLovin by 85.8% in 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. Finally, Thurston Springer Miller Herd & Titak Inc. purchased a new position in AppLovin during the 2nd quarter worth approximately $37,000. Institutional investors and hedge funds 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.