In the last trading session, 4.78 million AppLovin Corporation (NASDAQ:APP) shares changed hands as the company’s beta touched 1.82. With the company’s per share price at $44.01 changed hands at $1.19 or 2.78% during last session, the market valuation stood at $15.23B. APP’s last price was a premium, traded about 0.57% off its 52-week high of $43.76. The share price had its 52-week low at $9.14, which suggests the last value was 79.23% up since then. When we look at AppLovin Corporation’s average trading volume, we note the 10-day average is 2.98 million shares, with the 3-month average coming to 2.64 million.
Analysts gave the AppLovin Corporation (APP) stock a consensus recommendation rating of an Overweight, calculated at a mean rating of 2.00. If we narrow down to specifics, the data shows that 1 out of 21 analysts rate the stock as a Sell, with a further 0 assigning it an Overweight rating. Of the remaining, 6 recommended APP as a Hold, 14 felt it is a Buy and 0 rated the stock as Underweight. AppLovin Corporation’s EPS for the current quarter is expected to be $0.26.
AppLovin Corporation (NASDAQ:APP) trade information
Instantly APP was in green as seen at the end of in last trading. With action 3.80%, the performance over the past five days has been green. The jump to weekly highs of 44.89 on Monday, 09/18/23 added 2.78% to the stock’s daily price. The company’s shares are showing year-to-date upside of 317.95%, with the 5-day performance at 3.80% in the green. However, in the 30-day time frame, AppLovin Corporation (NASDAQ:APP) is 16.37% up. Looking at the short shares, we see there were 18.49 million shares sold at short interest cover period of 5.5 days.
The consensus price target for the stock as assigned by Wall Street analysts is $43.84, meaning bulls need a downside of -0.39% from its current market value. According to analyst projections, APP’s forecast low is $22.00 with $57.00 as the target high. To hit the forecast high, the stock’s price needs a -29.52% plunge from its current level, while the stock would need to tank 50.01% for it to hit the projected low.
AppLovin Corporation (APP) estimates and forecasts
Data shows that the AppLovin Corporation share is performing relatively much better than most of its peers within the same industry. As can be gleaned from the statistics, the company’s share value shot 225.52% over the past 6 months, a 333.33% in annual growth rate that is considerably higher than the industry average of 17.90%. Moreover, analysts have looked to higher expectations by upgrading its fiscal year 2023 revenue estimates. The rating firms predict current quarter revenue for AppLovin Corporation will rise 333.30%, while the growth in revenue is estimated to hit 233.30% for the next quarter. Year-over-year growth is forecast to reach 9.50% up from the last financial year.
Consensus estimates given by 18 financial analysts project the company’s revenue in the current quarter to hit an average of $793.79 million. 18 analysts are of the opinion that AppLovin Corporation’s revenue for the quarter ending Dec 2023 will be $827.6 million. The company’s revenue for the corresponding quarters a year ago was $713.1 million and $702.31 million respectively. According to analysts, the company will likely register a growth in its current quarter sales, forecast at 11.30%. The estimates for the next quarter sales put growth at 17.80%.
The 2023 estimates are for AppLovin Corporation earnings to decrease by -657.70%.
AppLovin Corporation is expected to release its next quarterly earnings report between November 07 and November 13.
AppLovin Corporation (NASDAQ:APP)’s Major holders
If we look at who the major shareholders are, we find that insiders hold 38.09% of AppLovin Corporation shares while 56.78% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 91.72%. There are 56.78% institutions holding the AppLovin Corporation stock share, with Kohlberg Kravis Roberts & Co. L.P. the top institutional holder. As of Jun 29, 2023, the company held 10.72% of the shares, roughly 29.64 million APP shares worth $762.76 million.
Vanguard Group Inc holds the second largest percentage of outstanding shares, with 6.03% or 16.69 million shares worth $429.38 million as of Jun 29, 2023.
Among Mutual Funds, the top two as of Jun 29, 2023 were Vanguard Total Stock Market Index Fund and Vanguard Small-Cap Index Fund. With 5.53 million shares estimated at $142.2 million under it, the former controlled 2.00% of total outstanding shares. On the other hand, Vanguard Small-Cap Index Fund held about 1.64% of the shares, roughly 4.54 million shares worth around $116.9 million.