AppLovin Corporation (NASDAQ: APP) Gains 3.33% In Early Trade; What Lies Ahead?

AppLovin Corporation (NASDAQ:APP) price closed higher on Friday, October 01, jumping 3.33% above its previous close.

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A look at the daily price movement shows that the last close reads $72.37, with intraday deals fluctuated between $70.05 and $75.02. Taking into account the 52-week price action we note that the stock hit a 52-week high of $90.03 and 52-week low of $49.41. The stock added 0.65% on its value in the past month.

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AppLovin Corporation, which has a market valuation of $26.95 billion, is expected to release its quarterly earnings report May 12, 2021. Analysts tracking APP have forecast the quarterly EPS to grow by 0.1 per share this quarter, while the same analysts predict the annual EPS to hit $0.31 for the year 2021 and up to $0.74 for 2022.

On average, analysts have forecast the company’s revenue for the quarter will hit $696.56 million, with the likely lows of $684 million and highs of $727.52 million. Staying with the analyst view, there is a consensus estimate of $2.72 billion for the company’s annual revenue in 2021.

Revisions to the company’s EPS highlights a short term direction of a stock’s price movement, which in the last 7 days came up with no upward and no downward reviews.

Here is a look at the average analyst rating for the stock as represented on a scale of 1.00 to 5.00, with the extremes of 1.00 and 5.00 suggesting the stock is strong buy or strong sell respectively. Specifically, 10 analysts have assigned APP a recommendation rating as follows: 1 rate it as a Hold; 9 advise Buy while 0 analyst(s) assign an Overweight rating. 0 analyst(s) have tagged the AppLovin Corporation (APP) stock as Underweight, with 0 recommending Sell. In general, analysts have rated the stock Buy, a scenario likely to bolster investors out for an opportunity to add to their holdings of the company’s shares.

The overview shows that APP’s price is at present 0.63% off the SMA20 and 8.85% from the SMA50. The Relative Strength Index (RSI) metric on the 14-day timeframe is pointing at 52.75, with weekly volatility standing at 5.13%. The indicator jumps to 6.00% when calculated based on the past 30 days. AppLovin Corporation (NASDAQ:APP)’s beta value is holding at 0, while the average true range (ATR) indicator is currently reading 4.40. Considering analysts have assigned the stock a price target range of $75.00-$95.00 as the low and high respectively, we find the trailing 12-month average consensus price target to be $85.11. Based on this estimate, we see that current price is roughly -0.29% off the estimated low and -27.04% off the forecast high. Investors will no doubt be excited to see the share price fall to $81.00, which is the median consensus price, and at that level APP would be -8.32% from current price.

An analysis of the AppLovin Corporation (NASDAQ:APP) stock in terms of its daily trading volume indicates that the 3-month average is 1.07 million. However, this figure increases on the past 10-day timeline to an average of 1.03 million.

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Current records show that the company has 335.62M in outstanding shares. The insiders’ percentage holdings are 51.20% of outstanding shares while the percentage share held by institutions stands at 59.60%. The stats also highlight that short interest as of Jun 14, 2021, stood at 4.33 million shares, which puts the short ratio at the time at 5.17. From this we can glean that short interest is 1.19% of company’s current outstanding shares. Notably, we see that shares short in June fall slightly given the previous month’s figure stood at 4.52 million. But the 14.69% upside, the stock’s price has registered year-to-date as of last trading, will likely reignite investor interest given the prospect of it rallying even higher.