Wells Fargo’s Overweight Rating on AppLovin: A Mixed Market Outlook
Analysts Predict Significant Price Drop Ahead
On October 28, 2024, Wells Fargo began covering AppLovin (MUN:6RV) with an Overweight recommendation. Nonetheless, as of December 21, 2023, the average one-year price target for AppLovin stands at 58,07 €/share. This figure presents a concerning outlook, with estimates reaching as low as 21,21 € and peaking at 96,60 €. The average target suggests a substantial potential decline of 62.40% from the latest closing price of 154,46 €/share.
Discover our top-ranked companies with the highest price target upside.
Forecasts indicate AppLovin is expected to generate annual revenue of 3,854MM, which is a 2.57% decrease compared to previous projections. The anticipated non-GAAP EPS is set at 1.65.
Assessing Fund Sentiment
Currently, 1,173 funds or institutions report holding positions in AppLovin, marking a significant increase of 173 owners, or 17.30%, over the last quarter. The average portfolio weight allocated to 6RV among these funds is 0.56%, which has risen by 4.45%. Furthermore, total shares owned by institutions grew by 8.89% in the last three months, reaching 191,904K shares.
Trends Among Shareholders
GQG Partners now holds 13,289K shares, accounting for 4.47% of the company, but this is a significant decrease from their previous ownership of 22,646K shares, reflecting a 70.41% drop. The firm has also cut its portfolio allocation in 6RV by 35.28% in recent months.
Wcm Investment Management has increased its stake, now owning 9,791K shares (3.30% ownership). This marks a notable increase of 26.60% from their previous filing, with their allocation in 6RV rising by 62.69% in the last quarter.
VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 6,053K shares, or 2.04% ownership, an increase of 30.17% from the last report. This fund has boosted its allocation in 6RV by 67.41% over the last three months.
Lone Pine Capital has increased its holdings to 5,702K shares, representing 1.92% ownership, up by 6.71% from the previous report. Their allocation in 6RV has also grown by 32.45% recently.
NAESX – Vanguard Small-Cap Index Fund Investor Shares retains 4,821K shares, representing 1.62% ownership—a rise of 28.88% from earlier filings. Their investment in 6RV increased by 77.33% over the last quarter.
Fintel offers an extensive range of investing research tools for individual investors, traders, financial advisors, and small hedge funds.
Our platform provides global coverage of fundamental data, analyst reports, ownership insights, fund sentiment, and much more, along with exclusive stock picks driven by advanced quantitative models to enhance profitability.
Click to Learn More
This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
