Citi analyst Jason Bazinet maintained a Buy rating on AppLovin yesterday and set a price target of $820.00.
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Jason Bazinet has given his Buy rating due to a combination of factors including the growth in AppLovin’s eCommerce client base and the increasing adoption of their Axon product. The company has seen a significant rise in the number of eCommerce clients, with a notable percentage also using Shopify, which indicates a strong integration and acceptance of their platform.
Additionally, the geographic diversity of Axon’s user base is improving, with a decline in the concentration of users from the top markets, suggesting a broader international appeal. This diversification is seen as a positive indicator, especially since AppLovin has achieved this growth without significant advertising spend, relying instead on referrals to drive adoption.
In another report released on December 11, Jefferies also maintained a Buy rating on the stock with a $860.00 price target.
Based on the recent corporate insider activity of 105 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of APP in relation to earlier this year.