Mary Margaret Hastings Georgiadis, a director at AppLovin Corp (NASDAQ:APP), recently sold a significant portion of her holdings in the company. According to a recent SEC filing, Georgiadis sold 30,500 shares of AppLovin's Class A Common Stock on November 29, 2024. The timing is notable as APP shares have surged over 750% year-to-date, reaching near their 52-week high of $347.60. InvestingPro analysis indicates the stock is currently trading above its Fair Value. The shares were sold at prices ranging from $339.68 to $340.45, amounting to a total transaction value of approximately $10.36 million.
Following these transactions, Georgiadis holds 154,500 shares indirectly through Blue Sage Partners, LLC, where both she and her spouse have shared voting and dispositive power. Additionally, she directly owns 35,465 shares, some of which are represented by restricted stock units (RSUs).
In other recent news, AppLovin Corp has seen a series of significant developments. The company's Q3 results showed a 39% YoY increase in revenue, hitting $1.2 billion. Piper Sandler, Loop Capital, and Oppenheimer maintained positive ratings on AppLovin, with respective price targets of $400, $385, and $480.
AppLovin also plans to offer senior notes to repay existing senior secured term loan facilities due in 2028 and 2030. The transaction is being managed by J.P. Morgan Securities LLC, BofA Securities, Inc., and Morgan Stanley (NYSE:MS) & Co. LLC. Following this, the company intends to transition to an all unsecured debt capital structure, after achieving investment grade ratings from S&P Global Ratings and Fitch Ratings.
Analysts from Citi, Loop Capital, and Daiwa Securities have maintained Buy ratings and increased their price targets for AppLovin. The company's Q4 2024 revenue is projected to be between $1.24 billion and $1.26 billion, with adjusted EBITDA expectations of $740 million to $760 million. These are the recent developments at AppLovin.
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