AppLovin stock is holding strong ahead of its fourth-quarter earnings report as analysts remain bullish on the mobile app marketing platform.
The Palo Alto, Calif.-based company plans to release its fourth-quarter results on Feb. 12.
Analysts polled by FactSet expect AppLovin earnings to surge 155% year over year to $1.25 a share, continuing its streak of triple-digit percentage gains. Revenue is seen rising 32% to $1.26 billion in the fourth quarter.
For the current quarter, Wall Street is modeling AppLovin earnings of $1.29 a share, up 93%, on sales of $1.31 billion, up 24%.
AppLovin stock recently found support at its 50-day moving average line and bounded higher, according to IBD MarketSurge charts.
In midday trades on the stock market today, AppLovin stock dipped a fraction to 360.73.
On Wednesday, UBS analyst Chris Kuntarich reiterated his buy rating on AppLovin stock and raised his price target to 440 from 315.
In a note to clients, Kuntarich says he has increased confidence in the company's emerging e-commerce opportunity. Meanwhile, channel checks for its core advertising business remain positive, he said.
AppLovin's software platform enables app developers to market, monetize and analyze their apps. The company also makes mobile games such as "Wordscapes," "Matchington Mansion" and "Game of War."
AppLovin Stock Is On Two IBD Lists
On Tuesday, Oppenheimer analyst Martin Yang maintained his outperform rating on AppLovin stock with a price target of 480.
Two users of AppLovin's e-commerce service told Yang that the service is delivering strong results but is missing some features they'd like to see.
"The experts represented five brands spending on AppLovin and experienced performance improvements every week. Four of the five brands have experienced performance that is meeting or exceeding Meta despite varying levels of scale," Yang said in a client note.
He added, "We believe AppLovin is uniquely positioned to capitalize on the constantly evolving needs of mobile publishers/developers to market and monetize their apps."
AppLovin stock is on two IBD stock lists: SwingTrader and Tech Leaders.
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