One of today’s biggest movers, AppLovin (NASDAQ:APP) is seeing incredible traction on the heels of a positive earnings announcement. At the time of this writing, APP stock is surging around 30%, with the company notably gaining back $1 billion of market capitalization overnight.
These impressive gains are tied to the company’s strong forecast during yesterday’s letter to shareholders. AppLovin executives noted a “relatively stable” ad market, projecting growth of approximately 10% for 2023. This was much higher than analyst expectations and appears to have surprised investors, given the company’s rather muted revenue growth of only 1% last year.
Of course, weakness in the broader mobile advertising market has hit AppLovin and its peers hard. And while the company continues to search for a buyer for its apps business, there appears to remain little appetite for the company’s equity by investors. APP stock is down more than 80% from its 2021 peak, providing an indication of just how bearish many investors have become on this space.
With that said, it’s also clear that investors who have jumped into APP stock recently have come out ahead. Let’s dive into who’s betting big on this beaten-down name right now.
5 Largest Investors in APP Stock
According to Yahoo! Finance, these are the top five institutional investors in AppLovin currently:
- Kohlberg Kravis Roberts & Co. owns 60.73 million shares, or 20.73%.
- Vanguard Group owns 15.38 million shares, or 5.25%.
- Blackrock (NYSE:BLK) owns 12.03 million shares, or 4.11%.
- Tiger Global Management owns 4.97 million shares, or 1.7%.
- Spruce House Investment Management owns 3.74 million shares, or 1.28%.
On the date of publication, Chris MacDonald did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.