Cory Carpenter recently maintained a Hold rating on AppLovin, citing high valuation compared to peers despite the company's strong third-quarter results and ambitions to diversify.
Analyst Cory Carpenter emphasized that while AppLovin's growth in mobile gaming is commendable, its ambitious plans in e-commerce and other sectors are still at early stages, leading to a cautious outlook.
The increased selling of shares by corporate insiders raises concerns about AppLovin's stock performance. This negative sentiment among insiders further supports the decision to maintain a Hold rating.
Despite positive forward-looking guidance from AppLovin, their current EBITDA multiple is significantly above the industry average, suggesting that investors should be wary of its relative value.
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