10 AI Stocks Making Moves This Week

4. AppLovin Corporation (NASDAQ:APP)

Number of Hedge Fund Holders: 95

AppLovin Corporation (NASDAQ:APP) provides a leading marketing platform powered by AI technology. On May 8, Goldman Sachs analyst Eric Sheridan reiterated a “Neutral” rating on the stock following the first-quarter earnings report and raised the price target from $335 to $435. The company reported quarterly sales of $1.48 billion, surpassing the consensus estimate of $1.38 billion. Meanwhile, adjusted earnings per share of $1.67 beat the consensus estimate of $1.45.

Analyst Sheridan’s rating update follows the company’s first-quarter revenue beat driven by continued success with its AI-powered Axon 2.0 platform and its push into the e-commerce opportunity. The firm strongly believes in the company’s ability to outperform the average growth of the advertising and marketing industry. It also expects that AppLovin’s diverse business portfolio will continue to bring strong margins in the normalized mobile ads and mobile gaming market. Sheridan has projected second-quarter revenue of $1.51 billion and an EPS of $2.12.