AppLovin Corp. (NASDAQ:APP) shares are trending on Tuesday night.

Shares of the California-based mobile technology company rose 3.34% to $433.71 after the bell on Tuesday.

In the regular session, APP climbed 3.33% to $419.70, according to Benzinga Pro data.

Elevated Volume Points To Pre-Earnings Positioning

On Tuesday, the stock experienced an elevated trading session. Volume reached 7.15 million shares, about 1.21 times the stock’s average daily volume of 5.91 million shares, while short interest sits at 4.3%.

AppLovin, in its last reported quarter in May, posted revenue of $1.84 billion and earnings per share of $3.56, surpassing analyst estimates by 3.81% and 3.49%, respectively.

UBS Raises Price Target

On Monday, UBS analyst John Hodulik raised his price target on AppLovin to $798 from $750, while maintaining a Buy rating.

In a Securities and Exchange Commission filing on Monday, AppLovin’s Chief Legal Officer Corina Cacovean disclosed 6,327 shares in restricted stock units.

Trading Metrics, Technical Analysis

AppLovin has a market capitalization of approximately $140.99 billion. Its stock has traded between a 52-week high of $745.61 and a 52-week low of $359.

APP’s Relative Strength Index (RSI) stands at 43.78.

Over the past 12 months, the stock has gained 48.01% and it is up 114.85% year to date.

The large-cap tech stock is currently trading at about 16% of its 52-week range, remaining much closer to its 52-week low than its high.

APP’s strong long-term trend and market positioning suggest potential for further upside.

Benzinga’s Edge Stock Rankings indicate APP has a Growth score of 99.74.

Benzinga’s Take: The movement in the stock comes ahead of AppLovin’s scheduled release of results after the market closes on Wednesday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Photo: Piotr Swat / Shutterstock