On August 3, AppLovin Corporation rose 3.76% in regular trading, trading at approximately $410.98/share, with turnover of $50.46 million. The stock gained momentum ahead of the company's Q2 earnings release scheduled for August 5 after market close.

The move was driven by bullish sentiment from Wedbush Securities, which issued a research note forecasting AppLovin's Q2 revenue at approximately $1.97 billion and adjusted EBITDA at approximately $1.66 billion, both expected to exceed the company's own guidance range. Wedbush further projected 4% to 6% sequential revenue growth for Q3. The consensus EPS estimate for Q2 stands at $3.72, representing approximately 64.6% year-over-year growth. Wall Street's average price target for AppLovin is approximately $666, implying significant upside from current levels, while Raymond James initiated coverage with a Strong Buy rating and a $640 target price.

Wedbush noted that concerns over the pace of new advertiser signups on AppLovin's self-serve platform are overstated, with existing advertisers increasing spending expected to remain the primary revenue growth driver near term.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)