On August 5, AppLovin Corporation rose 3.02% in pre-market trading, trading at $432.31 per share, with turnover of $2.144 million. The stock gained momentum as multiple Wall Street firms raised their price targets ahead of the company's second-quarter earnings report scheduled for release after market close the same day.

On the news front, UBS raised its target price on AppLovin from $750 to $798 while maintaining a Buy rating. Wedbush expects the company to report Q2 revenue of approximately $1.97 billion and adjusted EBITDA of approximately $1.66 billion, both exceeding the company's guidance range, and forecasts 4%-6% sequential revenue growth for Q3. The Street consensus expects EPS of $3.72, representing approximately 64.6% year-over-year growth. The current Wall Street average target price stands at approximately $668, implying significant upside from current levels, reflecting broadly bullish institutional sentiment.

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