"After hitting an all-time high of $525.15 in February, AppLovin Corp.'s ( NASDAQ: APP) share price tumbled more than 35% due to a pending class action lawsuit and to short seller reports. However, the software company's better-than-expected first-quarter report gave the stock a boost, and it has since recovered. The stock hit a new high of $745.61 in September. Compared to a year ago, AppLovin stock is 268.7% higher, far outperforming the S&P 500 and the Nasdaq in that time."
"Since the company went public in 2021, its share price is up 971.1%. This has clearly been a top growth stock that investors have benefited from owning in recent years. AppLovin has been among the top tech stocks seeing a lot of love from the market, but is that still true? These days, the company focuses on providing software solutions that enhance the marketing and monetization of online advertisers."
AppLovin's share price hit an all-time high of $525.15 in February and later tumbled more than 35% due to a pending class action lawsuit and short-seller reports. A better-than-expected first-quarter report boosted the stock and it recovered to a new high of $745.61 in September. Year-over-year performance shows a 268.7% gain, and the share price is up 971.1% since the 2021 IPO. The company focuses on software that enhances marketing and monetization for online advertisers and benefits from secular growth trends. Retail investors have shown strong buying interest despite past analyst caution and a prior 90% drawdown.
Read at 24/7 Wall St.
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