"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 quarterly reports this year have given the stock a boost. The stock hit a new high of $745.61 in September. Even after retreating recently, AppLovin stock is still 60.1% higher than a year ago, outperforming the S&P 500 and the Nasdaq in that time."
"Since the company went public in 2021, its share price is 797.8% higher. 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 reached $525.15 in February before falling more than 35% amid a pending class-action lawsuit and short-seller reports. Better-than-expected quarterly results lifted the stock to a new high of $745.61 in September, leaving shares 60.1% higher year-over-year and outperforming the S&P 500 and Nasdaq. Since the 2021 IPO, the stock is up 797.8%. The company provides software that enhances marketing and monetization for online advertisers and benefits from secular growth trends in digital advertising. The stock previously suffered a more than 90% drawdown from its 2021 post-pandemic peak, raising questions about sustainability and future catalysts.
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