"After AppLovin Corp.'s ( NASDAQ: APP) share price tumbled more than 35% early last year due to a pending class action lawsuit and to short seller reports, the software company's better-than-expected quarterly reports helped the stock recover. Shares hit a new high of $745.61 a piece in September and took another run at that high in late December. Though it has retreated over 22% year to date, AppLovin stock easily outperformed the S&P 500 and the Nasdaq over the past year."
"Since the company went public in 2021, its share price is 799.7% 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 dropped over 35% early last year after a pending class action lawsuit and short-seller reports, then rebounded following better-than-expected quarterly results and reached a $745.61 high in September with another late-December run. Year-to-date shares have retreated more than 22% but still outperformed the S&P 500 and Nasdaq over the past year. Since the 2021 IPO the stock is about 799.7% higher, yet the company experienced a drawdown exceeding 90% from its post-pandemic 2021 high. AppLovin focuses on software for marketing and monetization of online advertisers, benefits from secular growth trends, faces mixed analyst sentiment, and retains Buy ratings from Benchmark and Jefferies despite fundamental concerns.
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