"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 95.9% higher than a year ago, far outperforming the S&P 500 and the Nasdaq in that time."
"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. With AppLovin, there are certainly catalysts worth considering, and we'll get to those shortly."
AppLovin's share price rose from an all-time high of $525.15 in February, then tumbled over 35% after a pending class action lawsuit and short-seller reports, later rallying after better-than-expected quarterly results to a $745.61 high in September. The stock is about 95.9% higher than a year ago and has gained 858.7% since the 2021 IPO despite a prior post-pandemic drawdown exceeding 90%. The company provides software for marketing and monetization for online advertisers and benefits from secular growth trends. Analysts have shown caution, with Goldman Sachs and J.P. Morgan maintaining Neutral ratings.
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