"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 recovered. The stock recently hit a new high of $670.19 but has retreated marginally in the past week. Compared to a year ago, AppLovin stock is 389.6% 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 1,003.1%. 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 with the recent overhang? These days, the company focuses on providing software solutions that enhance the marketing and monetization of online advertisers."
AppLovin's share price rose sharply since its 2021 IPO, delivering massive gains for investors while also enduring a prior drawdown of over 90% from a 2021 peak. The stock fell more than 35% after a pending class action lawsuit and short-seller reports but rebounded following a better-than-expected first-quarter report and reached new highs. The company provides software to improve marketing and monetization for online advertisers and benefits from strong secular growth trends in ad tech. Retail investor interest remains high, and catalysts and price predictions will influence whether momentum continues through 2025 and beyond.
Read at 24/7 Wall St.
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