"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 $745.61. Compared to a year ago, AppLovin stock is 318.6% 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 934.9%. 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 experienced large swings: an all-time high of $525.15 in February, a drop of more than 35% amid a class action lawsuit and short-seller reports, then a rebound after a stronger-than-expected first quarter to a new peak of $745.61. The stock is 318.6% higher year-over-year and 934.9% above its 2021 IPO price, despite a prior drawdown exceeding 90% from its 2021 post-pandemic high. The company focuses on software that improves marketing and monetization for online advertisers and benefits from secular growth trends, while analysts maintain mixed ratings.
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