"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 since recovered. The stock recently hit a new high of $745.61. Compared to a year ago, AppLovin stock is 270.0% 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 916.6%. 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 shares fell over 35% from a February high after a pending class action lawsuit and short-seller reports, then recovered following a better-than-expected first-quarter report and recently reached $745.61. The stock is 270% higher versus one year ago and 916.6% higher since the 2021 IPO. The company provides software that improves marketing and monetization for online advertisers and benefits from secular growth trends in digital advertising. The stock previously suffered a drawdown exceeding 90% from its post-pandemic 2021 high. Some analysts remain cautious, maintaining Neutral or Hold ratings amid concerns about fundamentals.
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