"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. AppLovin stock easily outperformed the S&P 500 and the Nasdaq last year."
"Since the company went public in 2021, its share price is 1,096% 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. With AppLovin, there are certainly catalysts worth considering, and we'll get to those shortly."
AppLovin recovered from a more than 35% share-price decline and reached a September high of $745.61, outperforming major indexes. Since the 2021 IPO, the share price is up 1,096%. The company provides software solutions that enhance marketing and monetization for online advertisers and benefits from secular ad-tech growth trends. AppLovin experienced a drawdown of over 90% from its post-pandemic 2021 high. Analysts have raised concerns about fundamentals, while Benchmark and Jefferies maintained Buy ratings recently. AI and other growth catalysts are positioned as potential future drivers of performance.
Read at 24/7 Wall St.
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