"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. Though it has retreated over 15% year to date, AppLovin stock still easily outperformed the S&P 500 and the Nasdaq over the past year."
"Since the company went public in 2021, its share price is 881.3% 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."
AppLovin's share price fell more than 35% early last year following a pending class action lawsuit and short-seller reports, then recovered after better-than-expected quarterly results. Shares reached $745.61 in September and approached that level again in late December, though the stock is down over 15% year to date while outperforming major indexes over the past year. Since its 2021 IPO, the share price is up 881.3%. The company provides software for marketing and monetization of online advertisers and benefits from secular growth trends, but it has experienced a more than 90% drawdown from its post-pandemic high and faces mixed analyst views.
Read at 24/7 Wall St.
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