"Highflying AppLovin ( APP) stock plunged on Monday following a report that the Securities and Exchange Commission is investigating the mobile advertising tech company's data collection practices. The SEC is looking into allegations that AppLovin violated service agreements with platform partners to send more targeted advertising to consumers, Bloomberg reported, citing people familiar with the matter. The SEC has not accused AppLovin of committing any violations, the report said."
"AppLovin, which helps mobile app developers find users and sell advertising in their apps, has seen its shares surge this year on booming sales and earnings. AppLovin stock hit a record high of 745.61 on Sept. 29. However, on the stock market today, AppLovin tumbled 14% to close at 587. Earlier in the day, Wedbush Securities analyst Alicia Reese reiterated her outperform rating on AppLovin stock and raised her price target to 745 from 725."
The Securities and Exchange Commission is investigating allegations that AppLovin violated service agreements with platform partners by sending more targeted advertising to consumers. The SEC has not accused AppLovin of committing any violations. AppLovin helps mobile app developers find users and sell advertising, and its shares surged this year on booming sales and earnings, reaching a record 745.61 on Sept. 29. The stock fell 14% to close at 587 after the report. Wedbush analyst Alicia Reese reiterated an outperform rating and raised her price target to 745, expressing confidence in continued growth as AppLovin rolls out new services. AppLovin appears on four IBD lists.
Read at Investor's Business Daily
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