AppLovin's share price plunged over 35% from its February all-time high amid a pending class action lawsuit and short-seller reports, then rallied after a better-than-expected first-quarter report. The stock is up 30.4% month-over-month and 449.7% year-over-year, and since its 2021 IPO the price has risen 733.9%. The company provides software that enhances marketing and monetization for online advertisers and benefits from secular growth trends in digital advertising. Investors and retail buyers have driven significant demand, though analysts have expressed caution and the stock previously experienced a post-pandemic drawdown exceeding 90%.
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 mostly recovered. The share price is 30.4% higher than a month ago, including a 9.4% jump in the past week.
Since the company went public in 2021, its stock price is up 733.9%. 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 with the recent overhang? These days, the company focuses on providing software solutions that enhance the marketing and monetization of online advertisers.
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