Why Shares of Duolingo Soared 28.4% in September
Shares of language app Duolingo (NASDAQ: DUOL) rose 28.4% in September, according to according to data from S&P Global Market Intelligence. The stock opened at $130 a share on Sept. 1 and closed at $166.36 on Sept. 30. The highest the stock rose was to $205 on Sept. 22. That's a great month, considering a lot of stocks took a beating in September, as reflected by drops for the month in the Dow Jones Industrial Average (DJINDICES:DJI), S&P 500 (SNPINDEX:GSPC), and Nasdaq Composite (NASDAQINDEX: IXIC).
The reason Duolingo was able to swim successfully against the market tide last month is it had a successful initial public offering (IPO) on July 28 and followed that up with a promising second-quarter report at the end of August. The biggest news out of the report was that Duolingo is still seeing growth, even compared with the same quarter last year, when COVID-related lockdowns left a lot of people at home with time to learn a new language.
IMAGE SOURCE: GETTY IMAGES.
Source Fool.com
