Why AppLovin Stock Soared Another 30% Last Month
Shares of mobile-app monetization company AppLovin (NASDAQ: APP) soared 29.8% in October, according to data provided by S&P Global Market Intelligence. It's a big move, considering the company didn't report financial results or make any other announcements. Rather, the stock was moving higher thanks to Wall Street.
For context, AppLovin had a market capitalization of just $3 billion in early 2023. That's too small to garner much attention from the analyst community. However, strong financial results had AppLovin stock up 278% in 2023, and it's up more than 300% in 2024, so far. In short, it's a much larger company now, and analysts needed to start covering it on behalf of their clients.
In October, many analysts either started covering AppLovin for the first time or modified their price targets. And in many cases, those price targets were revised upward.
Source Fool.com
