APP - Why AppLovin Stock Was Crushing It This Week
2024-02-16 07:30:46 ET
It's no secret that the surest way for a publicly traded company to be showered with a bunch of analyst price target raises is to post impressive quarterly results. That goes a long way to explaining the huge price gains of AppLovin (NASDAQ: APP) stock over the past few trading days. According to data compiled by S&P Global Market Intelligence , as of late Thursday evening the company's share price had ballooned by more than 26% week to date.
That share price pop is almost exclusively due to said results, which AppLovin published late on Wednesday.
In its fourth quarter , the company unambiguously crushed it on both revenue and profitability estimates from the analysts tracking its fortunes. On top of that, it demonstrated very solid growth on the top line, and made a dramatic swing into positive territory on the bottom. Investors also found AppLovin's guidance inspiring.
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Why AppLovin Stock Was Crushing It This Week