AppLovin shares added to their rally on the year after one Wall Street analyst upgraded the stock on the app-monetization company's AI advancements.
AppLovin Corp. shares rallied again Wednesday after a Wall Street analyst upgraded the stock and said the app-monetization company’s advancements in artificial intelligence puts it ahead of the competition.
AppLovin APP shares rallied more than 9% to an intraday high of $25.01, and have more than doubled in 2023 — rising more than 133% year to date — after a rough 2022. In the six sessions since the company’s earnings report last week, AppLovin shares have increased nearly 42%, its second-best six-session run, behind a 44.5% jump in May of last year, according to Dow Jones Market Data.
The analyst said AppLovin’s 48% rise year-over-year in revenue per install, while similar metrics at peers implied a decline, was indicative of “a machine learning edge in locating high lifetime value users for app advertisers,” and “market share gains among higher paying advertisers,” said he expects year-over-year pricing momentum to carry on throughout the fiscal year.
The BofA analyst, who upgraded AppLovin to a buy from neutral and hiked his price target to $27, said the staged rollout of AppLovin’s Axon 2.0 engine will accelerate revenue growth in 2023, and offer “clean beat-raise sequences as” the year unfolds.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Stock futures are slightly higher as Wall Street focuses on debt ceiling negotiations: Live updatesInvestors will watch for any updates out of debt limit talks.
Read more »
Wall Street braces for stock market chaos as debt-ceiling crisis drags onWall Street is bracing for stock market chaos as the debt-ceiling face-off drags on
Read more »
Wall Street closes lower after Home Depot outlook, US retail sales By Reuters⚠️BREAKING: *DOW ENDS DOWN OVER 300 POINTS AS U.S. STOCKS TUMBLE ON GLOOMY HOME DEPOT OUTLOOK, DEBT CEILING CONCERNS $DIA $SPY $QQQ $IWM $VIX
Read more »
Wall Street closes lower after Home Depot outlook, US retail salesU.S. stock indexes closed lower on Tuesday after a disappointing forecast from Home Depot and U.S. retail sales data for April pointed to softer consumer spending, while uncertainty about interest rates and debt limit negotiations weighed on sentiment.
Read more »
Wall Street critic Gov. Shapiro picks new trustees for Pa. pension boardsThe governor appoints six of the 11 SERS trustees, and three of 15 on the PSERS board. The plans invest over $100 billion to pay retirees and require more than $8 billion a year in public funding.
Read more »
AMC CEO eyes Hycroft gold mining boost: 'He who laughs last, laughs best'AMC stunned Wall Street last year when it made a $27.9 million investment in Hycroft Mining.
Read more »