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Why AppLovin Stock Was Moving Higher Today
Shares of AppLovin (NASDAQ: APP) were moving higher today as the fast-growing adtech company continued to bounce back after last week's sell-off ahead of its fourth-quarter earnings report tomorrow.
Yesterday, the stock jumped after a short-seller, CapitalWatch, retracted its accusation last month that the company was laundering money, and today it got a bullish note from Wall Street.
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As of 11:01 a.m. ET, the stock was up 2.7% on the news.
The biggest piece of news out on AppLovin was that UBS lowered its price target on the stock from $840 to $686, reflecting the stock's recent pullback, but maintained a buy rating on the stock.
AppLovin's stock pops 14% after short seller CapitalWatch apologizes, retracts report on shareholder
Short seller CapitalWatch has issued an apology and revised its report accusing a major AppLovin shareholder of financial crimes.
The report, published last month, alleged relationships between Hao Tang and criminal syndicates, which the short seller now says is inaccurate.
"Descriptions asserting direct connections between Mr. Tang and Chen Zhi, Prince Group, Jin Bei Group, Tang Jun, and Yang Zhihui were inaccurate and failed to meet our publication standards," CapitalWatch wrote in its apology on X posted Sunday.
"In light of these factual discrepancies—and to prevent the spread of misinformation and protect the legal rights of the parties involved—we have decided to remove and retract the passages relevant to Mr. Tang personally," the short seller added.
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AppLovin: Why I’m Buying The Dip Despite CloudX Narrative (NASDAQ:APP)
AppLovin is the best-of-breed digital advertising company, boasting high top-line growth and pristine EBITDA/FCF margins, benefiting from AI and machine-learning tailwinds that improve understanding of user behavior for prediction and advertising targeting.
Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, but may initiate a beneficial Long position through a purchase of the stock, or the purchase of call options or similar derivatives in APP over the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
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