Applovin Corp. (NASDAQ:APP) will join the Nasdaq-100 Index and the Nasdaq-100 Equal Weighted Index next Monday prior to the market open.
The Nasdaq-100 inclusion caps a significant year for the company which has seen its stock price rise more than 600%.
What To Know: Applovin shares gained more than 75% last week after the company reported blockbuster third-quarter earnings on Wednesday. Applovin beat analysts' estimates on the top and bottom lines and increased its share buyback program by $2 billion.
The company reported 39% total revenue growth year-over-year with Software platform revenue growth of 66% driven by Applovin's Axon 2.0 AI-based advertising engine powering its AppDiscovery platform.
On the company's earnings call, Applovin management attributed the company's growth to its AI- powered technology driving increased demand from advertisers who report positive impacts on campaign performance.
"We've got the largest mediation solution in the sector and our teams built maybe the most innovative advertising technology that the world's yet seen," cofounder, chairman, and CEO Adam Foroughi.
Loop Capital analyst Rob Sanderson sees Applovin shares continuing to climb after the stock is added to the Nasdaq-100 Index next Monday. Yesterday Sanderson maintained Applovin as a Buy and raised his price target on the stock from $181 to $385.
Price Action: According to Benzinga Pro, Applovin shares are down 1.28% at $282.75 at the time of publication Tuesday.
Read More:
- Trump's Potential 'Health Czar' Robert F. Kennedy Jr. Rattles Vaccine Stocks: 'Shoot First Reaction'
Image: Shutterstock
