10 Firms End Friday Strong; 3 Reach All-Time Highs

5. AppLovin Corp. (NASDAQ:APP)

AppLovin Corp. grew its share prices by 4.08 percent on Friday to end at $272.38 each as investors reacted positively to a maintained rating and price target for the company despite being embroiled in a series of allegations.

On Friday, analysts at Benchmark maintained its Buy rating on APP with a price target of $525, a 92.7-percent upside from its latest closing price.

The analysts emphasized the company’s transparency and potential for growth, with APP CEO Adam Foroughi’s message to investors that it would address concerns raised by short sellers in the company.

In his remarks, Foroughi encouraged investors to focus on the fundamentals of its business rather than the noise created by short sellers.

APP said it retained Alex Spiro, partner and Co-Chair of the Investigations, Government Enforcement & White Collar Defense Practice at Quinn Emanuel Urquhart & Sullivan, to conduct an independent review and investigation into a recent short report activity targeting the company.

“We are fully committed to defending the Company, its operations, and its reputation from those seeking to manipulate the market through false narratives,” Foroughi said. “We will take all necessary steps to ensure the facts are known and to protect our employees, stockholders, and partners.”