15 AI Stocks That Skyrocketed in Q4

9. AppLovin Corporation (NASDAQ:APP)

Number of Hedge Fund Holders: 51

Stock Price Performance in Q4 2024: ~150%

AppLovin Corporation (NASDAQ:APP) builds a software platform that improves advertising and monetization for digital content using AI. Its solutions include marketing software for matching advertiser demand with publisher supply, in-app bidding to optimize ad inventory, app growth analytics, and connected TV advertising. The company offers software and AI solutions that help businesses connect with, monetize, and expand their global audiences.

AppLovin (NASDAQ:APP) had several positive catalysts that led to its huge upward price movement not just in Q4 but the whole of last year. The stock has gained over 730% in the last 12 months due to strong earnings, excitement over its AI-powered advertising engine, and inclusion in the Nasdaq 100.

The company announced its third-quarter results on November 6, with a revenue of $1.2 billion, which was up nearly 40% year-over-year, and it reported EPS of $1.25, compared to $0.30 in the same quarter of 2023. Additionally, when AppLovin (NASDAQ:APP) experienced a pullback in mid-December, Loop Capital called it “perhaps the best opportunity to accumulate the stock during this up cycle.” The firm maintained a Buy rating and raised the stock’s price target to $450 from $385.