We recently published a list of 10 Firms End Friday Strong; 3 Reach All-Time Highs. In this article, we are going to take a look at where AppLovin Corp. (NASDAQ:APP) stands against other firms that end Friday strong.
Wall Street’s main indices finished the trading week in the negative territory as investor sentiment was weighed down by economic uncertainties brought about by the ongoing trade tensions globally.
The tech-heavy Nasdaq fell the heaviest, by 2.70 percent, followed by the S&P 500, by 1.97 percent, and the Dow Jones, by 1.69 percent.
Despite the broader market downturn, 10 individual stocks showed a strong performance during the trading session, with three companies particularly notable for hitting new all-time highs.
In this article, we listed Friday’s top performers and detailed the reasons behind their gains.
To come up with the list, we considered only the stocks with a $2-billion market capitalization and $5 million in trading volume.
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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.”
Overall, APP ranks 5th on our list of firms that end Friday strong. While we acknowledge the potential of APP as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is as promising as APP but trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.
Disclosure: None. This article is originally published at Insider Monkey.
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