Why AppLovin Was Moving Higher Today

Core Viewpoint - AppLovin received a positive endorsement from Citigroup, which has classified it as a top pick, leading to a 6.5% increase in its stock price [1][3][4] Group 1: Stock Performance - AppLovin's stock rose by 6.5% following Citigroup's endorsement [3] - The stock is currently experiencing volatility but was a breakout winner last year [4] - Citigroup maintains a buy rating with a price target of $600, suggesting nearly 70% upside potential [5] Group 2: Financial Performance - In Q1, AppLovin reported a 71% growth in its core advertising business, reaching $1.15 billion [6] - Adjusted EBITDA increased by 92% to $943.3 million [6] Group 3: Strategic Focus - The company sold its mobile app game business in May to concentrate on its ad tech platform [7] - AppLovin is planning to enter new verticals, such as connected TV, which could drive further growth [7] - The upcoming report on August 6 is anticipated to significantly impact the stock's performance [7]