AppLovin Stock Options Hot After Upbeat Quarter

Core Insights - AppLovin Corp reported better-than-expected Q3 earnings of $2.45 per share on revenue of $1.41 billion, leading to an increase in current-quarter revenue guidance [1] - Following the earnings report, seven analysts raised their price targets, with J.P. Morgan Securities increasing its target from $425 to $650 [1] Stock Performance - AppLovin stock has experienced volatile trading since reaching a record high of $745.61 on September 29, with support at the 50-day moving average helping to limit losses [2] - Year-to-date, the stock has outperformed the market with a 90% increase [2] Options Activity - The options market has seen significant activity with 37,000 calls and 23,000 puts exchanged, which is double the typical volume [3] - The most popular options contract is the weekly 11/7 700-strike call, which also has the highest call open interest [3] - Short interest has decreased by 21.4% over the last two weeks, but still represents 6.9% of the stock's available float, with an average cover time of 2.3 days [3]