David Moadel
6 min read
Quick Read
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AppLovin (APP) surged 47% in a month on 55% revenue growth and a bigger buyback, yet it still trades far below its $738 high.
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Rivals Trade Desk (TTD) and Unity (U) rebounded less, up 31% and 8%, while Trade Desk remains down 59% for the year.
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Analysts lean bullish with a $460 target and a 20x forward P/E, but a 2.5 beta and a class action notice add risk.
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Few returns in advertising technology this fall match the one at AppLovin (NASDAQ:APP). AppLovin stock is at $398.98 in afternoon trading, up 47% over the past month. The shares are off 1% from the prior close, representing a brief pause after the run.
Even after that rally, AppLovin stock sits far beneath its 52-week high of $738.01. The 52-week low of $225.19 shows how deep the earlier slide ran. Whether the rebound has more room to run or has already priced in the good news is the open question.
What Powered AppLovin’s 47% Month
The rally traces to AppLovin’s third-quarter results, released after the close on November 4. Revenue at AppLovin for Q3 2026 rose 55.5% year over year (YoY) to $2.18 billion, ahead of the $2.07 billion analysts expected. The company’s diluted earnings per share (EPS) of $4.30 also topped the $4.03 consensus, its fifth straight EPS beat. As of November 5, both the quarter and the outlook had beaten expectations.
That EPS figure included $86.03 million of other income, compared with an expense a year earlier. Operating income at AppLovin, which excludes that item, still rose 58.4% to $1.71 billion. Co-founder and CEO Adam Foroughi stated on the earnings call, “We believe this business can compound at roughly 30% annually over the long term.”
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