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Markets · Investing · Business
Finance
Why AppLovin Stock Slumped by 6% Today
The beaten-down adtech took another hit, this time from an analyst's recommendation downgrade.
Adtech company AppLovin(NASDAQ: APP) had a Tuesday it would probably rather forget, at least as far as its stock is concerned. The fallout from its disappointing second-quarter earnings report, published last week, continued. This was exacerbated by an analyst's recommendation downgrade. AppLovin's shares fell by almost 6% that trading session.
The pundit behind that move was Omar Dessouky of Bank of America Securities. Well before market open, he changed his rating on AppLovin from buy to neutral. This was accompanied by a reduction in the stock's price target to $400 per share from $430.
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Disclaimer: This article is for informational purposes only and does not constitute investment advice. Data may be delayed up to 15 minutes. Past performance is not indicative of future results. Consult a licensed financial advisor before making investment decisions.
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