AppLovin (APP) Stock Jumps 8.0%: Will It Continue to Soar?

AppLovin (APP) shares soared 8% in the trading session on Monday at $68.15. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 5.5% gain over the past four weeks.

The stock is benefiting from the company’s AXON 2.0 technology, optimized gaming studios, and investments in initiatives to drive market expansion and long-term growth.

This mobile app technology company is expected to post quarterly earnings of $0.56 per share in its upcoming report, which represents a year-over-year change of +5700%. Revenues are expected to be $967.82 million, up 35.3% from the year-ago quarter.

While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

For AppLovin, the consensus EPS estimate for the quarter has been revised 18.7% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on APP going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

AppLovin is part of the Zacks Technology Services industry. Veritone, Inc. (VERI), another stock in the same industry, closed the last trading session 11.1% lower at $3.45. VERI has returned 54.6% in the past month.

Veritone, Inc.'s consensus EPS estimate for the upcoming report has changed -9.8% over the past month to -$0.21. Compared to the company's year-ago EPS, this represents a change of +19.2%. Veritone, Inc. currently boasts a Zacks Rank of #2 (Buy).

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AppLovin Corporation (APP) : Free Stock Analysis Report

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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