AppLovin Shares Slide 8.15% to $475 After Price Target Cut, Plans Social Platform
AppLovin shares dropped 8.15% to $475.08 after Oppenheimer cut its price target from $740 to $660 despite Kantar research showing 70% of mobile gamers play daily and lead household purchases. AppLovin is recruiting for a next-generation social platform to rival Meta and TikTok.
1. Stock Performance
AppLovin shares fell 8.15% to $475.08 after Oppenheimer lowered its price target from $740 to $660 while maintaining an Overweight rating, reflecting investor caution despite strong growth narratives around mobile gaming.
2. Kantar Mobile Gaming Research
A Kantar study for AppLovin’s Axon platform found 70% of U.S. mobile gamers play daily and lead household purchasing decisions, with over half of respondents in $200k+ income households expressing very positive sentiment toward in-game advertisements, underscoring gaming’s ad potential.
3. Next-Gen Social Platform Plans
AppLovin has posted job openings for a “next-generation social platform” aimed at real-time media delivery and interaction, positioning itself to compete with Meta and TikTok and diversify beyond its core ad-tech offerings.