Josh Brown Is Ready To Buy The Best Performing Stock In The Russell 1000: 'They Make Tons Of Money' With AI Advertising
Portfolio Pulse from Adam Eckert
Josh Brown of Ritholtz Wealth Management is considering buying shares of AppLovin Corp (NASDAQ:APP), the best performing stock in the Russell 1000 Index for the year, due to its significant price recovery and strong fundamentals in AI advertising. AppLovin, which went public in April 2021, saw its stock price plummet in 2022 but has rebounded with a 93% increase year-to-date in 2024. Brown is waiting for a pullback to the 50-day moving average in the low $70s before buying. Analysts predict a 27% earnings growth for AppLovin in 2024, highlighting its expanding margins and dominant position in the AI ad space.
April 10, 2024 | 7:40 pm
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AppLovin Corp (NASDAQ:APP) is highlighted for its remarkable recovery and performance in 2024, with a 93% increase in stock price YTD, and strong fundamentals in AI advertising.
AppLovin's stock has shown significant recovery and growth, making it the best performing large cap stock in the US for the year. The company's strong positioning in the AI advertising space and its record operating margins suggest a positive outlook, which is further supported by analysts' projections of 27% earnings growth in 2024. These factors contribute to a positive short-term impact on APP's stock price.
CONFIDENCE 90
IMPORTANCE 95
RELEVANCE 100