AppLovin Pops Back Over $600 as Wall Street Watches Key Ad Number
AppLovin shares pushed higher Friday, last up 2.0% to $612.07. Buyers kept coming in as bulls bet the ad-tech firm can get more out of its Axon engine. The stock hit $616.57 in the session, putting AppLovin's market cap near $207 billion. AppLovin’s rally has shifted from a post-earnings pop to a fresh debate on its conversion rate — the chunk of ads that actually get users to download, buy or take action. Investors are watching to see if AppLovin can keep pushing the conversion number higher as the main mobile-gaming thread now grows and ages.