AppLovin Inc.’s stock price plummeted on Wednesday, following critical reports from short sellers that raised concerns about the company’s advertising technology. The sell-side analysts claimed the reports “littered with inaccuracies and false assertions,” but their bearish predictions have sent the shares reeling.
Notably, AppLovin’s shares had been steadily losing value since February 14, when they reached a record high. Despite this, the stock has still increased by more than fivefold over the past year. The company’s CEO disputed the accuracy of the short sellers’ claims, but their reports have now cast doubt on AppLovin’s prospects.
Source: https://www.marketwatch.com/story/applovins-stock-plunges-as-short-sellers-team-up-to-stoke-the-bear-case-ceedb988