AppLovin Corporation (NASDAQ: APP) finished Christmas Eve trading essentially flat-to-lower and was modestly lower in the first minutes of after-hours action—an unsurprising setup in a holiday-shortened, low-liquidity session that still delivered new record closes for major U.S. indexes.
Below is what moved APP today, the most important headlines and forecasts circulating on December 24, 2025, and the key items to track before the next regular U.S. session opens.
APP stock price after the bell: a quiet dip in thin holiday trading
U.S. markets closed early today (Christmas Eve), and APP’s post-close tape reflected that lighter liquidity:
- Close (early bell):$727.50, down $0.95 (-0.13%). [1]
- Shortly after the close (after-hours):$726.00, down $1.50 (-0.21%), as of 1:08 p.m. ET. [2]
- Day’s range:$721.55 – $734.77
- Open:$727.85
- Volume:~938,773 shares [3]
The takeaway: APP didn’t see a major “after-the-bell” repricing. Instead, it traded like a mega-cap growth name in a short session—small moves, wider spreads, and fewer natural buyers/sellers.
Before “tomorrow’s” open: markets are closed Dec. 25, and the next session is Dec. 26
A crucial calendar point (especially for international readers):
- U.S. stock markets are closed Thursday, December 25, 2025 (Christmas Day). [4]
- Regular trading resumes Friday, December 26, 2025 (full session), even though federal offices were ordered closed on Dec. 26—major exchanges said they will follow their normal trading schedule. [5]
So if you’re planning what to watch “before the open tomorrow,” the more accurate framing is: what to watch before the next market open on Friday, Dec. 26.
Why APP barely moved today even as Wall Street hit records
The macro backdrop was risk-on, but volume was extremely light
U.S. stocks closed higher, with record closes for the Dow and S&P 500, in what Reuters described as a broad rally during a holiday-shortened session. [6]
AP likewise emphasized that trading was “extremely light” because of the early close and the holiday. [7]
That matters for APP because high-growth ad-tech names can swing sharply when liquidity thins—but today’s tape was mostly orderly.
AI-linked sentiment helped the tape—but didn’t specifically “re-rate” APP
Reuters noted the market’s recent rise has been supported partly by a rebound in AI-related names after a pullback driven by valuation and capex concerns. [8]
APP increasingly trades inside that AI/algorithmic “complex,” but there wasn’t a single company-specific catalyst today strong enough to overpower the holiday effect.
Today’s biggest APP-specific analysis: AppLovin’s “strategic reset” into AI advertising
The most prominent APP-centered piece circulating today was a Zacks analysis published on Nasdaq.com emphasizing AppLovin’s shift from a gaming-heavy identity toward a pure ad-tech/AI infrastructure story. [9]
Key points highlighted in that analysis (and why they matter for the next session):
- A clean break from the legacy apps business: The piece points to the June 2025 divestiture of the Apps segment to Tripledot Studios as a defining moment in the pivot. [10]
- APP as an “AI-native” ad platform: It frames AppLovin as operating at massive scale through MAX (mediation) and AXON (machine-learning ad decisioning)—positioning the company as infrastructure rather than content. [11]
- Valuation is the tradeoff: The same analysis flags APP’s forward P/E around 48.5x, above an industry average cited near 27x, and assigns a Zacks Rank #3 (Hold). [12]
- Momentum remains huge: It also states APP has gained about 113% over the past year (far above the broader industry move cited). [13]
In practical terms, that’s the “battle line” for APP into year-end:
Is APP an AI ad infrastructure compounder worth paying up for—or a momentum winner that’s already priced for perfection?
Today’s forecast snapshot: price targets are still bullish overall, but not unanimous
A MarketBeat item published today aggregated current Street posture and also underscored insider activity. [14]
From that MarketBeat roundup:
- Analyst mix:19 Buys, 4 Holds, 1 Sell (consensus “Moderate Buy”). [15]
- Consensus target price:~$695.90 (note: that implies downside from today’s ~$727 handle, which is unusual for a “Moderate Buy” label and reflects how far the stock has already run). [16]
- Notable recent target hikes (as cited): Jefferies raised to $860 (Dec. 11), alongside other large upward revisions in recent months. [17]
- Insider selling: MarketBeat reported insiders sold 340,336 shares worth about $200.1 million over the last three months, and insiders own ~13.66%. [18]
Meanwhile, Yahoo Finance’s page data showed a 1-year target estimate around $739.96. [19]
How to read the “split” in targets: some trackers are slower-moving averages; others update faster. But the broader message today is consistent: the Street is still broadly constructive, while acknowledging valuation and execution risk.
Earnings timing: the next major catalyst is Q4 results (date still “estimated”)
For many investors, the next clean fundamental catalyst is AppLovin’s next earnings report.
- Nasdaq lists an estimated earnings date of Feb. 11, 2026 for APP. [20]
- Zacks also points to Feb. 11, 2026 (expected) and shows a consensus EPS estimate around $2.89 for the quarter ending December 2025. [21]
Because the company may confirm the date later, treat this as calendar planning, not a final schedule.
Where APP sits technically going into the next session
APP ended Christmas Eve close to where it started, but the chart context remains important:
- Today’s range $721.55–$734.77 gives traders immediate support/resistance markers. [22]
- APP’s reported one-year high is ~$745.61, meaning the stock is still within striking distance of a fresh high (roughly a couple of percentage points away). [23]
With a stock that has run hard in 2025, breakouts and failed breakouts can matter more than “small beats” in after-hours prints—especially when liquidity returns after the holiday.
Risks investors are still watching (even if there was no new headline today)
Even when a stock is quiet on the day, the “known risks” can re-enter quickly on any headline.
One ongoing overhang referenced in recent months: Reuters reported in October 2025 that the SEC was probing AppLovin’s data-collection practices, citing sources. [24]
Nothing in today’s tape suggested a new escalation—but for a high-multiple name, regulatory risk can reprice fast, particularly if liquidity is thin.
What to watch before the next market open (Friday, Dec. 26)
Here’s the checklist most likely to matter for APP specifically:
1) Liquidity and spreads: expect “weird” prints early
After a holiday close, the first hour on Dec. 26 can see:
- wider spreads,
- headline-driven moves,
- and price discovery that looks “overdone” in either direction.
That matters for APP because it’s widely held, actively traded, and can gap on sentiment.
2) Any fresh analyst notes (even one can move a high-multiple stock)
APP is a “research-note” stock now. Watch for:
- price target changes,
- rating reiterations tied to 2026 ad spending expectations,
- or commentary on self-serve tools and AI performance marketing.
Even if nothing came out today, notes can hit on Dec. 26 pre-market.
3) Watch the ad-tech peer group for sympathy moves
The Zacks/Nasdaq analysis explicitly frames peers like The Trade Desk (TTD) and Magnite (MGNI) as adjacent comps. [25]
If the group is strong/weak on Dec. 26, APP often moves in the same direction—sometimes amplified.
4) Macro tone: “Santa rally” narratives can drive flows
Reuters pointed out the market has entered the seasonal “Santa Claus rally” window (as commonly defined by market almanacs) and that the session was part of a multi-day winning streak. [26]
MarketWatch also highlighted December 26 as historically strong in some long-term studies—useful context for sentiment, though not a trading rule. [27]
5) Economic calendar: no major releases on Dec. 26, but keep an eye on rates
Kiplinger’s calendar preview for the holiday week noted limited releases and that no major economic data is expected Friday, Dec. 26. [28]
In an environment like that, APP can trade more on:
- Treasury yields,
- big-cap AI leadership,
- and overall risk appetite.
Bottom line for APP going into the next open
As of the early after-hours window on December 24, AppLovin stock didn’t deliver a dramatic post-close move—it mostly reflected a short, low-volume holiday session. [29]
The bigger “setup” into the next open is narrative-driven:
- Bull case (today’s theme): AppLovin’s transformation into an AI-driven advertising infrastructure company continues to attract buyers and supportive research. [30]
- Bear case (also explicit today): valuation is elevated, and investors remain sensitive to regulatory headlines and any sign that growth is slowing or that AI-driven gains are less durable than hoped. [31]
- Key near-term catalyst: the next earnings window is estimated around Feb. 11, 2026, so between now and then the stock can be moved by analyst notes, peer sympathy, and macro risk-on/risk-off swings. [32]
This article is informational and not investment advice.
References
1. finance.yahoo.com, 2. finance.yahoo.com, 3. stockanalysis.com, 4. apnews.com, 5. www.reuters.com, 6. www.reuters.com, 7. apnews.com, 8. www.reuters.com, 9. www.nasdaq.com, 10. www.nasdaq.com, 11. www.nasdaq.com, 12. www.nasdaq.com, 13. www.nasdaq.com, 14. www.marketbeat.com, 15. www.marketbeat.com, 16. www.marketbeat.com, 17. www.marketbeat.com, 18. www.marketbeat.com, 19. finance.yahoo.com, 20. www.nasdaq.com, 21. www.zacks.com, 22. stockanalysis.com, 23. www.marketbeat.com, 24. www.reuters.com, 25. www.nasdaq.com, 26. www.reuters.com, 27. www.marketwatch.com, 28. www.kiplinger.com, 29. finance.yahoo.com, 30. www.nasdaq.com, 31. www.nasdaq.com, 32. www.nasdaq.com
