AppLovin (APP) Stock Today, November 23, 2025: AI Ad Engine Powers 68% Growth as Big Money Steps In

AppLovin Corporation (NASDAQ: APP) heads into the new week as one of the hottest AI‑driven ad‑tech names on the market, trading around $520 per share and riding a year of explosive revenue growth, sky‑high margins and intense institutional interest. ^[1]

Today, November 23, 2025, a fresh wave of coverage is hitting the wires: new valuation work from Simply Wall St, a bullish Motley Fool piece arguing AppLovin could be worth more than Palantir in three years, a cluster of MarketBeat 13F filings showing multiple funds buying in, and macro analysis from Investing.com that flags AppLovin as a beneficiary of direct payments and agentic commerce.” ^[2]

Here’s a structured look at where AppLovin stock stands today and what all the November 23 headlines might mean for investors.

AppLovin stock price snapshot for November 23, 2025

Because U.S. markets are closed on Sunday, the latest official reading comes from Friday’s close:

Last close (Nov 21, 2025):$520.26
Daily move: about ‑0.11% vs. the prior close of $520.82 ^[3]
Day range (Fri): roughly $489–$530 ^[4]
52‑week range:$200.50 – $745.61, with the all‑time high set on September 29, 2025 ^[5]
Market cap: about $175–176 billion ^[6]

Performance and risk profile:

1‑week performance: about ‑2.6%
1‑month: roughly ‑8–9%
1‑year: up ~56–60% ^[7]
Volatility: TradingView pegs volatility around 8% and beta near 3.0, underlining just how fast this stock can move. ^[8]

Valuation snapshot:

TTM revenue: ≈ $6.3 billion
TTM net income: ≈ $2.7–2.8 billion ^[9]
TTM EPS: roughly $8+ per share ^[10]
P/E (trailing): about 63–66x
Forward P/E: roughly mid‑30s
Price‑to‑sales: around 32x
Price‑to‑free‑cash‑flow: about 52x ^[11]

AppLovin is no longer a hidden value play — it’s a high‑growth, high‑expectations AI stock with a premium multiple to match.

All the fresh AppLovin headlines dated November 23, 2025

1. Simply Wall St: APP looks ~28% undervalued on AI‑driven growth

A new Simply Wall St narrative published today argues that AppLovin’s current price around $520 understates its long‑term potential. Their valuation model assigns a fair value of $718.71 per share, implying roughly 27–28% upside from Friday’s close. ^[12]

The piece highlights several catalysts:

AXON 2.0 & AI: AppLovin’s AXON recommendation engine — now in its second generation — is credited with dramatically improving campaign targeting and monetization efficiency. ^[13]
Gaming exit, platform focus: The company has largely exited first‑party gaming to focus on being a pure software platform for advertisers and publishers, which boosts margins and reduces working‑capital needs. ^[14]
Self‑service AXON Ads Manager: The expanded self‑serve dashboard and Shopify integration are expected to open AppLovin’s ad tools to a much broader base of small and mid‑sized advertisers globally. ^[15]
International expansion: Opening web‑based ad inventory beyond the U.S., with non‑EU global markets already live, is seen as a second major leg of growth. ^[16]

Simply Wall St’s underpriced” call rests on continued explosive revenue and profit growth and a still‑healthy future earnings multiple — in other words, the model assumes that AppLovin keeps compounding at something close to its recent pace.

2. Motley Fool: Can AppLovin be worth more than Palantir by 2028?

In a new article titled Prediction: 2 Artificial Intelligence (AI) Stocks Will Be Worth More Than Palantir Technologies in 3 Years,” Motley Fool contributor Trevor Jennewine picks AppLovin and Shopify as potential winners that could overtake Palantir’s current market value by 2028. ^[17]

Key points from the piece:

Palantir’s market value is about $369 billion, while AppLovin is roughly $176 billion today. To catch up, APP would need to rise about 110% in three years, implying around 28% annualized returns. ^[18]
The article notes that AppLovin has distinguished itself among ad‑tech players through sophisticated AI models that match advertiser demand with the best inventory, and that the AXON 2.0 engine has helped ad spend roughly quadruple since mid‑2023. ^[19]
Wall Street is cited as expecting earnings growth around 50%+ annually over the next three years; if that happens, the current ~66x earnings multiple could fall to around the high‑30s even as the market cap more than doubles. ^[20]

It’s an aggressively bullish scenario, and the author is clear that execution has to stay nearly flawless for those numbers to work — but it underscores how strongly some growth investors view APP’s AI positioning.

3. MarketBeat: multiple funds buy in, one big index manager trims

Today, MarketBeat published a cluster of 13F‑driven updates on institutional ownership in AppLovin: ^[21]

Left Brain Wealth Management LLC
- Increased its APP stake by 58.1% in Q2 to 14,972 shares, worth about $5.24 million.
- AppLovin is now roughly 1.8% of the fund’s portfolio and its 22nd‑largest holding. ^[22]
Vestor Capital LLC
- Initiated a new 236,571‑share position, worth about $82.8 million, making APP around 2.5% of its portfolio and its 6th‑largest holding; that stake represents about 0.07% of AppLovin’s shares. ^[23]
Kingsview Wealth Management LLC
- Opened a smaller position of 869 shares (≈$304,000). ^[24]
Neo Ivy Capital Management
- Started a new position with 720 shares, valued around $252,000. ^[25]
Rhumbline Advisers
- Trimmed its holdings by 36.7%, ending Q2 with 288,650 shares worth about $101 million, or roughly 0.09% of AppLovin. ^[26]

MarketBeat’s write‑ups also recap Q3 numbers and analyst sentiment:

Q3 2025 EPS:$2.45 vs. ~$2.34 expected
Revenue:$1.41 billion, up 68.2% YoY
Net margin: about 51%
Return on equity: a staggering ~258%
Street EPS forecast for full‑year 2025: about $6.87 per share ^[27]

On the ratings side, across these reports MarketBeat cites:

21 Buy, 4 Hold, 1 Sell ratings
Consensus: Moderate Buy”
Average price target: roughly $658 per share
Individual targets as high as $840 (UBS) and $860 (Bank of America), with many majors — Morgan Stanley, Deutsche Bank, RBC, Jefferies — boosting targets after Q3. ^[28]

The net message from today’s filings: big active managers continue to build positions in AppLovin, even as some large index‑style managers rebalance and insiders lock in gains.

4. Investing.com: direct payments and agentic commerce” as long‑term tailwinds

A new Investing.com column titled Why direct payments are bullish for the app economy” highlights a structural shift that could indirectly benefit AppLovin: more app‑based businesses are pushing purchases off‑platform to avoid Apple and Google’s ~30% app‑store fees. ^[29]

Key takeaways:

Direct web payments typically cost 2–3% in processing fees vs. the ~30% store commission, creating what Morgan Stanley calls a straightforward upside driver” for app developers’ margins and earnings. ^[30]
The article explicitly notes that performance‑ad platforms like AppLovin and Unity should see second‑order benefits as developers reinvest some of those savings into user acquisition and performance marketing. ^[31]

On the same ticker page, Investing.com Pro also trails a piece called What will Agentic Commerce mean for AppLovin, Unity and The Trade Desk?”, suggesting that AI‑driven, autonomous shopping agents” could become another growth lever for performance‑ad players like APP — though the detailed analysis sits behind a paywall. ^[32]

In other words, even macro stories that aren’t about” AppLovin are increasingly citing it as a key beneficiary of structural shifts in digital commerce and app‑store economics.

5. TS2.Tech: AppLovin Stock Today: Big Money Buys as AI Engine Delivers”

A same‑day article from TechStock² (TS2.Tech) titled AppLovin (APP) Stock Today: Big Money Buys as AI Engine Delivers” essentially ties all of the above together:

It notes that as of Sunday, November 23, AppLovin is back in the spotlight because of the new institutional filings, outsized AI‑driven Q3 results and a still‑lively debate over whether the stock is undervalued after its massive run. TechStock²+2TechStock²+2

Think of it as a meta‑headline: the market is now treating AppLovin as a core AI momentum story rather than a niche mobile‑ad stock.

The fundamentals behind the hype: Q3 2025 in focus

Behind today’s noise is a very real step‑change in AppLovin’s financials.

Q3 2025 results: 68% revenue growth and huge margins

For the quarter ended September 30, 2025, reported on November 5, AppLovin delivered: ^[33]

Revenue:$1.405 billion, up 68% year‑over‑year
Net income (continuing ops): about $836 million, up 93% YoY
Reported net margin: a bit over 50%
Adjusted EBITDA: about $1.16 billion, up 79%, for an ~82% adjusted EBITDA margin
Free cash flow: ≈ $1.05 billion, up ~92% vs. Q3 2024

Management and independent coverage attribute that performance mainly to:

AXON AI improvements: Better models for campaign targeting in core mobile gaming ads increased revenue per install by about 75%, even though total installs actually dipped slightly, showing big efficiency gains rather than pure volume growth. ^[34]
Self‑service Axon Ads launch: On October 1, AppLovin launched the self‑serve Axon Ads platform broadly (via referral) after piloting it with a few hundred e‑commerce and web advertisers. Early data shows weekly advertiser spend growing rapidly off a small base. ^[35]
Global web expansion: The platform opened international web traffic outside the EU earlier than planned, giving the new e‑commerce ad product global reach while the company works through GDPR requirements in Europe. ^[36]

On top of the numbers, Q3 also brought a symbolic milestone: AppLovin’s inclusion in the S&P 500, plus an additional $3.2 billion share‑repurchase authorization, bringing the total buyback firepower to about $3.3 billion. ^[37]

Taken together, it’s easy to see why the stock re‑rated so aggressively in 2025 — the business suddenly looks more like a hyper‑profitable AI software platform than a cyclical mobile game ad network.

How the market is valuing AppLovin after today’s news

Classic valuation metrics

Across TradingView, Finviz and Investing.com, the current snapshot looks roughly like this: ^[38]

Share price: $520.26
Market cap: ≈ $175.8B
TTM EPS: ~$8.0–8.3
P/E (trailing): about 63–66x
Forward P/E: around 35–36x
Price‑to‑sales: ~31–32x
Price‑to‑free‑cash‑flow: ~52x
Gross margin: ~82%
EBITDA margin: about 50%
Return on equity: well above 200% (helped by leverage and an asset‑light model)

Finviz also flags: ^[39]

Institutional ownership: ~73%
Insider ownership: ~34%
Short interest: about 7.2% of float (short ratio ~2.3)
12‑month performance: roughly +62%, with a three‑year gain over 3,400% from the 2022 lows

From a pure numbers standpoint, AppLovin screens as a high‑growth, premium‑multiple AI name — not cheap in absolute terms, but arguably deserving” of a high multiple if growth and margins stay intact.

Analyst and model forecasts

The latest data points from today’s coverage and recent reports: ^[40]

MarketBeat consensus:
- 21 Buy, 4 Hold, 1 Sell
- Average 12‑month price target: $658.27
- Several houses — UBS, Bank of America, Morgan Stanley, Wedbush — have targets between $740 and $840.
Investing.com analyst scorecard:
- Overall rating: Buy”
- Average target around $714, implying 30–40% upside.
TradingView forecast range:
- Max analyst target: $860, minimum around $394.
Short‑term model forecasts (CoinCodex):
- Algorithmic models see APP drifting slightly lower in the very near term, with a modest negative bias in the next few days — underscoring how stretched the stock already is after its rally. ^[41]

And as today’s Simply Wall St and Motley Fool pieces show, some narrative‑driven models and commentators see even more upside if AppLovin can sustain 50%+ earnings growth for several years. ^[42]

Key risks and watchpoints after the November 23 headlines

Today’s news skew bullish, but AppLovin is far from risk‑free.

1. Extreme valuation and volatility

With a P/E in the mid‑60s and P/S above 30, AppLovin trades at a premium to many other ad‑tech and software names. ^[43]
The stock is about 30% below its late‑September all‑time high, yet still up ~60% over 12 months and more than 30x from its 2022 lows — making it vulnerable to sharp corrections if growth slows. ^[44]
A beta around 3.0 means APP tends to move three times as much as the broader market, in both directions. ^[45]

2. Heavy reliance on one AI engine and a concentrated business model

Most of AppLovin’s success is built around its AXON AI recommendation engine and its ability to match highly targeted ads against massive mobile‑gaming inventory. While Q3 results suggest that engine is best‑in‑class, it also means: ^[46]

Any performance degradation, model mis‑fire or regulatory constraint that hurts AXON could have an outsized impact.
Competitive pressure from The Trade Desk, Unity, Meta, Google and others could intensify as AI tools become more commoditized.

Short‑seller notes and critical research over the past month have emphasized these concentration risks, even as they acknowledge AppLovin’s impressive execution. ^[47]

3. Regulatory and platform risk

AppLovin sits at the intersection of: ^[48]

App‑store policy changes (e.g., Apple/Google’s evolving stance on tracking and off‑platform payments)
Data‑privacy rules (GDPR, CCPA and equivalents globally)
Advertising‑industry scrutiny around opaque algorithms and user‑level profiling

While today’s direct payments story positions APP as a potential winner from lower app‑store taxes, the same platforms and regulators that are loosening one constraint could easily tighten another in the ad stack.

4. Leverage and capital allocation

MarketBeat and Finviz numbers point to: ^[49]

A debt‑to‑equity ratio around 2.4
Ongoing multi‑billion‑dollar buyback programs

So far, surging cash generation supports this strategy, and Fitch even upgraded AppLovin’s credit rating to BBB from BBB‑ earlier this month on strong performance. ^[50]

But with a highly valued stock and rising expectations, investors will be watching closely to see whether buybacks at these levels still create long‑term value.

5. Insider and institutional dynamics

Today’s filings show: ^[51]

Heavy institutional activity, with numerous funds adding or initiating stakes, and at least one large manager (Rhumbline) trimming.
Insiders selling into strength, including a high‑profile 150,000‑share sale by director Eduardo Vivas earlier this month and smaller transactions from other insiders — totaling about 202,900 shares (~$123.6M) over three months.

Insider selling isn’t automatically a red flag, especially after such a huge run, but markets are keenly aware that management is banking some profits.

What today’s news means for AppLovin investors

Putting it all together for November 23, 2025:

The bull case strengthened today. New analysis from Simply Wall St and Motley Fool leans into the idea that AppLovin is still undervalued relative to its AI‑powered growth potential — even after a spectacular rally. ^[52]
Big money is clearly engaged. Multiple new 13F filings show hedge funds and wealth managers adding AppLovin as a top‑tier position, while large asset managers tweak their exposure rather than exiting. ^[53]
Macro trends are a tailwind. The ongoing shift toward direct payments and AI‑driven agentic commerce” looks like a structural boost to margins and ad budgets across the app economy, with AppLovin repeatedly singled out as a beneficiary. ^[54]
But expectations are sky‑high. With forward valuation multiples already rich and the stock still not far from its record, any slowdown in revenue growth, margin compression, or regulatory shock could trigger sharp downside. ^[55]

Nothing here is financial advice, and AppLovin is clearly a high‑risk, high‑reward name. If you’re considering APP, it’s worth asking yourself:

Am I comfortable owning a stock with beta around 3 and a P/E north of 60?
Do I believe AppLovin can sustain very rapid earnings growth while defending its AI edge against giant competitors?
How does a position in APP fit into my broader diversification and risk tolerance?

For some investors, today’s news will reinforce the view that AppLovin is one of the most compelling AI monetization stories in public markets. For others, it will be a reminder that even great businesses can be too richly priced at certain points in the cycle.

If you’re unsure, consider discussing your situation with a qualified financial adviser before making any move.

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