AppLovin Faces Analyst Coverage as Year’s Weakest Mega IPO
- Mobile-apps company is trading well below its offering price
- Quiet period for analysts at underwriting banks expires Monday
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AppLovin Corp. shares have shown few signs of life since its Wall Street debut on April 15, and now analysts get to weigh in.
The mobile-apps company is the worst performing IPO of its size, and just one of two U.S. listings that raised at least $2 billion this year to now be trading below its offering price, according to data compiled by Bloomberg. The stock has dropped 29% since its trading debut and stands at about $57, well below its offering price of $80. Its shares erased a 1.8% gain in early trading Friday and fell as much as 0.7%.