Market Flash on APP US
S&P Inclusion, SEC Probe & Consumer Privacy Concerns Fuel 16% Stock Decline
It was reported on Monday that Applovin (APP US) has been the target of an SEC probe centered around data-collection policies.
Applovin stock was up 80% year-to-date prior to the report off the back of continued AI advancements in their technology.
Shares of Applovin were down as much as 16% on Monday and closed the trading day down 14%.
Equilend’s Borrow Quantity, a leading indicator of Short Interest, saw a massive uptick from September 18 to 22, rising from 1.4 million shares to 19.35 million, a nearly 1300% increase, as its inclusion in the S&P 500 required the liquidity provided by the securities lending market. However, Equilend’s Borrow Quantity for other S&P 500 inclusions declined at a faster rate suggesting elevated short interest remains for Applovin.
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