Tech titan AppLovin Corp. (NASDAQ: APP) is one of the more unusual stories in the market right now. The $230 billion company operates an advertising platform that helps app developers drive engagement and monetization. It might not be exactly a household name, but the stock has still rallied close to 100% this year.
What makes this rally all the more intriguing is how contested it remains. More than 5% of AppLovin’s float is sold short, placing it among the most heavily shorted stocks in the mega-cap universe. In other words, even as the share price has marched higher, a meaningful cohort of investors is betting on a sharp reversal. Given how consistently the company has delivered this year, that’s a bold stance to be taking.
