How Duolingo Stock Gained 13% in September
Shares of Duolingo (NASDAQ: DUOL) rose by 12.7% in September 2023, according to data from S&P Global Market Intelligence. The language-learning specialist's stock trended higher through most of the month with some turbulence near the end. With the whole 30-day period in the books, a bullish analyst report helped Duolingo investors shrug off another wave of economic pressure.
Duolingo's general upward trend is nothing new. The stock has been rising throughout 2023, making up lost ground from the inflation crisis of 2022, which turned the entire stock market risk-averse. All told, Duolingo investors have pocketed a 130% gain year to date and a 54% increase measured from the end of 2021 to today. Many investors are looking past the supposed market risk of higher interest on new debt in this case. After all, Duolingo hasn't held a single penny of long-term debt on its balance sheet since entering the public stock market in 2021.
So when Duolingo's share price started to sag amid renewed economic worries in the middle of September, the stock was set up for a quick rebound. The bulls found a reason to drive Duolingo's stock price higher on Sept. 28, as analyst firm UBS issued a glowing analysis of the company and stock.
Source Fool.com
