Unity Software (NYSE: U) took investors on a wild ride after its public debut in September 2020. The gaming company priced its initial public offering at $52, and its stock surged to an all-time high of $201.02 in November 2021 amid the buying frenzy in growth and meme stocks.

The bulls initially rushed to Unity because it was growing rapidly and its namesake game development engine was used to produce about half of the world's mobile, PC, and console games. It also locked in those developers with tools for monetizing their games through integrated ads, in-app purchases, and multiplayer features. Furthermore, on the company's fourth-quarter 2021 earnings call, Unity CEO John Riccitiello repeatedly claimed the company could grow its revenue by 30% annually over the "long term."

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Source Fool.com