AppLovin (APP) shares fell Monday. A Bank of America analyst note highlighted a slowdown in the company's e-commerce growth. Third-party data indicated AppLovin added approximately 750 new e-commerce pixels in June. This marks a decrease from roughly 950 pixels added in May.
The data reflects a potentially muted start for AppLovin's advertising platform. The platform opened to all e-commerce advertisers on June 22. Bank of America noted it was too early to identify a long-term trend from this initial data. The analyst maintained a Buy rating on the stock. The price target remains $705, with the current valuation viewed as reasonable.