Duolingo shares closed at $175.45 on November 18, 2025, down 1.58%, continuing a sharp decline over the past week as the stock trades 67% below its 52-week high. The drop follows Q3 results where, despite strong revenue and subscriber growth, management signaled a strategic pivot toward user growth over monetization and gave conservative EBITDA margin guidance. Evercore ISI cut its price target from $540 to $330 on November 14, citing the company's near-term transition and cautious outlook. Investor sentiment remains pressured by concerns over AI disruption in language learning and the company's high valuation, despite Duolingo's efforts to leverage AI for product innovation and cost reduction.