AppLovin is proving to be a volatile stock to own, and while it may seem cheap, given how far it has nosedived in price, its P/E multiple remains high, and buying it at its current levels would give investors little-to-no margin of safety should business slow down due to worsening economic conditions.

AppLovin Corp (APP) is currently one of the highest-momentum tech stocks on the market and, understandably, has elevated implied volatility to match. APP shareholders were getting giddy after a mesmeric rise from ~$50 to over $500 per share.

AppLovin stock price has imploded this month, ending one of the biggest rallies in Wall Street in the past few months. APP shares plummeted to a low of $290, its lowest level since November 15. It has plunged by almost 40% from the highest point this year.

Shares of the U.S.-based AppLovin (APP) are going through a rough patch, dropping nearly 30% in the past month. The latest blow came yesterday,

Shares of AppLovin (NASDAQ: APP), the volatile adtech stock, gained today after the company upgraded its share buyback program in a filing after hours on Friday. AppLovin, whose shares have fallen roughly 35% since their post-earnings pop a few weeks ago,