Duolingo (DUOL) Stock Holds Strength Despite CFO Transition

Duolingo Inc. (NASDAQ:DUOL) ranks among the 10 best new stocks to buy in Ray Dalio’s portfolio. Following the announcement of a CFO shift, Truist Securities reaffirmed its Buy rating and $245 price target for Duolingo Inc. (NASDAQ:DUOL) on January 12. The company is gearing up for a leadership transition as current CFO Matt Skaruppa prepares to leave, with Gillian Munson taking over the post. Munson has been sitting on Duolingo’s board since 2019.

Truist Securities was surprised by the abruptness of Skaruppa’s departure, especially since the announcement wasn’t made during Duolingo’s impending fourth-quarter earnings call. The firm recognized that preliminary fourth-quarter numbers for the language learning platform remained strong.

The language learning platform also reported preliminary fourth-quarter results, with daily active user (DAU) growth of around 30%, and bookings around or slightly above the high end of its previously disclosed forecast range of $335.5 million.

Duolingo Inc. (NASDAQ:DUOL) operates as a mobile learning platform in the US, the UK, and internationally. The company offers courses in 40 different languages through its Duolingo app.

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Disclosure: None. This article is originally published at Insider Monkey.