Duolingo Stock Pops After S&P MidCap 400 News

The stock will join the MidCap index, effective April 22

Laura McCandless

Deputy Editor

Apr 18, 2024 at 10:51 AM

DUOL

Duolingo Inc (NASDAQ:DUOL) stock is surging today, after news that the mobile learning platform will join the S&P MidCap 400 Index, effective April 22. At last glance, DUOL was up 7.2% at $208.64, earlier as high as $217.79.

The 20-day moving average seems to be keeping today's gains in check, though the stock is above a host of long-term moving averages, including the 120-day trendline. Today's bounce could've already been in the cards, per Duolingo stock's 14-day relative strength index (RSI) of 26, which sits in "oversold" territory. Since last April, the equity is up over 47%.

Though short interest has been unwinding, down 5.7% in the last two weeks, it still represents 5.4% of the stock's available float. It would take shorts three days to cover their bets, at DUOL's average pace of trading.

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