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Is Duolingo stock a good buy in 2024?

Is Duolingo stock a good buy in 2024?

Since its initial public offering (IPO) in 2021, the stock of the language-focused education platform Duolingo (NASDAQ: DUOL) has been on a rocky if generally positive path. 

Following an initial surge and a subsequent decline, below the initial price, Duolingo shares have spent much of the last three years either trading sideways or slowly gaining ground in the stock market

Despite Duolingo expanding its user base and spending throughout 2023, the platform’s profitability remained closely tied to U.S. consumer spending which was heavily pressured due to persistent recessionary fears, slowly reheating inflation figures, and a rise in cost of living.

Things seemingly broke for Duolingo stock price and it collapsed in the final days of December only to continue on a less steep but nonetheless downward trajectory through January and February.

DUOL surprised investors at the very end of February 2024 with a blockbuster earnings report with strong figures in areas such as active users and revenue growth which helped the company essentially erase earlier 2024 losses overnight.

Despite the surge, the stock has traded mostly sideways through March leaving many investors wondering if Duolingo stock is a good buy.

Duolingo stock forecast for 2024

Despite the significant volatility throughout its history, and particularly in recent months, experts remain cautiously bullish when it comes to the DUOL stock forecast. Out of the 15 analysts represented on TradingView, 7 rate DUOL as a “strong buy,” and 7 are neutral. 

Additionally, one expert considers Duolingo a “strong sell” and the language-learning platform has no “buy” or “sell” ratings.

The average 12-month price target for the company is positive and would see it rise 16.11% to $251.41. The highest target, assigned in late February by Piper Sandler, stands at $282 – 30.24% above the press time price.

The lowest target, however, which was also assigned on February 29 by Goldman Sachs (NYSE: GS), would see Duolingo shares drop 12.25% to $190. 

DUOL analyst rating. Source: TradingView

Technical analysis (TA) for DUOL stock is, however, significantly less decisive. Based on Duolingo’s monthly performance, the oscillators rate it as a “strong sell” and the moving averages (MA) as a “strong buy.” MA remains unchanged when based on the weekly chart, but oscillators turn less negative and read “sell.”

Finally, Duolingo stock’s performance through trading on Monday, March 18, leads to an overall “buy” rating with moving averages again remaining unchanged but oscillators turning to “buy.”

DUOL technicals based on performance in one month, one week, and one day. Source: TradingView

Duolingo stock price chart

The mixed and slightly positive forecasts for Duolingo are hardly surprising given the stock’s recent performance. Since 2024 started, DUOL shares are 1.02% in the green but, due to the January decline and the report from the end of February, the last 30 days saw a 20.27% surge.

DUOL YTD stock price chart. Source: Google

More recently, however, Duolingo is seemingly proving unable to hold its ground. In the last full trading week, DUOL dropped 3.25%, and the latest 24 hours saw the stock rise 0.09% to $216.53.

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