Duolingo Inc. (NASDAQ:DUOL) stock fell nearly 8% on Friday as investors appeared to lock in profits following Thursday’s gains. A broader risk-off mood also weighed on growth stocks, adding to the selling pressure.
The Nasdaq fell 0.31%, while the S&P 500 slipped 0.17%. The Consumer Discretionary sector was nearly flat, down 0.05%.
Duolingo’s sharp decline compared with the broader sector suggests stock-specific selling played a larger role in Friday’s move.
Animade Acquisition Puts Design In Focus
Duolingo stock had gained Thursday after the company announced its acquisition of London-based animation studio Animade. The company acquired Animade to expand its Design Studio and strengthen its motion design capabilities.
