Duolingo’s impressive growth momentum will send the stock much higher

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So far, 2024 has been an excellent year for AI stocks. Nvidia, the most celebrated AI name, has surged by 80%, while SuperMicro, another high-profile AI stock, has more than tripled.

A less obvious AI name that is firing on all cylinders is Duolingo ($DUOL), the parent company of the eponymous language-learning app. Despite underperforming against the market this year with only a 3% increase, DUOL has seen a robust 80% rise over the past twelve months.

The stock's rally is poised to continue, driven by the company's outstanding performance on both the top and bottom lines. In the most recent quarter, DUOL exceeded analyst estimates and gave a strong full-year outlook, which sent its stock soaring. Yet, this may just be the beginning. Here’s why.

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