AppLovin Corp. ( APP ) shares jumped over 11% after S&P Dow Jones Indices said the company will be added to the S&P 500.

S&P Dow Jones Indices announced late Friday that AppLovin Corp. ( APP ), Robinhood Markets Inc. ( HOOD ) , and Emcor Group Inc. ( EME ) will join the S&P 500 as part of its quarterly rebalance. The changes will take effect before markets open on September 22.

The three new additions will replace MarketAxess Holdings Inc ( MKTX ). , Caesars Entertainment Inc. ( CZR ) , and Enphase Energy Inc. , which are being moved to smaller-cap indexes.

Also Read: Jim Cramer: AppLovin Calls For Prudence, This Health Care Stock Is ‘Pure Spec’

AppLovin’s inclusion represents a pivotal milestone, with shares rallying on the announcement as S&P Dow Jones Indices adjusts its benchmarks to better reflect market capitalization ranges.

For AppLovin ( APP ), entry into the S&P 500 delivers immediate buying pressure from index funds, broader institutional ownership through pensions and ETFs, enhanced market credibility, greater liquidity, and lower capital-raising costs, cementing its evolution into a large-cap, mainstream tech player.

AppLovin’s 52-week range spans from a low of $82.51 to a high of $525.15. Since hitting its low, the stock has exploded, gaining approximately 554% to its current level. In firming its upward trajectory, the stock has rebounded sharply, climbing over 100% in the past six months, and is now up nearly 66% year-to-date.

Price Action: APP shares were trading higher by 11.45% to $546.38 at last check Monday.

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