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., 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. (EPH  ), which are being moved to smaller-cap indexes.

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, 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.