JMP Securities downgraded Duolingo to Market Perform from Outperform without a price target. The firm cites valuation for the downgrade with the shares up risen 78% since the Q2 earnings report. The analyst expects Duolingo to report strong Q3 results, believes management is and will continue to execute “exceptionally well,” and that the company is going through a “significant product cycle” with video calls unlocking both new experiences for learners and improving conversion. However, JMP believes the stock’s valuation now fairly reflects Duolingo’s newer product initiatives.