Duolingo, Inc. (NASDAQ: DUOL) is the world’s leading language-learning platform, offering gamified lessons across dozens of languages to hundreds of millions of users worldwide. The company has emerged as one of the fastest-growing names in education technology, recently trading around $341 per share with a market cap of roughly $15.5 billion. Once known mainly for its quirky green owl mascot, Duolingo has expanded far beyond language into math, literacy, and other learning categories.
Fueled by subscription growth, rising engagement, and strong brand recognition, Duolingo has become a must-watch company for growth investors. Its sticky user base and ability to scale content across multiple subjects give it competitive advantages that are difficult to replicate.
While the company’s roots remain closely tied to co-founders Luis von Ahn and Severin Hacker, Duolingo today is widely held by some of the largest asset managers and hedge funds in the world. Its ownership now spans passive index giants, long-term growth specialists, and aggressive quant funds, showing both broad institutional interest and divided opinions on valuation.
Looking at who owns the stock and how insiders are trading offers investors a clearer view of how the market really feels about Duolingo right now.
The Biggest Investors Backing Duolingo
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Duolingo operates a mobile-first learning platform that helps people study languages and other subjects through gamified lessons. Its shareholder base includes a mix of the world’s largest asset managers, long-term growth funds, and hedge funds making aggressive bets.
- Vanguard Group: 3.64M shares (9.2%), ~$1.23B. Added 116K (+3.3%).
- BlackRock: 3.42M (8.6%), ~$1.16B. Added 93K (+2.8%).
- Fidelity: 2.67M (6.7%), ~$905M. Cut 764K (-22.3%).
- Capital World Investors: 2.29M (5.8%), ~$777M. Added 937K (+69.1%).
- Baillie Gifford: 2.20M (5.5%), ~$745M. Cut 279K (-11.3%).
- Two Sigma: 1.32M (3.3%), ~$448M. Added 1.14M (+624%).
- Capital Research Global Investors: 1.31M (3.3%), ~$443M. Added 429K (+48.8%).
- T. Rowe Price: 1.31M (3.3%), ~$443M. Added 147K (+12.7%).
- State Street: 1.16M (2.9%), ~$394M. Little change.
One highlight from last quarter is Millennium Management’s bold move, lifting its Duolingo position by more than 1,548%. The fund now owns about 276,000 shares worth $113 million, signaling a strong conviction bet on the company’s long-term growth.
Another notable increase came from Two Sigma Advisers, which boosted its holdings by 340%. The fund now controls roughly 748,000 shares valued at over $306 million, showing that quant-driven strategies see significant upside in Duolingo’s story.
Index fund giants like Vanguard and BlackRock provide a stable base of ownership, while active managers show a split view. Fidelity and Baillie Gifford reduced exposure, hinting at caution, but Two Sigma and Capital World Investors made big additions, showing conviction in Duolingo’s growth potential.
This mix suggests investors agree Duolingo is a strong business, but opinions differ on whether the current valuation leaves enough upside.
See whether Duolingo’s top shareholders are buying or selling today >>>
What Duolingo’s Executives Are Doing With Their Shares
Insider trading activity offers an important signal because it reflects how management handles its own exposure to the stock. While insiders may sell for many personal reasons, sustained buying or selling trends can sometimes hint at how leadership views the company’s valuation or prospects.
In Duolingo’s case, recent filings point more toward selling than buying.
- Matthew Skaruppa (Officer): Sold ~2,522 shares in August.
- Natalie Glance (Officer): Sold ~2,300 shares in August.
- Severin Hacker (Co-founder and Director): Multiple July–August sales totaling more than 10,000 shares at $339–$370.
Insider activity appears tilted toward selling. These moves could be tied to diversification, liquidity, or scheduled plans, but the lack of insider buying makes it look like leadership is not signaling extra confidence at current prices.
For investors, this may be worth watching, especially after a strong stock run, as it suggests insiders are being more cautious about adding to their stakes.
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What the Ownership & Insider Trade Data Tell Us
Ownership and insider data together give a balanced view of how the market values Duolingo. Large asset managers provide long-term stability, while hedge funds and active managers show where conviction or caution lies. Insider trades, meanwhile, add another layer by showing how leadership handles its own holdings.
The data suggests a mixed picture. Index funds like Vanguard and BlackRock ensure steady support, while hedge funds such as Two Sigma are making bold bets on growth. On the other hand, some long-term managers are trimming, and insiders have leaned toward selling rather than buying.
For investors, this highlights both confidence in Duolingo’s business model and hesitancy around its premium valuation.
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