DUOLINGO INC DUOL
CL A COM · Common Stock · CUSIP 26603R106 · ISIN US26603R1068
American online platform for language learning
- SectorTechnology
- IndustryServices-Prepackaged Software
- HeadquartersPittsburgh, PA
- Websiteen.duolingo.com
- FilingsSEC EDGAR
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($5.6m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $114.97. Options: 23 managers hold calls ($375.8m notional), 22 hold puts ($410.1m).
Trends to Q2 2026
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 168 |
| Q4 2022 | 155 |
| Q1 2023 | 196 |
| Q2 2023 | 238 |
| Q3 2023 | 244 |
| Q4 2023 | 320 |
| Q1 2024 | 337 |
| Q2 2024 | 357 |
| Q3 2024 | 390 |
| Q4 2024 | 459 |
| Q1 2025 | 474 |
| Q2 2025 | 586 |
| Q3 2025 | 547 |
| Q4 2025 | 476 |
| Q1 2026 | 372 |
| Q2 2026 | 434 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q3 2024 | 200 | 191 |
| Q4 2024 | 241 | 178 |
| Q1 2025 | 276 | 221 |
| Q2 2025 | 396 | 184 |
| Q3 2025 | 313 | 302 |
| Q4 2025 | 226 | 346 |
| Q1 2026 | 214 | 269 |
| Q2 2026 | 260 | 179 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q3 2025 | $1.1bn | $1.2bn | 1.12 |
| Q4 2025 | $597.6m | $635.9m | 1.06 |
| Q1 2026 | $429.3m | $397.3m | 0.93 |
| Q2 2026 | $375.8m | $410.1m | 1.09 |
Biggest buyers
| AQR CAPITAL MANAGEMENT LLC | Added | +2.2m |
| Squarepoint Ops LLC | Added | +302.4k |
| GOLDMAN SACHS GROUP INC | Added | +272.1k |
| TWO SIGMA INVESTMENTS, LP | Added | +233.7k |
| Point72 Asset Management, L.P. | New | +215.1k |
| SG Americas Securities, LLC | Added | +188.7k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | +135.6k |
| Polymer Capital Management (HK) LTD | New | +122.3k |
| FEDERATED HERMES, INC. | Added | +118.8k |
| Jump Financial, LLC | Added | +116.8k |
Biggest sellers
| JANE STREET GROUP, LLC | Reduced | -498.1k |
| MORGAN STANLEY | Reduced | -447.6k |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC | Sold out | -429.3k |
| RENAISSANCE TECHNOLOGIES LLC | Reduced | -392.3k |
| CITADEL ADVISORS LLC | Reduced | -271.3k |
| MILLENNIUM MANAGEMENT LLC | Reduced | -259.4k |
| Invesco Ltd. | Reduced | -189.9k |
| JPMORGAN CHASE & CO | Reduced | -180.2k |
| BANK OF AMERICA CORP /DE/ | Reduced | -141.9k |
| BlackRock, Inc. | Reduced | -119.4k |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $114.8m998.1k shares |
| CITADEL ADVISORS LLC | Reduced | $86.1m748.8k shares |
| IMC-Chicago, LLC | Reduced | $45.4m394.9k shares |
| JANE STREET GROUP, LLC | Added | $41.9m364.3k shares |
| D. E. Shaw & Co., Inc. | Added | $27.5m238.9k shares |
| Balyasny Asset Management L.P. | Unchanged | $11.5m100.0k shares |
| Walleye Trading LLC | Reduced | $8.8m76.6k shares |
| SIMPLEX TRADING, LLC | Reduced | $6.3m54.6k shares |
| UBS Group AG | Added | $6.2m53.8k shares |
| Squarepoint Ops LLC | Reduced | $5.8m50.7k shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $116.0m1.0m shares |
| CITADEL ADVISORS LLC | Added | $95.4m829.0k shares |
| JANE STREET GROUP, LLC | Added | $59.5m517.1k shares |
| IMC-Chicago, LLC | Reduced | $44.5m387.0k shares |
| GOLDMAN SACHS GROUP INC | New | $23.0m199.6k shares |
| Walleye Trading LLC | Reduced | $14.1m122.5k shares |
| SIMPLEX TRADING, LLC | Reduced | $13.3m115.7k shares |
| Sessa Capital IM, L.P. | Unchanged | $11.5m100.0k shares |
| D. E. Shaw & Co., Inc. | Reduced | $10.8m94.2k shares |
| TUDOR INVESTMENT CORP ET AL | Reduced | $5.5m47.5k shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
| BAILLIE GIFFORD & CO 13G · institution -1.1 pts · filed 2026-10-20 | 11.3% |
| von Ahn Luis 13G · exempt (held before listing) filed 2026-08-12 | 8.2% |
| Hacker Severin 13G · exempt (held before listing) filed 2025-04-17 | 7.6% |
| AQR CAPITAL MANAGEMENT LLC 13G · institution new · filed 2026-08-12 | 5.8% |
| VANGUARD CAPITAL MANAGEMENT LLC 13G · institution new · filed 2026-07-31 | 5.1% |
Fell to 5% or below in the last year: Capital World Investors (0.0%, 2026-05-14), FMR LLC (2.7%, 2026-05-06), VANGUARD GROUP INC (0.0%, 2026-03-26; now reported by VANGUARD CAPITAL MANAGEMENT LLC)
Insider purchases and sales since 1 Apr 2026
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
Officers and directors buying vs selling
Number of people, by quarter (10% owners not included)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q4 2024 | 0 | — | 6 | $182.7m | $179.9m |
| Q1 2025 | 0 | — | 8 | $49.8m | $46.6m |
| Q2 2025 | 0 | — | 7 | $46.0m | $36.3m |
| Q3 2025 | 0 | — | 5 | $28.6m | $26.0m |
| Q4 2025 | 0 | — | 5 | $14.4m | $14.2m |
| Q1 2026 | 1 | $498.8k | 4 | $1.6m | $1.5m |
| Q2 2026 | 0 | — | 3 | $1.1m | $914.6k |
| Q3 2026 | 0 | — | 5 | $21.0m | $20.7m |
| Date | Insider | Trade | Value |
|---|---|---|---|
| 2026-09-24 | von Ahn Luis President & CEO, Co-Founder, director | Sold plan | $7.0m46.7k shares |
| 2026-09-22 | von Ahn Luis President & CEO, Co-Founder, director | Sold plan | $549.0k3.6k shares |
| 2026-09-21 | von Ahn Luis President & CEO, Co-Founder, director | Sold plan | $5.6m37.4k shares |
| 2026-09-16 | von Ahn Luis President & CEO, Co-Founder, director | Sold plan | $4.3m28.3k shares |
| 2026-09-14 | Chen Stephen C. General Counsel | Sold plan | $1.2m8.1k shares |
| 2026-09-08 | GORDON WILLIAM B Director | Sold plan | $1.5m10.0k shares |
| 2026-08-18 | Glance Natalie Chief Engineering Officer | Sold plan | $212.1k1.5k shares |
| 2026-08-17 | Glance Natalie Chief Engineering Officer | Sold plan | $355.2k2.8k shares |
| 2026-08-17 | Meese Robert Chief Business Officer | Sold | $174.8k1.4k shares |
| 2026-08-17 | Chen Stephen C. General Counsel | Sold | $132.2k1.0k shares |
| 2026-05-18 | Glance Natalie Chief Engineering Officer | Sold plan | $381.7k3.4k shares |
| 2026-05-18 | Chen Stephen C. General Counsel | Sold plan | $224.6k2.0k shares |
| 2026-05-15 | Glance Natalie Chief Engineering Officer | Sold plan | $216.4k1.9k shares |
| 2026-05-15 | Meese Robert Chief Business Officer | Sold | $159.3k1.4k shares |
| 2026-05-15 | Chen Stephen C. General Counsel | Sold plan | $92.0k820 shares |
Their holding: how much the trade added to or took from the insider's holding (direct, or the trust or fund named). The same trade is sometimes reported by more than one insider, such as a fund and the director who represents it; totals count it once. A value is left blank where the reported price is far from the market price (usually a typo).
Holders, Q2 2026
| Manager | Shares | Change |
|---|---|---|
| BAILLIE GIFFORD & CO 0.50% of their portfolio | 4.8m $554.9m | Reduced -51.5k |
| BlackRock, Inc. 0.01% of their portfolio | 3.9m $444.8m | Reduced -119.4k |
| AQR CAPITAL MANAGEMENT LLC 0.09% of their portfolio | 2.3m $268.3m | Added +2.2m |
| VANGUARD CAPITAL MANAGEMENT LLC 0.00% of their portfolio | 1.7m $200.8m | Added +22.6k |
| TWO SIGMA INVESTMENTS, LP 0.14% of their portfolio | 1.6m $187.4m | Added +233.7k |
| FIL Ltd 0.13% of their portfolio | 1.6m $184.4m | Reduced -19.3k |
| VANGUARD PORTFOLIO MANAGEMENT LLC 0.01% of their portfolio | 1.6m $184.4m | Reduced -29.4k |
| FEDERATED HERMES, INC. 0.23% of their portfolio | 1.4m $157.8m | Added +118.8k |
| STATE OF MICHIGAN RETIREMENT SYSTEM 0.67% of their portfolio | 1.3m $150.2m | Added +112.8k |
| STATE STREET CORP 0.00% of their portfolio | 1.2m $141.4m | Added +45.7k |
| BANK OF AMERICA CORP /DE/ 0.01% of their portfolio | 1.2m $136.9m | Reduced -141.9k |
| FMR LLC 0.01% of their portfolio | 1.1m $130.1m | Added +37.8k |
| UBS Group AG 0.02% of their portfolio | 1.0m $118.0m | Reduced -72.1k |
| GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio | 769.1k $88.5m | Reduced -49.3k |
| GOLDMAN SACHS GROUP INC 0.01% of their portfolio | 624.5k $71.8m | Added +272.1k |
| Quinn Opportunity Partners LLC 2.99% of their portfolio | 555.7k $63.9m | Added +58.3k |
| MORGAN STANLEY 0.00% of their portfolio | 506.2k $58.2m | Reduced -447.6k |
| GILDER GAGNON HOWE & CO LLC 0.60% of their portfolio | 502.3k $57.8m | Reduced -6.2k |
| Whale Rock Capital Management LLC 0.44% of their portfolio | 471.8k $54.3m | Unchanged |
| Amundi 0.01% of their portfolio | 471.3k $54.2m | Added +22.2k |
| BNP PARIBAS FINANCIAL MARKETS 0.03% of their portfolio | 463.9k $53.4m | Reduced -19.1k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.01% of their portfolio | 358.5k $41.2m | Added +51.6k |
| Squarepoint Ops LLC 0.07% of their portfolio | 324.5k $37.3m | Added +302.4k |
| NORGES BANK 0.00% of their portfolio | 321.5k $37.0m | Not comparable |
| NORTHERN TRUST CORP 0.00% of their portfolio | 314.9k $36.2m | Reduced -19.7k |
| Carnegie Mellon University 42.96% of their portfolio | 294.8k $33.9m | Unchanged |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 291.2k $34.0m | Reduced -180.2k |
| SG Americas Securities, LLC 0.02% of their portfolio | 267.9k $30.8m | Added +188.7k |
| VANGUARD FIDUCIARY TRUST CO 0.01% of their portfolio | 252.6k $29.0m | Added +781 |
| Bank of New York Mellon Corp 0.00% of their portfolio | 240.3k $27.6m | Reduced -9.3k |
| Point72 Asset Management, L.P. 0.04% of their portfolio | 215.1k $24.7m | New |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.02% of their portfolio | 213.7k $24.6m | Added +135.6k |
| RENAISSANCE TECHNOLOGIES LLC 0.03% of their portfolio | 211.5k $24.3m | Reduced -392.3k |
| Pacer Advisors, Inc. 0.06% of their portfolio | 201.2k $23.1m | Reduced -37.3k |
| D. E. Shaw & Co., Inc. 0.01% of their portfolio | 196.7k $22.6m | Reduced -83.7k |
| HRT FINANCIAL LP 0.05% of their portfolio | 183.7k $21.1m | Reduced -38.2k |
| JANE STREET GROUP, LLC 0.01% of their portfolio | 173.0k $19.9m | Reduced -498.1k |
| AMERICAN CENTURY COMPANIES INC 0.01% of their portfolio | 168.4k $19.4m | Added +37.8k |
| Invesco Ltd. 0.00% of their portfolio | 168.3k $19.4m | Reduced -189.9k |
| Nantahala Capital Management, LLC 0.58% of their portfolio | 167.8k $19.3m | Added +67.8k |
| Capital International Investors 0.00% of their portfolio | 149.6k $17.2m | Unchanged |
| Gotham Asset Management, LLC 0.04% of their portfolio | 145.6k $16.8m | Added +105.7k |
| CITIGROUP INC 0.01% of their portfolio | 144.4k $16.6m | Reduced -97.0k |
| Polymer Capital Management (HK) LTD 1.43% of their portfolio | 122.3k $14.1m | New |
| Walleye Trading LLC 0.19% of their portfolio | 121.7k $14.0m | Added +5.0k |
| Jump Financial, LLC 0.12% of their portfolio | 120.0k $13.8m | Added +116.8k |
| RHUMBLINE ADVISERS 0.01% of their portfolio | 101.0k $11.6m | Reduced -21.6k |
| Trexquant Investment LP 0.07% of their portfolio | 95.8k $11.0m | Reduced -30.7k |
| Voleon Capital Management LP 0.19% of their portfolio | 91.5k $10.5m | Reduced -45.5k |
| FIRST TRUST ADVISORS LP 0.01% of their portfolio | 91.5k $10.5m | Reduced -7.9k |
| PRINCIPAL FINANCIAL GROUP INC 0.01% of their portfolio | 91.4k $10.5m | Added +1.3k |
| DIMENSIONAL FUND ADVISORS LP 0.00% of their portfolio | 89.4k $10.3m | Reduced -26.0k |
| Man Group plc 0.02% of their portfolio | 87.5k $10.1m | Added +11.4k |
| Jasper Ridge Partners, L.P. 0.21% of their portfolio | 87.1k $10.0m | Unchanged |
| WINMILL & CO. INC 2.20% of their portfolio | 86.6k $10.0m | New |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio | 86.3k $9.9m | Added +1.8k |
| IEQ CAPITAL, LLC 0.04% of their portfolio | 81.1k $9.3m | New |
| Nuveen, LLC 0.00% of their portfolio | 80.5k $9.3m | Reduced -269 |
| Mitsubishi UFJ Trust & Banking Corp 0.02% of their portfolio | 78.7k $9.1m | Reduced -6.1k |
| Swiss National Bank 0.00% of their portfolio | 77.4k $8.9m | Added +6.9k |
| Clear Street Group Inc. 0.03% of their portfolio | 75.5k $8.7m | Reduced -52.4k |
| Arthedge Capital Management, LLC 7.47% of their portfolio | 74.8k $8.6m | Unchanged |
| Private Advisor Group, LLC 0.04% of their portfolio | 74.7k $8.6m | Added +12.0k |
| MILLENNIUM MANAGEMENT LLC 0.01% of their portfolio | 72.0k $8.3m | Reduced -259.4k |
| USS Investment Management Ltd 0.03% of their portfolio | 71.8k $8.3m | Added +8.4k |
| BARCLAYS PLC 0.00% of their portfolio | 71.6k $8.2m | Reduced -6.8k |
| ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio | 70.4k $8.1m | Added +63.2k |
| Baird Financial Group, Inc. 0.01% of their portfolio | 69.3k $8.0m | Added +62.3k |
| KR Capital LP 0.78% of their portfolio | 68.5k $7.9m | New |
| Proem Advisors LLC 1.62% of their portfolio | 68.5k $7.9m | Unchanged |
| CI INVESTMENTS INC. 0.02% of their portfolio | 62.7k $7.2m | Added +130 |
| Cerity Partners LLC 0.01% of their portfolio | 61.5k $7.1m | New |
| TEACHERS RETIREMENT SYSTEM OF THE STATE OF KENTUCKY 0.05% of their portfolio | 61.4k $7.1m | Reduced -2.6k |
| Fideuram Asset Management (Ireland) dac 0.12% of their portfolio | 60.8k $6.1m | New |
| Mariner, LLC 0.01% of their portfolio | 58.8k $6.8m | New |
| Universal- Beteiligungs- und Servicegesellschaft mbH 0.01% of their portfolio | 57.9k $6.7m | Reduced -13.4k |
| IMC-Chicago, LLC 0.06% of their portfolio | 53.5k $6.2m | Reduced -36.5k |
| SIMPLEX TRADING, LLC 0.16% of their portfolio | 53.1k $6.1m | Added +21.9k |
| SEI INVESTMENTS CO 0.01% of their portfolio | 50.6k $5.8m | Added +41.3k |
| Creative Planning 0.00% of their portfolio | 50.5k $5.8m | Added +36.0k |
| Legal & General Group Plc 0.00% of their portfolio | 50.0k $5.8m | Reduced -546 |
| ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio | 48.3k $4.8m | Added +1.1k |
| TUDOR INVESTMENT CORP ET AL 0.02% of their portfolio | 46.3k $5.3m | Reduced -48.0k |
| ACADIAN ASSET MANAGEMENT LLC 0.01% of their portfolio | 46.1k $5.3m | Added +14.2k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.00% of their portfolio | 44.5k $5.1m | Added +2.8k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio | 44.0k $5.1m | Added +3.4k |
| California Public Employees Retirement System 0.00% of their portfolio | 43.9k $5.0m | Reduced -1.9k |
| X-Square Capital, LLC 1.26% of their portfolio | 43.2k $5.0m | Unchanged |
| LANDSCAPE CAPITAL MANAGEMENT, L.L.C. 0.32% of their portfolio | 42.6k $4.9m | Added +37.1k |
| Retirement Systems of Alabama 0.01% of their portfolio | 41.6k $4.8m | Reduced -7.4k |
| Edgestream Partners, L.P. 0.14% of their portfolio | 41.3k $4.8m | Reduced -19.5k |
| Lingotto Investment Management LLP 0.10% of their portfolio | 40.0k $4.6m | Unchanged |
| Marex Group Ltd 0.03% of their portfolio | 39.9k $4.6m | Reduced -8.8k |
| AMERIPRISE FINANCIAL INC 0.00% of their portfolio | 39.1k $4.5m | Added +1.1k |
| VICTORY CAPITAL MANAGEMENT INC 0.00% of their portfolio | 36.4k $4.2m | Reduced -7.5k |
| VANGUARD ASSET MANAGEMENT, Ltd 0.00% of their portfolio | 36.1k $4.2m | Added +2.6k |
| NEW YORK STATE TEACHERS RETIREMENT SYSTEM 0.01% of their portfolio | 35.5k $4.1m | Reduced -211 |
| Brevan Howard Capital Management LP 0.06% of their portfolio | 35.1k $4.0m | Added +11.1k |
| MERCER GLOBAL ADVISORS INC /ADV 0.00% of their portfolio | 34.7k $4.0m | Added +32.4k |
| Engineers Gate Manager LP 0.05% of their portfolio | 34.1k $3.9m | Reduced -28.1k |