Shares of Duolingo, Inc. (DUOL) are soaring during Thursday's intraday trading, climbing 5.17% as investors react to a bullish analyst report. The language-learning platform's stock is gaining momentum following a reaffirmed Buy rating from a prominent Wall Street firm.

Earlier in the day, Andrew Boone, an analyst at Citizens JMP, reiterated his Buy rating on Duolingo shares. More notably, Boone maintained an ambitious price target of $500.00 for the stock, signaling strong confidence in the company's future prospects. This target suggests significant upside potential from current trading levels, which appears to be fueling investor enthusiasm.

The positive analyst sentiment comes at a time when the edtech sector is garnering increased attention from investors. Duolingo's innovative approach to language learning and its expanding user base have positioned it as a standout in the competitive online education market. As the stock continues to climb, market participants will be closely watching for any further developments or financial updates from the company to justify the bullish outlook.