Short Interest in Appian Co. (NASDAQ:APPN) Expands By 40.7%
Appian Co. (NASDAQ:APPN) experienced a 40.7% increase in short interest in March, totaling 2,350,000 shares as of March 15th. This rise from 1,670,000 shares on February 28th indicates that approximately 6.1% of the company's shares are short sold. The short-interest ratio is currently 4.7 days based on an average daily volume of 502,400 shares. Appian's stock opened at $29.34, with a market cap of $2.17 billion and a P/E ratio of -23.29. Analysts forecast a -0.28 EPS for the current fiscal year, with a consensus price target of $37.80.
Appian Co. (NASDAQ:APPN - Get Free Report) was the target of a significant increase in short interest in the month of March. As of March 15th, there was short interest totalling 2,350,000 shares, an increase of 40.7% from the February 28th total of 1,670,000 shares. Based on an average daily volume of 502,400 shares, the days-to-cover ratio is presently 4.7 days. Approximately 6.1% of the company's stock are sold short.
Appian Stock Performance
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APPN opened at $29.34 on Friday. The stock has a market capitalization of $2.17 billion, a P/E ratio of -23.29 and a beta of 1.65. Appian has a one year low of $26.28 and a one year high of $43.33. The business's 50-day simple moving average is $32.57 and its 200-day simple moving average is $34.21.
Appian (NASDAQ:APPN - Get Free Report) last issued its quarterly earnings data on Wednesday, February 19th. The company reported ($0.12) earnings per share for the quarter, missing analysts' consensus estimates of ($0.01) by ($0.11). The firm had revenue of $166.70 million during the quarter, compared to analysts' expectations of $164.31 million. Appian had a negative net margin of 14.95% and a negative return on equity of 532.05%. Appian's quarterly revenue was up 14.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.06 EPS. On average, equities research analysts forecast that Appian will post -0.28 EPS for the current fiscal year.
Insider Activity
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In related news, Director Albert G.W. Biddle III sold 990 shares of Appian stock in a transaction on Monday, February 24th. The stock was sold at an average price of $33.21, for a total value of $32,877.90. Following the completion of the transaction, the director now directly owns 29,348 shares in the company, valued at approximately $974,647.08. This trade represents a 3.26 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 44.00% of the company's stock.
Institutional Investors Weigh In On Appian
Institutional investors and hedge funds have recently made changes to their positions in the business. Abdiel Capital Advisors LP increased its position in Appian by 72.6% in the 3rd quarter. Abdiel Capital Advisors LP now owns 10,169,273 shares of the company's stock valued at $347,179,000 after acquiring an additional 4,278,969 shares during the period. Arrowstreet Capital Limited Partnership acquired a new position in shares of Appian in the fourth quarter valued at approximately $4,918,000. Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of Appian by 184.9% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 201,245 shares of the company's stock worth $6,637,000 after purchasing an additional 130,606 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Appian by 418.8% during the fourth quarter. JPMorgan Chase & Co. now owns 160,793 shares of the company's stock worth $5,303,000 after purchasing an additional 129,800 shares during the period. Finally, Voloridge Investment Management LLC grew its position in Appian by 222.6% in the 4th quarter. Voloridge Investment Management LLC now owns 182,965 shares of the company's stock valued at $6,034,000 after buying an additional 126,256 shares during the last quarter. 52.70% of the stock is owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
APPN has been the subject of a number of analyst reports. KeyCorp reissued a "sector weight" rating on shares of Appian in a research report on Tuesday, January 14th. Scotiabank started coverage on shares of Appian in a research report on Monday, January 6th. They issued a "sector perform" rating and a $37.00 price objective on the stock. Finally, Barclays lifted their price objective on shares of Appian from $34.00 to $37.00 and gave the stock an "underweight" rating in a research report on Friday, December 6th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company. According to MarketBeat, Appian currently has an average rating of "Hold" and a consensus price target of $37.80.
Read Our Latest Research Report on APPN
Appian Company Profile
(Get Free Report)Appian Corporation, a software company that provides low-code design platform in the United States, Mexico, Portugal, and internationally. The company's platform offers artificial intelligence, process automation, data fabric, and process mining. It provides The Appian Platform, an integrated automation platform that enables organizations to design, automate, and optimize mission-critical business processes.
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