Short Interest in Appian Co. (NASDAQ:APPN) Drops By 24.3%

Appian Co. (NASDAQ:APPN - Get Free Report) saw a large drop in short interest in the month of September. As of September 30th, there was short interest totalling 2,610,000 shares, a drop of 24.3% from the September 15th total of 3,450,000 shares. Based on an average daily trading volume, of 614,300 shares, the short-interest ratio is presently 4.2 days. Approximately 7.0% of the company's stock are sold short.

Insider Buying and Selling at Appian

In related news, major shareholder Abdiel Capital Advisors, Lp bought 40,000 shares of the firm's stock in a transaction that occurred on Tuesday, July 16th. The stock was purchased at an average cost of $35.16 per share, for a total transaction of $1,406,400.00. Following the completion of the acquisition, the insider now owns 7,085,647 shares in the company, valued at approximately $249,131,348.52. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders acquired 1,761,776 shares of company stock valued at $57,130,976 in the last 90 days. Company insiders own 44.00% of the company's stock.

Institutional Trading of Appian

Several hedge funds and other institutional investors have recently added to or reduced their stakes in APPN. Neo Ivy Capital Management purchased a new stake in Appian in the second quarter valued at approximately $65,000. Concord Wealth Partners acquired a new stake in shares of Appian during the 1st quarter worth $85,000. Canada Pension Plan Investment Board acquired a new position in Appian in the second quarter valued at $96,000. nVerses Capital LLC purchased a new stake in Appian during the second quarter valued at about $105,000. Finally, Point72 Hong Kong Ltd purchased a new stake in Appian during the second quarter valued at about $121,000. Hedge funds and other institutional investors own 52.70% of the company's stock.

Appian Price Performance

Appian stock traded down $0.82 during mid-day trading on Friday, hitting $31.31. 548,555 shares of the company were exchanged, compared to its average volume of 542,113. Appian has a 12-month low of $26.28 and a 12-month high of $44.28. The company has a market capitalization of $2.26 billion, a P/E ratio of -21.30 and a beta of 1.57. The business's 50 day simple moving average is $31.72 and its two-hundred day simple moving average is $32.69.

Appian (NASDAQ:APPN - Get Free Report) last posted its quarterly earnings data on Thursday, August 1st. The company reported ($0.26) EPS for the quarter, topping analysts' consensus estimates of ($0.31) by $0.05. Appian had a negative return on equity of 532.05% and a negative net margin of 18.80%. The firm had revenue of $146.50 million during the quarter, compared to analysts' expectations of $142.87 million. During the same quarter last year, the business posted ($0.55) EPS. The firm's quarterly revenue was up 14.7% compared to the same quarter last year. Equities research analysts predict that Appian will post -1.07 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Barclays decreased their price objective on shares of Appian from $32.00 to $29.00 and set an "underweight" rating for the company in a research report on Monday, August 5th. DA Davidson downgraded Appian from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 31st. KeyCorp downgraded shares of Appian from an "overweight" rating to a "sector weight" rating in a research report on Friday, August 2nd. William Blair downgraded Appian from an "outperform" rating to a "market perform" rating in a report on Thursday, August 1st. Finally, The Goldman Sachs Group dropped their price objective on shares of Appian from $47.00 to $41.00 and set a "buy" rating on the stock in a research note on Friday, August 2nd. 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's stock. Based on data from MarketBeat, Appian has an average rating of "Hold" and a consensus price target of $39.20.

About Appian

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.