APPN - Down 84% Is This Artificial Intelligence (AI) Stock a Buy After an Earnings Pop?
2024-02-19 08:07:00 ET
Like much of the software sector, cloud computing specialist Appian (NASDAQ: APPN) saw its shares fall sharply in the bear market of 2022.
The stock had soared to a sky-high valuation in early 2021 with the help of a short squeeze , but that proved to be unsustainable. And though the company delivered solid growth through the broader slowdown in the tech sector, the valuation has compressed substantially. Shares are now down 84% from their peak in early 2021.
However, Appian's shares jumped over 12% this past Thursday on its fourth-quarter earnings report. The company delivered solid results on the top and bottom lines, and talked up its new initiatives in artificial intelligence (AI) and "data fabric," a technology that connects disparate sources of data to make them accessible and easy to use.
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Down 84%, Is This Artificial Intelligence (AI) Stock a Buy After an Earnings Pop?