APPF - Why AppFolio Stock Jumped Today
2023-08-21 14:18:29 ET
Shares of real-estate management technology company AppFolio (NASDAQ: APPF) jumped on Monday after receiving an upgrade from an analyst. Typically, this company is characterized by low average trading volume and by lower-than-average volatility. But today, activity for AppFolio stock surged, causing it to climb 13% as of 1 p.m. ET.
Stephens analyst John Campbell upgraded his rating for AppFolio stock from equal weight (hold) to overweight (buy), according to Investing.com, which means he believes it will do better than average. To go along with the upgraded rating, Campbell also gave it a new price target of $212 per share, representing about 13% upside from where shares traded as of this writing.
Campbell reportedly is impressed with AppFolio's new emphasis on profitable growth. In the second quarter of 2022, the company's net loss shrunk to just $700,000 compared to a net loss of almost $30 million in the prior-year quarter.
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Why AppFolio Stock Jumped Today