Shares of Appian (NASDAQ: APPN) have pulled back this year in line with a broader sell-off in software-as-a-service (SaaS) stocks. Though the sector is generally growing quickly, many SaaS stocks are unprofitable and in a high-interest rate environment, investors are turning away long-duration stocks, or stocks that are expected to produce earnings further into the future, since those profits are not worth as much when inflation and interest rates are high.
Appian's performance has remained strong and consistent this year, but the broad-market headwinds weighed on the stock. According to data from S&P Global Market Intelligence , shares fell 27% through the first half of the year.
As the chart below shows, the stock was volatile on a week-to-week basis but generally tracked with the S&P 500 .
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Why Appian Is Down 27% so far This Year