Why Appian (APPN) Shares Are Getting Obliterated Today
Stock Story
Published Nov 03, 2023 11:29AM ET
Updated Nov 03, 2023 12:02PM ET
Why Appian (APPN) Shares Are Getting Obliterated Today
What Happened: Shares of low code software development platform provider Appian (Nasdaq: NASDAQ:APPN) fell 5.88% in the morning session after the company reported third quarter results with revenue and adjusted EBITDA guidance for the next quarter falling below Wall Street's expectations. Similarly, its full-year revenue guidance slightly missed Wall Street's estimates. In addition, the company continued to burn cash.
On the other hand, revenue and adjusted EPS beat expectations during the quarter, and we enjoyed seeing Appian materially improve its gross margin.
Overall, this was a mediocre quarter for Appian.
The stock market overreacts to news, and big price drops can present good opportunities to buy high-quality stocks. Is now the time to buy Appian? Find out by reading the original article on StockStory.
What is the market telling us: Appian's shares are very volatile and over the last year have had 25 moves greater than 5%. In context of that, today's move is indicating the market considers this news meaningful but not something that would fundamentally change its perception of the business.
Appian is up 21% since the beginning of the year, but at $39.28 per share it is still trading 27.1% below its 52-week high of $53.90 from June 2023. Investors who bought $1,000 worth of Appian's shares 5 years ago would now be looking at an investment worth $1,440.
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Written By: Stock Story
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