Appen Limited

ASX:APX

Appen Limited

ASX:APX
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$2.09 (-5%)
Last close price
#437
Rank
10
Held by
57
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Reports (14) My Report Forum Investors
Forum Topics APX APX Bull Case

Pinned straw:
thunderhead
Last edited 3 months ago

Appen shares have been on a tear of late, more than trebling from their lows hit only last month. Quite extraordinary.

What I would like to know to gauge the sustainability of this trend (apart from meaningfully positive fundamental developments which may come out with earnings next week), is who has been buying?

It will be good if institutions were behind the strong buying seen lately, though there have been no significant change in sub. holding notices filed. Is it just retail-driven meme-stock-like FOMO?

The company responded to a recent ASX price query too saying they know nothing.
thunderhead
Added 3 months ago

Well, that wasn't an encouraging reversal ahead of the earnings later in the week. It could just be a shakeout and reset before the next leg up, but with a big risk event on the horizon (and the recent past hasn't been kind in this regard to shareholders either), it would be a brave bet to go against the tide of selling today.

8
juneauquan
Added 3 months ago

Down 20% from the high

Up 10% at one point in the day.

I do think this is a day-trader play thing


7
thunderhead
Added 3 months ago

It seems to be. APX is among the most actively traded in CommSec apparently.

10
thunderhead
Added 2 months ago

Since this post, the risk event (earnings) did result in a significant sell off, but the shares then took off to more than double at the highs reached earlier in the week, and 5x from the yearly lows.

For all holders, hopefully the moves have some substance to it. It's been very volatile, but are punters back in 2021-free-money-meme land again, or at least waiting by the door of that kind of environment with a barge pole? :)

9
juneauquan
Added 3 months ago

Share price and volume took off on July 30

The day Appen released their Appendix 4C. Share price increased 55% on that day alone

That in itself could be an argument for the re-rating of the company, particularly if there was something financially exciting within the report.

However

At the start of the year, the share price of Appen went from 25c to $1.20 in about a month and I do know that a few day-traders were loving it. They took their profits and went to their next play-thing in mid-March. Share price then dropped back to 40c before this rally. Short-term traders love volatility. They have loved Appen and probably love it right now.

I would be wary of Appen because of that alone, BUT, maybe there was some susbtance to their quarterly to justify the re-rating.

15