Abidel Capital Advisors, a major holder of Appian Corporation (APPN), recently bought 610,22 shares. The buy increased the fund’s holdings by 3%, and came to a total cost of $18.94 million.
This is the fund’s first buy since April 2023. The fund even had a number of sales in late 2023 and early 2024, with the last sale occurring in February. A company director also bought shares this year in late May, picking up 11,000 shares for $308,000.
Overall, Appian insiders own 2.7% of shares, and institutions own 83.4% of shares.
The software infrastructure company has slid 36% over the past year, in contrast to the S&P 500’s 24% rise.
While Appian has not been profitable over the past year, lowing over $107 million, revenues are up 11%. And shares have started to trend higher since late June. That could allow it to move into profitability in the years ahead.
Action to take: With insiders buying and shares trending higher, Appian could be ready to see some market-beating returns as it makes up for lost ground over the past year. As a tech software play, shares will continue to remain volatile.
For traders, the November $40 calls, last trading for about $2.10, could see high double-digit returns if the current rally continues over the summer.
Traders will likely want to take profits going into the early autumn, as September and October mark weak months for stock returns.
Disclosure: The author of this article has no position in the company mentioned here, but may trade after the next 72 hours. The author receives no compensation from any company mentioned in this article.