Shares of unprofitable tech stocks Appian (NASDAQ: APPN), Okta (NASDAQ: OKTA), and Shopify (NYSE: SHOP) all popped in Friday trading, closing 4.6%, 5.7%, and 5.8% higher, respectively. Were today's rising prices a harbinger of even better days to come, or just a gift: a day in which stock prices rise for no reason, giving investors a chance to cash out at a profit? Lacking any real news underlying the rising share prices, I'm more inclined to think the latter, especially in the case of Appian.
Appian (NASDAQ: APPN) today published survey results examining the response of the UK banking sector to the coronavirus pandemic, revealing that nearly three-quarters of respondents say their organization has become more innovative as a result.
Appian's (AAPN) top-line benefits from rapid adoption of the company's low--code automation platform and customer expansion.