Shares of Appian (NASDAQ: APPN) were moving higher today after the maker of low-code cloud software got a bullish note from Hedgeye, which added the stock to its "best ideas" list. Hedgeye said it sees "product and market demand upside of 3x over time as low-code goes from marginal to mainstream, and as APPN goes from #2 to clear #1." The leader that Hedgeye is referring to is probably Microsoft, though Appian is considered the leading independent, low-code platform.
Appian provides a low-code automation platform (LCAP), enabling clients to build intelligent applications and automate workflows with little or no coding. Compared to traditional processes, Appian's LCAP can build software 10 times faster and at half the cost. Anyone can buy prebuilt software, but Appian's LCAP allows clients to develop and implement unique solutions.
The cloud computing and enterprise software company's stock seems to be picking up a tailwind from other short squeezes.