Shares of Appian (NASDAQ:APPN), the low-code app building company, rose today on seemingly no company-specific news. It's possible that investors are becoming even more optimistic about Appian's potential to grow in 2021, following its massive share price gains last year.
The tech stock gained as much as 11.9% today and was up by 10.2% as of 2:25 p.m. EST.
Appian's stock surged 324% in 2020 as lockdowns spread across the U.S. and social distancing forced many people and businesses online. Appian's platform for helping companies build apps with little coding experience helped some companies shift their businesses online.
Appian's share price gains today are likely a result of investors processing reports that the coronavirus continues to spread across the world, and that the distribution of COVID-19 vaccines, in the U.S. and abroad, is taking longer than initially estimated.
Appian's business could potentially benefit as more lockdowns and stricter social distancing regulations are put into place once again.
With today's share price gains, Appian's stock is up 269% over the past 12 months.
Investors have been willing to buy Appian shares based on coronavirus-related news in the past, and it appears to be the reason for today's share price jump as well. With Appian's stock already experiencing significant gains over the past year, investors may want to instead focus their attention on the company's business, and not daily COVID-19 news.