Editor's note: An earlier version of this story incorrectly listed how far the share price had dropped as of 2:07 p.m. on Wednesday.
Shares of Appian (APPN 0.59%), a low-code, app-building platform company, fell on Wednesday on seemingly no company-related news. The stock may be tumbling as investors leave so-called stay-at-home stocks as the U.S. economy opens back up.
The tech stock was down by as much as 8% Wednesday and was down by 6.9% as of 2:07 p.m. EDT.
Generally speaking, tech stocks have experienced significant sell-offs since the beginning of this year as investors have turned their attention away from the tech sector to other areas of the economy.
Appian's stock has taken a big hit as a result, and its share price is down more than 14% year to date. It appears that Wednesday's share-price slide may be a continuation of investor sentiment shifting away from stocks that thrived during social distancing and lockdowns. For context, Appian's share price surged 324% in 2020.
Investors are continually trying to figure out where to put their money as the U.S. economy reopens. But with supply-chain constraints across various industries, the Delta variant of the coronavirus spreading in the U.S., and many companies struggling to find workers, some investors are still unsure whether or not they should ditch tech stocks.
And while Appian's stock has been falling since the beginning of this year, it could still rebound as investors look to technology companies for more stability.
Appian put up solid results in its first quarter (reported on May 6) as subscription revenue jumped 26% year over year, and the company's cloud-subscription, revenue-retention rate was 118%. All of which means that long-term investors may not want to give up on this company just yet.