Shares of Appian Corporation (APPN -3.02%) were climbing today on seemingly no company-specific news. Investors may be shifting their attention back to Appian as rising coronavirus cases push some people back to high-growth tech stocks.
The tech stock was up by 6.7% as of 1:36 p.m. EDT.
Investors piled into growth stocks in the tech industry last year as lockdowns and social distancing forced many people to spend more time at home. Appian, which makes a low-code app-building platform, saw its share price skyrocket about 300% in 2020 as a result.
But as the U.S. economy has opened back up and more people have received COVID-19 vaccines, some investors have fled high-growth tech stocks in search of other investments.
Some of that sentiment may be changing again though, as the delta variant of the coronavirus takes hold in the U.S. and abroad.
As a result, some investors are likely reconsidering their decision to move away from tech stocks and are once again buying shares of technology companies, like Appian, that they think could thrive right now.
Appian's stock has been volatile since the beginning of 2021 and has fallen 37% year to date. Investors are still trying to decide what areas of the economy are the best to invest in as the U.S. faces renewed pandemic fears.
Long-term Appian investors may want to keep in mind that Appian's share price has still gained 97% over the past 12 months. With the delta variant of the coronavirus bringing more uncertainty to the U.S., investors may want to plan for more dips and pops from Appian stock -- as well as from other tech companies -- as investors digest ongoing information about the pandemic.