Appen shares plummet as Google terminates contract
On Monday, the tech sector witnessed another dramatic downturn, as shares in Appen (ASX:APX) slumped by 37%, adding to the bloodshed in the market.
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Appen Limited
With expertise in more than 180 languages, a global crowd of over 1 million skilled contractors, and the industry’s most advanced AI-assisted data annotation platform, Appen solutions provide the quality, security, and speed required by leaders in technology, automotive, financial services, retail, manufacturing, and governments worldwide.
Founded in 1996, Appen has customers and offices around the world.
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News
Appen’s earn-out payment shrinks: Mixed news for investors
The final payment for Appen's 2021 acquisition of Quadrant Global Pte Ltd is now expected to be lower than initially forecasted, impacting Appen's working capital facility.
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Appen plunges 29% following bleak interim results
Appen's (ASX:APX) shares experienced a significant 29% drop until 1pm yesterday as the company unveiled a set of interim results marked by substantial losses and declining growth, triggering investor concern.
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$60m Needed to Stage this Case of Appen Stance
Struggling tech Appen is looking for $60 million from institutions and ordinary shareholders in what could be a final effort to remain viable.
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Double Trouble for Appen and Redbubble
Carnage on and off the trading screens for both data / AI techie Appen and e-tailer Rebubble, with cost- and job-cutting the order of the day.
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Analyst Views
APX – Citi rates the stock as Buy
Citi has opened a "positive catalyst watch" on the company. Buy rating retained. Target $14.80, down from $17.10, as earnings estimates have been reduced regardless.
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APX – Credit Suisse rates the stock as Neutral
Neutral rating is unchanged and the target is lowered to $11 from $15.
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APX – Credit Suisse rates the stock as Upgrade to Neutral from Underperform
Credit Suisse has become more balanced in its view of the stock and upgrades to Neutral from Underperform. The rating change is more about the share price than any fundamental difference.
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