A group of funds just increased their stake in Appian Corp. (APPN). Between September 5 and 9, the group bought another $2.8 million worth of stock at an average price of $29.98 to $31.31 a share.
Currently consolidating at around $31.54, if the stock can break above $33 resistance, it could potentially refill its bearish gap at around $37 a share. Helping, the company just said three of its partners were just awarded a multiple-award contract for the company’s products through the Department of Defense Enterprise Software Initiative.
As noted by Seeking Alpha, “The agreement, valued at an estimated $145,902,412 will provide the U.S. Navy with Appian’s commercial off-the-shelf software, hardware, and maintenance support.”