The Appen Ltd (ASX: APX) share price is storming higher on Thursday.
In afternoon trade, the artificial intelligence (AI) data services company’s shares are up 3.5% to $7.13.
At one stage, however, the Appen share price was up over 6% to $7.32.
Why is the Appen share price climbing higher?
Investors have been bidding Appen’s shares higher today amid a rebound in the tech sector. For example, at the time of writing, the S&P ASX All Technology index is up a sizeable 3.3%.
This follows a strong night of trade on Wall Street, which saw the tech focused Nasdaq index rise an impressive 3.6%.
Anything else?
Also potentially giving the Appen share price a boost today is news that its Chair, Richard Freudenstein, has been topping up his holding.
According to a change of director’s interest notice, on Tuesday Mr Freudenstein picked up 14,975 shares at an average of $6.6796 per share. This equates to a total consideration of $100,000 and lifts the Chair’s holding by 50% to 44,975 shares.
One broker that is likely to approve of this purchase is Citi. Last month its analysts responded to Appen’s full year results by retaining their buy rating but trimming their price target to $9.15. This is notably higher than where its shares trade today.
The post Here’s why the Appen (ASX:APX) share price is up 6% today appeared first on The Motley Fool Australia.
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More reading
- Tech-tonic shift? ASX tech shares rally following Nasdaq’s lead
- Glitch! Why are ASX tech shares getting hammered on Monday?
- ASX 200 (ASX:XJO) midday update: AGL rejects new takeover offer, Appen makes strategic investment
- Appen (ASX:APX) share price fails to lift off on strategic investment
- These were the worst performing ASX 200 shares in February
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Appen Ltd. The Motley Fool Australia owns and has recommended Appen Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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