The Appen share price is soaring 5% on Thursday. Could this be why?

A bearded man holds both arms up diagonally and points with his index fingers to the sky with a thrilled look on his face over these rising ASX technology stocks including the Appen share price todayA bearded man holds both arms up diagonally and points with his index fingers to the sky with a thrilled look on his face over these rising ASX technology stocks including the Appen share price today

The Appen Ltd (ASX: APX) share price rollercoaster continues on Thursday with the stock recovering its losses for the week so far.

There’s been no news from the provider of data for artificial intelligence to explain today’s surge. However, it’s also a good day for many of its ASX technology peers.

At the time of writing, the Appen share price is $6.73, up 4.83% on its previous close.

For context, the S&P/ASX All Ordinaries Index (ASX: XAO) is also in the green, having gained 0.7%.

Let’s take a look at what might be going on with ASX tech shares on Thursday.

Appen share price up alongside ASX tech share peers

The S&P/ASX All Technology Index (ASX: XTX) is up 1.53% at the time of writing. Some of the big-name ASX tech shares doing well today include Megaport Ltd (ASX: MP1), up 3.33%, and WiseTech Global Ltd (ASX: WTC), up 4.1%.

Among the smaller ASX tech shares soaring today is Whispir Ltd (ASX: WSP), up 7.02%, and Dubber Corp Ltd (ASX: DUB), up 7.31%. Nuix Ltd (ASX: NXL) is also up 6.96%.

The market hasn’t heard any price-sensitive news from Appen since early March but its share price has been displaying volatility lately. It fell 4.5% on Monday and gained it back on Tuesday. It slumped another 3.4% yesterday before lifting back into the green today.

Though, Appen’s good days this week are nowhere near enough to outweigh its bad year. The Appen share price is 39% lower than it was at the start of 2022. It has also tumbled 54% since this time last year.

Appen has a market capitalisation of $792 million and has 123.4 million shares outstanding.

The post The Appen share price is soaring 5% on Thursday. Could this be why? appeared first on The Motley Fool Australia.

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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Appen Ltd, Dubber Corporation, MEGAPORT FPO, Whispir Ltd, and WiseTech Global. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended Nuix Pty Ltd. The Motley Fool Australia has positions in and has recommended Dubber Corporation and WiseTech Global. The Motley Fool Australia has recommended MEGAPORT FPO and Whispir Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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