Up 53% in a week! Appen Limited's AI potential well understood by institutional investors

Fri 02 Jun 23, 09:00 AM | Team Kalkine

Phonlamai Photo@shutterstock

Highlight

Appen (ASX: APX) stock surged 53.45% in five sessions through Friday (2 June 2023).

Appen has been at the forefront of AI for over 25 years.

It provides AI products and services to many of the world’s top tech companies.

Artificial intelligence (AI) data services company Appen Limited (ASX: APX) announced a strategy refresh on 10 May 2023, along with its trading update for the four months ending 30 April 2023. On 10 May, the stock tanked over 28% to end at AUD 2.226 as market participants reacted to only its trading update and not the strategy refresh, which highlighted the revenue generation potential of Generative AI that is expected to grow to a USD 110 billion market by 2030 from just USD 8 billion in 2021, as per the company.

But Appen's AI potentials were well understood by a few institutional investors such as State Street and Citigroup, who took advantage of the correction on 10 May and increased their stake in the company. State Street increased its shareholding in Appen to 6.71% on 10 May from 5.58% earlier, while Citigroup became a substantial holder in the company by grabbing a 5.31% stake on 10 May.

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