APX.AX down 9.90% after hours 23 Feb 2026: Appen (ASX) AI growth questioned

APX.AX stock fell -9.90% to A$1.32 in after-hours trade on 23 Feb 2026. Volume spiked at 12,118,934.00 shares versus an average of 5,834,920.00. The move follows mixed signals on demand for labelled AI training data and a near-term earnings date. We examine financials, technicals, Meyka grade and a model forecast to frame near-term risk and a 12-month outlook for Appen Limited on the ASX in AUD.

APX.AX stock: After-hours move and market reaction

Appen Limited (APX.AX) traded down after-hours on 23 Feb 2026. The last trade printed at A$1.32, down -9.90% from the previous close of A$1.47.

Trading volume surged to 12,118,934.00, about 2.08x the average daily volume. That shows active repositioning by investors into the close.

Earnings, financials and valuation

Appen reports EPS of -0.11 and a trailing P/E of -13.27. Revenue per share is 1.34 and price to sales is 1.10, indicating the market values one dollar of sales at about A$1.10.

The balance sheet shows a current ratio of 2.77 and debt to equity of 0.10. These metrics suggest liquidity is solid, while profitability remains negative on a trailing basis.

Technical setup and trading signals

Short-term momentum weakened as the stock closed below the 50-day average of A$1.12 and above the 200-day average of A$0.98. RSI sits near 50.76, implying neither extreme overbought nor oversold pressure.

ADX at 44.31 signals a strong trend. Bollinger bands (middle A$1.57) show the stock moved from the upper band toward the middle band on heavy volume.

Meyka AI rates APX.AX with a score out of 100

Meyka AI rates APX.AX with a score out of 100: 61.84 (Grade B, HOLD). This grade factors in S&P 500 benchmark comparison, sector performance, financial growth, key metrics, and analyst consensus.

Meyka AI’s forecast model projects a one-year price of A$0.64. Versus the current A$1.32, that implies an estimated downside of -51.25%. Forecasts are model-based projections and not guarantees.

Risks, opportunities and sector context

Appen operates in Technology and Information Technology Services on the ASX. Its price to book of 2.61 is higher than the sector average PB of 1.62, indicating a premium valuation versus peers.

Key risks include cyclical AI project demand and margin pressure. Opportunities include rising spending on labelled data for generative AI and platform growth in New Markets.

Price targets and analyst-style outlook

We set a near-term technical level at A$1.50 and a conservative 12-month base case target of A$1.80. A bull scenario target is A$2.50 and a bear scenario target is A$0.70.

These targets reflect revenue and margin recovery paths, and varying AI services demand. Use the upcoming earnings date to reassess risk and position size.

Final Thoughts

APX.AX stock closed after-hours at A$1.32, down -9.90%, on heavy volume of 12,118,934.00 shares. Fundamentals show solid liquidity and a negative EPS of -0.11. Valuation ratios are mixed: price-to-sales 1.10 and price-to-book 2.61. Meyka AI rates APX.AX 61.84/100 (B, HOLD) and its model projects A$0.64 in one year. That projection implies a -51.25% downside from today’s price, highlighting downside risk until revenue and margins recover. Traders should treat the next earnings release on 26 Feb 2026 as a potential catalyst. For investors, balance exposure to Appen on conviction in longer-term AI data demand and monitor quarterly guidance closely. See additional market context on Appen at our Meyka stock page and recent industry coverage for cross-reference.

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Disclaimer:

Stock markets involve risks. This content is for informational purposes only. Past performance does not guarantee future results. Meyka AI PTY LTD provides market analysis and data insights, not financial advice. Always conduct your own research and consider consulting a licensed financial advisor.