AppHarvest (NASDAQ:APPH) Announces Quarterly Earnings Results

AppHarvest (NASDAQ:APPH – Get Rating) issued its quarterly earnings results on Tuesday. The company reported ($0.30) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.05), MarketWatch Earnings reports. AppHarvest had a negative return on equity of 27.63% and a negative net margin of 1,836.31%. During the same period last year, the business earned ($0.35) earnings per share.

NASDAQ:APPH traded down $0.27 on Thursday, reaching $3.19. The company’s stock had a trading volume of 61,245 shares, compared to its average volume of 1,165,343. AppHarvest has a 12-month low of $2.62 and a 12-month high of $20.22. The company has a current ratio of 3.54, a quick ratio of 3.45 and a debt-to-equity ratio of 0.26. The firm has a market capitalization of $323.82 million, a price-to-earnings ratio of -2.07 and a beta of 0.45. The company has a 50 day moving average of $4.84.

A number of equities analysts recently commented on the company. Zacks Investment Research upgraded AppHarvest from a “sell” rating to a “hold” rating in a research report on Wednesday, April 27th. Oppenheimer reduced their price objective on AppHarvest from $10.00 to $6.00 and set an “outperform” rating on the stock in a research report on Friday, February 25th. Finally, Barclays reduced their price objective on AppHarvest from $13.00 to $5.50 in a research report on Tuesday, February 22nd.

In other AppHarvest news, President David J. Lee sold 43,326 shares of AppHarvest stock in a transaction on Monday, April 25th. The stock was sold at an average price of $4.25, for a total value of $184,135.50. Following the sale, the president now owns 1,291,183 shares in the company, valued at $5,487,527.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 20.00% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Norges Bank acquired a new stake in shares of AppHarvest in the fourth quarter valued at $12,448,000. BlackRock Inc. grew its stake in shares of AppHarvest by 1.8% in the fourth quarter. BlackRock Inc. now owns 4,292,170 shares of the company’s stock valued at $16,695,000 after buying an additional 77,006 shares in the last quarter. Virtu Financial LLC acquired a new stake in shares of AppHarvest in the fourth quarter valued at $71,000. Deutsche Bank AG grew its stake in shares of AppHarvest by 12.0% in the fourth quarter. Deutsche Bank AG now owns 495,073 shares of the company’s stock valued at $1,926,000 after buying an additional 52,859 shares in the last quarter. Finally, Parametric Portfolio Associates LLC grew its stake in shares of AppHarvest by 208.3% in the fourth quarter. Parametric Portfolio Associates LLC now owns 89,482 shares of the company’s stock valued at $348,000 after buying an additional 60,457 shares in the last quarter. 45.63% of the stock is owned by institutional investors and hedge funds.

About AppHarvest (Get Rating)

AppHarvest, Inc, an applied agricultural technology company, develops and operates indoor farms to grow non-GMO produce free of chemical pesticide residues. Its products include tomatoes; and other fruits and vegetables, such as berries, peppers, cucumbers, and salad greens. The company was incorporated in 2018 and is based in Morehead, Kentucky.

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