AppHarvest (NASDAQ:APPH) Downgraded by Zacks Investment Research

AppHarvest (NASDAQ:APPH) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Thursday, Zacks.com reports.

According to Zacks, “AppHarvest is an applied technology company building indoor farms principally in Appalachia. The Company combines conventional agricultural techniques with cutting-edge technology. AppHarvest, formerly known as Novus Capital Corporation, is based in Lexington, Kentucky. “

Other equities analysts have also issued reports about the stock. Oppenheimer initiated coverage on shares of AppHarvest in a report on Wednesday, August 25th. They set an “outperform” rating and a $10.00 price objective on the stock. Cowen cut their price objective on shares of AppHarvest from $32.00 to $14.00 and set an “outperform” rating on the stock in a report on Thursday, August 12th.

Shares of AppHarvest stock traded up $0.08 on Thursday, hitting $5.37. 730,261 shares of the company traded hands, compared to its average volume of 1,689,547. The company has a 50 day moving average of $6.34. The company has a debt-to-equity ratio of 0.18, a quick ratio of 5.53 and a current ratio of 5.63. AppHarvest has a 52 week low of $5.08 and a 52 week high of $42.90.

AppHarvest (NASDAQ:APPH) last posted its quarterly earnings results on Wednesday, November 10th. The company reported ($0.17) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.29) by $0.12. The company had revenue of $0.54 million for the quarter, compared to the consensus estimate of $0.33 million. On average, analysts forecast that AppHarvest will post -1.17 earnings per share for the current year.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Wolverine Asset Management LLC grew its holdings in AppHarvest by 109.3% in the third quarter. Wolverine Asset Management LLC now owns 4,917 shares of the company’s stock worth $32,000 after purchasing an additional 2,568 shares during the last quarter. Captrust Financial Advisors purchased a new position in AppHarvest in the first quarter worth $38,000. Geneos Wealth Management Inc. grew its holdings in AppHarvest by 534.2% in the first quarter. Geneos Wealth Management Inc. now owns 2,410 shares of the company’s stock worth $41,000 after purchasing an additional 2,030 shares during the last quarter. Point72 Hong Kong Ltd purchased a new position in AppHarvest in the third quarter worth $46,000. Finally, PNC Financial Services Group Inc. grew its holdings in AppHarvest by 84.2% in the second quarter. PNC Financial Services Group Inc. now owns 3,054 shares of the company’s stock worth $49,000 after purchasing an additional 1,396 shares during the last quarter. 49.02% of the stock is currently owned by institutional investors and hedge funds.

AppHarvest Company Profile

AppHarvest, Inc, a development stage company, builds and operates high-tech greenhouses to grow fruits and vegetables in the United States. Its products include tomatoes and leafy greens. The company was founded in 2018 and is based in Morehead, Kentucky.

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