AppHarvest (NASDAQ:APPH) Releases Quarterly Earnings Results

AppHarvest (NASDAQ:APPHGet Rating) released its quarterly earnings results on Wednesday. The company reported ($0.28) EPS for the quarter, beating the consensus estimate of ($0.30) by $0.02, Fidelity Earnings reports. AppHarvest had a negative net margin of 1,256.15% and a negative return on equity of 29.71%. During the same quarter last year, the business earned ($0.32) earnings per share. AppHarvest updated its FY 2022 guidance to EPS.

AppHarvest Stock Performance

NASDAQ:APPH traded up $0.03 during midday trading on Friday, hitting $3.83. The company’s stock had a trading volume of 478,063 shares, compared to its average volume of 1,714,598. AppHarvest has a fifty-two week low of $2.40 and a fifty-two week high of $12.56. The firm’s 50 day moving average is $3.60 and its 200-day moving average is $3.89. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.09 and a quick ratio of 2.01. The firm has a market cap of $389.65 million, a P/E ratio of -2.35 and a beta of 0.34.

Insider Buying and Selling

In related news, President David J. Lee sold 43,533 shares of the stock in a transaction that occurred on Tuesday, July 26th. The shares were sold at an average price of $3.78, for a total value of $164,554.74. Following the transaction, the president now owns 1,243,399 shares in the company, valued at approximately $4,700,048.22. The sale was disclosed in a filing with the SEC, which is available through this link. 20.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On AppHarvest

A number of hedge funds and other institutional investors have recently made changes to their positions in APPH. Swiss National Bank grew its stake in shares of AppHarvest by 7.5% during the 1st quarter. Swiss National Bank now owns 130,900 shares of the company’s stock worth $704,000 after purchasing an additional 9,100 shares during the period. Cetera Advisor Networks LLC acquired a new stake in shares of AppHarvest during the 1st quarter worth approximately $76,000. Private Advisor Group LLC acquired a new stake in shares of AppHarvest during the 1st quarter worth approximately $121,000. MetLife Investment Management LLC grew its stake in shares of AppHarvest by 56.4% during the 1st quarter. MetLife Investment Management LLC now owns 42,955 shares of the company’s stock worth $231,000 after purchasing an additional 15,487 shares during the period. Finally, Rhumbline Advisers grew its stake in shares of AppHarvest by 22.3% during the 1st quarter. Rhumbline Advisers now owns 59,855 shares of the company’s stock worth $322,000 after purchasing an additional 10,928 shares during the period. Institutional investors and hedge funds own 45.63% of the company’s stock.

About AppHarvest

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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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Earnings History for AppHarvest (NASDAQ:APPH)

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