AppHarvest (NASDAQ:APPH) Announces Quarterly Earnings Results, Beats Expectations By $0.02 EPS

AppHarvest (NASDAQ:APPH – Get 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 period in the prior year, the business posted ($0.32) earnings per share. AppHarvest updated its FY 2022 guidance to EPS.

AppHarvest Stock Performance

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

Insider Buying and Selling at AppHarvest

In other AppHarvest news, President David J. Lee sold 43,533 shares of the business’s stock in a transaction 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 directly owns 1,243,399 shares of the company’s stock, valued at approximately $4,700,048.22. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 20.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On AppHarvest

A number of institutional investors and hedge funds have recently made changes to their positions in APPH. Geneos Wealth Management Inc. grew its stake in shares of AppHarvest by 284.5% during the 1st quarter. Geneos Wealth Management Inc. now owns 5,383 shares of the company’s stock worth $28,000 after purchasing an additional 3,983 shares during the period. Captrust Financial Advisors grew its stake in shares of AppHarvest by 420.6% during the 1st quarter. Captrust Financial Advisors now owns 6,523 shares of the company’s stock worth $35,000 after purchasing an additional 5,270 shares during the period. Quantbot Technologies LP acquired a new position in shares of AppHarvest during the 1st quarter worth $47,000. Cetera Advisor Networks LLC acquired a new position in shares of AppHarvest during the 1st quarter worth $76,000. Finally, Private Advisor Group LLC acquired a new position in shares of AppHarvest during the 1st quarter worth $121,000. 45.63% of the stock is owned by institutional investors and hedge funds.

AppHarvest Company Profile

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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.