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 research report issued to clients and investors 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. “

Several other brokerages have also recently issued reports on APPH. Oppenheimer started coverage on shares of AppHarvest in a research note on Wednesday, August 25th. They set an “outperform” rating and a $10.00 price objective for the company. Cowen dropped their price objective on shares of AppHarvest from $32.00 to $14.00 and set an “outperform” rating for the company in a research note on Thursday, August 12th.

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

AppHarvest (NASDAQ:APPH) last released its earnings results on Wednesday, November 10th. The company reported ($0.17) EPS for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.12. The company had revenue of $0.54 million for the quarter, compared to analysts’ expectations of $0.33 million. On average, analysts expect that AppHarvest will post -1.17 earnings per share for the current year.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. American International Group Inc. lifted its holdings in shares of AppHarvest by 42.1% in the 3rd quarter. American International Group Inc. now owns 38,186 shares of the company’s stock worth $249,000 after acquiring an additional 11,317 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in AppHarvest by 12.8% in the third quarter. Bank of New York Mellon Corp now owns 465,046 shares of the company’s stock valued at $3,031,000 after acquiring an additional 52,617 shares in the last quarter. National Asset Management Inc. bought a new stake in AppHarvest during the third quarter valued at $233,000. Two Sigma Advisers LP increased its stake in AppHarvest by 94.9% during the third quarter. Two Sigma Advisers LP now owns 30,400 shares of the company’s stock valued at $198,000 after purchasing an additional 14,800 shares during the last quarter. Finally, Two Sigma Investments LP increased its stake in AppHarvest by 416.6% during the third quarter. Two Sigma Investments LP now owns 424,994 shares of the company’s stock valued at $2,771,000 after purchasing an additional 342,730 shares during the last quarter. 49.02% of the stock is owned by institutional investors.

About AppHarvest

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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