Wall Street brokerages expect AppHarvest, Inc. (NASDAQ:APPH – Get Rating) to report sales of $6.11 million for the current quarter, according to Zacks. Two analysts have made estimates for AppHarvest’s earnings, with estimates ranging from $4.42 million to $7.80 million. AppHarvest posted sales of $3.14 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 94.6%. The firm is scheduled to issue its next quarterly earnings report on Monday, January 1st.
According to Zacks, analysts expect that AppHarvest will report full year sales of $26.60 million for the current year, with estimates ranging from $26.59 million to $26.60 million. For the next year, analysts forecast that the firm will report sales of $101.75 million, with estimates ranging from $93.59 million to $109.90 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of research firms that that provide coverage for AppHarvest.
AppHarvest (NASDAQ:APPH – Get Rating) last released its quarterly earnings data on Tuesday, May 3rd. The company reported ($0.30) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.25) by ($0.05). AppHarvest had a negative net margin of 1,412.56% and a negative return on equity of 29.33%. During the same period last year, the company posted ($0.35) earnings per share.
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APPH has been the topic of a number of research analyst reports. Zacks Investment Research upgraded AppHarvest from a “sell” rating to a “hold” rating in a report on Wednesday, April 27th. Oppenheimer cut their price target on AppHarvest from $10.00 to $6.00 and set an “outperform” rating on the stock in a report on Friday, February 25th. Finally, Barclays cut their price target on AppHarvest from $13.00 to $5.50 in a report on Tuesday, February 22nd.
In related news, President David J. Lee sold 43,326 shares of the 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 completion of the sale, the president now directly owns 1,291,183 shares of the company’s stock, valued at approximately $5,487,527.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director J Kevin Willis purchased 30,000 shares of the stock in a transaction that occurred on Friday, May 6th. The stock was bought at an average cost of $3.05 per share, with a total value of $91,500.00. Following the completion of the transaction, the director now directly owns 30,000 shares in the company, valued at approximately $91,500. The disclosure for this purchase can be found here. 20.00% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in APPH. BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its position in shares of AppHarvest by 11.4% during the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 5,795,085 shares of the company’s stock valued at $31,149,000 after purchasing an additional 592,892 shares during the last quarter. BlackRock Inc. increased its position in shares of AppHarvest by 1.8% during the 4th quarter. BlackRock Inc. now owns 4,292,170 shares of the company’s stock valued at $16,695,000 after purchasing an additional 77,006 shares during the last quarter. Norges Bank purchased a new stake in shares of AppHarvest during the 4th quarter valued at $12,448,000. Davy Global Fund Management Ltd increased its position in shares of AppHarvest by 18.7% during the 4th quarter. Davy Global Fund Management Ltd now owns 1,576,250 shares of the company’s stock valued at $6,132,000 after purchasing an additional 248,183 shares during the last quarter. Finally, State Street Corp increased its position in shares of AppHarvest by 3.2% during the 1st quarter. State Street Corp now owns 1,331,427 shares of the company’s stock valued at $7,156,000 after purchasing an additional 41,530 shares during the last quarter. 45.63% of the stock is owned by institutional investors and hedge funds.
NASDAQ:APPH opened at $3.26 on Friday. The company has a market capitalization of $331.66 million, a PE ratio of -1.95 and a beta of 0.45. AppHarvest has a fifty-two week low of $2.40 and a fifty-two week high of $20.22. The company has a 50 day simple moving average of $4.21 and a two-hundred day simple moving average of $4.29. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.01 and a current ratio of 2.09.
AppHarvest Company Profile (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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Read More: Analysts Expect AppHarvest, Inc. (NASDAQ:APPH) Will Post Quarterly Sales of $6.11