AppHarvest, Inc. (NASDAQ:APPH) Expected to Announce Quarterly Sales of $6.11 Million

Brokerages forecast that AppHarvest, Inc. (NASDAQ:APPHGet Rating) will post $6.11 million in sales for the current fiscal quarter, Zacks Investment Research reports. Two analysts have provided estimates for AppHarvest’s earnings, with the highest sales estimate coming in at $7.80 million and the lowest estimate coming in at $4.42 million. AppHarvest reported sales of $3.14 million in the same quarter last year, which would suggest a positive year over year growth rate of 94.6%. The company is scheduled to report its next earnings results on Monday, January 1st.

According to Zacks, analysts expect that AppHarvest will report full-year sales of $26.60 million for the current financial year, with estimates ranging from $26.59 million to $26.60 million. For the next fiscal year, analysts forecast that the business 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 an average based on a survey of research firms that cover AppHarvest.

AppHarvest (NASDAQ:APPHGet Rating) last released its earnings results 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 return on equity of 29.33% and a negative net margin of 1,412.56%. During the same period last year, the business earned ($0.35) EPS.

Several research firms have commented on APPH. Zacks Investment Research upgraded AppHarvest from a “sell” rating to a “hold” rating in a research report on Wednesday, April 27th. Oppenheimer dropped their target price on AppHarvest from $10.00 to $6.00 and set an “outperform” rating for the company in a research report on Friday, February 25th. Finally, Barclays lowered their price objective on AppHarvest from $13.00 to $5.50 in a research report on Tuesday, February 22nd.

NASDAQ:APPH opened at $2.92 on Friday. The stock’s 50-day simple moving average is $4.83 and its 200 day simple moving average is $4.58. The firm has a market capitalization of $297.08 million, a PE ratio of -1.75 and a beta of 0.45. The company has a quick ratio of 3.45, a current ratio of 2.09 and a debt-to-equity ratio of 0.32. AppHarvest has a twelve month low of $2.62 and a twelve month high of $20.22.

In other AppHarvest news, President David J. Lee sold 43,326 shares of the business’s 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 sale, the president now directly owns 1,291,183 shares in the company, valued at $5,487,527.75. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 20.00% of the company’s stock.

Institutional investors have recently bought and sold shares of the stock. Wolverine Asset Management LLC boosted its holdings in shares of AppHarvest by 109.3% in the 3rd 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 in the last quarter. Point72 Hong Kong Ltd purchased a new stake in AppHarvest during the 3rd quarter valued at about $46,000. Dixon Hughes Goodman Wealth Advisors LLC bought a new position in AppHarvest during the 1st quarter valued at approximately $50,000. Marshall Wace LLP bought a new position in AppHarvest during the 4th quarter valued at approximately $37,000. Finally, Regent Investment Management LLC bought a new position in AppHarvest during the 1st quarter valued at approximately $54,000. Institutional investors and hedge funds own 45.63% of the company’s stock.

About AppHarvest (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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