AppHarvest, Inc. (NASDAQ:APPH – Get Rating) – Analysts at Oppenheimer dropped their Q3 2022 earnings estimates for AppHarvest in a report released on Wednesday, May 4th. Oppenheimer analyst K. Owen now anticipates that the company will earn ($0.31) per share for the quarter, down from their prior forecast of ($0.30). Oppenheimer currently has a “Outperform” rating and a $6.00 target price on the stock. Oppenheimer also issued estimates for AppHarvest’s Q4 2022 earnings at ($0.35) EPS, FY2022 earnings at ($1.26) EPS, FY2023 earnings at ($0.89) EPS, FY2024 earnings at ($0.56) EPS and FY2025 earnings at $0.24 EPS.
APPH has been the subject of several other research reports. Barclays reduced their target price on shares of AppHarvest from $13.00 to $5.50 in a report on Tuesday, February 22nd. Zacks Investment Research upgraded shares of AppHarvest from a “sell” rating to a “hold” rating in a report on Wednesday, April 27th.
AppHarvest (NASDAQ:APPH – Get Rating) last issued 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 return on equity of 29.33% and a negative net margin of 1,412.56%. During the same quarter in the prior year, the company posted ($0.35) EPS.
Hedge funds have recently made changes to their positions in the business. Wolverine Asset Management LLC lifted its stake in AppHarvest by 109.3% in the third quarter. Wolverine Asset Management LLC now owns 4,917 shares of the company’s stock valued at $32,000 after acquiring an additional 2,568 shares during the last quarter. Point72 Hong Kong Ltd bought a new position in shares of AppHarvest in the third quarter valued at about $46,000. Dixon Hughes Goodman Wealth Advisors LLC bought a new position in shares of AppHarvest in the first quarter valued at about $50,000. Marshall Wace LLP bought a new position in shares of AppHarvest in the fourth quarter valued at about $37,000. Finally, Regent Investment Management LLC bought a new position in shares of AppHarvest in the first quarter valued at about $54,000. Hedge funds and other institutional investors own 45.63% of the company’s stock.
In other AppHarvest news, President David J. Lee sold 43,326 shares of the stock in a transaction on Monday, April 25th. The shares were 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 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 hyperlink. Company insiders own 20.00% 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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