AppHarvest Shares Rally Ahead of Q4 Earnings: Is the Stock a Buy?

Appharvest Stock

AppHarvest (APPH:NSD) is expected to release its earnings report after the market closes on March 9th. Analysts predict the company will report earnings of ($0.30) per share for the quarter. Appharvest stock is currently trading at $2.00.

Appharvest Stock Price Analysis:

Shares of AppHarvest stock opened at $0.94 on Thursday. The company’s market capitalization is $101.47 million, with a P/E ratio of -0.56 and a beta of 2.64.

The company’s 50-day moving average is $1.31, and the 200-day moving average is $1.65. AppHarvest’s 52-week low is $0.47, and its 52-week high is $7.05. The company’s current ratio is 2.34, and the quick ratio is 1.96. The debt-to-equity ratio is 0.53.

Hedge Funds & Institutional Holdings:

Several hedge funds have bought and sold shares of AppHarvest. Renaissance Technologies LLC bought a new position in the company in the fourth quarter worth $26,000. Geneos Wealth Management Inc. increased its stake in the company by 284.5% in the first quarter, now owning 5,383 shares of the company’s stock valued at $28,000.

Alliancebernstein L.P. increased its stake in the company by 36.7% in the fourth quarter, now owning 55,100 shares of the Appharvest stock valued at $31,000. Captrust Financial Advisors increased its stake in the company by 420.6% in the first quarter, now owning 6,523 shares of the company’s stock valued at $35,000.

Lastly, Penserra Capital Management LLC increased its stake in the company by 1,189.2% in the fourth quarter, now owning 74,000 shares of the company’s stock valued at $41,000.

Institutional investors own 31.73% of the APPH stock.

Analyst Ratings:

Several equities analysts have recently issued reports on AppHarvest stock. Barclays downgraded shares of AppHarvest from an “overweight” rating to an “equal weight” rating in a research note on Tuesday, November 8th.

Oppenheimer downgraded shares of AppHarvest from an “outperform” rating to a “market perform” rating in a research note on Friday, December 2nd.

Finally, Cowen lowered their target price on shares of AppHarvest stock from $9.00 to $2.00 and set an “outperform” rating for the company in a research note on Wednesday, February 22nd.

Company Profile:

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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