Essex Investment Management Co. LLC Raises Stock Position in AppHarvest, Inc. (NASDAQ:APPH)

Essex Investment Management Co. LLC boosted its stake in shares of AppHarvest, Inc. (NASDAQ:APPH) by 269.2% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 278,958 shares of the company’s stock after purchasing an additional 203,397 shares during the period. Essex Investment Management Co. LLC owned approximately 0.28% of AppHarvest worth $4,463,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in APPH. Fifth Third Bancorp purchased a new stake in AppHarvest during the 1st quarter worth approximately $28,000. The PNC Financial Services Group Inc. purchased a new stake in AppHarvest during the 1st quarter worth approximately $31,000. Benjamin F. Edwards & Company Inc. purchased a new stake in AppHarvest during the 1st quarter worth approximately $33,000. Captrust Financial Advisors purchased a new stake in AppHarvest during the 1st quarter worth approximately $38,000. Finally, Geneos Wealth Management Inc. grew its position in AppHarvest by 534.2% during the 1st quarter. Geneos Wealth Management Inc. now owns 2,410 shares of the company’s stock worth $41,000 after purchasing an additional 2,030 shares during the last quarter. 50.05% of the stock is currently owned by institutional investors.

Several analysts have weighed in on APPH shares. Zacks Investment Research downgraded shares of AppHarvest from a “buy” rating to a “hold” rating in a research report on Wednesday, August 11th. Cowen dropped their price objective on shares of AppHarvest from $32.00 to $14.00 and set an “outperform” rating on the stock in a report on Thursday, August 12th. Oppenheimer initiated coverage on shares of AppHarvest in a report on Wednesday, August 25th. They set an “outperform” rating and a $10.00 target price for the company. Finally, Barclays began coverage on shares of AppHarvest in a research report on Wednesday, June 16th. They set an “overweight” rating and a $25.00 target price for the company.

NASDAQ:APPH remained flat at $$6.67 during trading hours on Monday. The company’s stock had a trading volume of 13,867 shares, compared to its average volume of 1,702,595. AppHarvest, Inc. has a one year low of $6.65 and a one year high of $42.90. The stock has a fifty day moving average price of $9.21 and a 200 day moving average price of $13.94. The company has a current ratio of 12.56, a quick ratio of 12.50 and a debt-to-equity ratio of 0.15.

AppHarvest (NASDAQ:APPH) last announced its quarterly earnings results on Tuesday, August 10th. The company reported ($0.32) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.22) by ($0.10). The company had revenue of $3.14 million during the quarter. Equities research analysts predict that AppHarvest, Inc. will post -1.31 earnings per share for the current fiscal year.

In related news, Director Ciara Burnham bought 14,150 shares of the company’s stock in a transaction on Friday, August 20th. The stock was bought at an average cost of $7.06 per share, for a total transaction of $99,899.00. Following the acquisition, the director now directly owns 14,150 shares in the company, valued at $99,899. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, President David J. Lee acquired 14,000 shares of the company’s stock in a transaction that occurred on Monday, August 16th. The stock was purchased at an average cost of $7.14 per share, with a total value of $99,960.00. Following the acquisition, the president now directly owns 1,562,040 shares of the company’s stock, valued at approximately $11,152,965.60. The disclosure for this purchase can be found here.

AppHarvest Company Profile

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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Institutional Ownership by Quarter for AppHarvest (NASDAQ:APPH)

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