Essex Investment Management Co. LLC Boosts Stake in AppHarvest, Inc. (NASDAQ:APPH)

Essex Investment Management Co. LLC increased its holdings in shares of AppHarvest, Inc. (NASDAQ:APPH) by 269.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 278,958 shares of the company’s stock after acquiring an additional 203,397 shares during the period. Essex Investment Management Co. LLC’s holdings in AppHarvest were worth $4,463,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the business. Inclusive Capital Partners L.P. acquired a new stake in AppHarvest in the first quarter valued at $215,916,000. Alyeska Investment Group L.P. acquired a new stake in shares of AppHarvest in the first quarter valued at about $112,971,000. BlackRock Inc. lifted its stake in shares of AppHarvest by 88.6% in the second quarter. BlackRock Inc. now owns 4,515,385 shares of the company’s stock valued at $72,245,000 after purchasing an additional 2,121,347 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its holdings in AppHarvest by 25.0% during the second quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 2,468,536 shares of the company’s stock worth $39,497,000 after buying an additional 493,649 shares in the last quarter. Finally, Janus Henderson Group PLC acquired a new position in AppHarvest during the first quarter worth about $17,863,000. Hedge funds and other institutional investors own 50.05% of the company’s stock.

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

AppHarvest (NASDAQ:APPH) last released its earnings results on Tuesday, August 10th. The company reported ($0.32) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.22) by ($0.10). The business had revenue of $3.14 million for the quarter. As a group, research analysts expect that AppHarvest, Inc. will post -1.31 EPS for the current fiscal year.

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

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

About AppHarvest

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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