APPH Stock Overview
AppHarvest, Inc., an applied agricultural technology company, develops and operates indoor farms to grow non-GMO produce free of chemical pesticide residues.
Price History & Performance
|Historical stock prices|
|Current Share Price||US$2.00|
|52 Week High||US$7.11|
|52 Week Low||US$1.82|
|1 Month Change||-27.01%|
|3 Month Change||-52.94%|
|1 Year Change||-66.78%|
|3 Year Change||n/a|
|5 Year Change||n/a|
|Change since IPO||-80.02%|
Recent News & Updates
AppHarvest: The Fourth Agricultural Revolution And The Future Of Food
The combination of artificial intelligence and robotics with controlled environment agriculture could usher in a new agricultural revolution. AppHarvest is leading the way with the construction of some of North America's most extensive controlled environment agriculture facilities. Recent revenue growth has been anemic. This has vindicated bears who consider the industry as all hype with no substance. The implementation of new agricultural techniques in the middle of the 20th century would see global food production rise materially. The now widespread use of pesticides, fertilizers, and selectively bred varieties of high-yield crops would come to be called the Third Agricultural Revolution. This more efficient, and more industrialized farming technique would contribute to a wholesale reduction in global poverty whilst averting hunger for millions. Now farming looks set to undergo its fourth revolution as advances in robotics and artificial intelligence look set to boost controlled environment agriculture to extreme levels of efficiency. AppHarvest (APPH) is positioning itself at the vanguard of this with the development of some of the largest controlled environment agriculture facilities in the United States. The acquisition of Root AI and its Virgo harvesting robot in 2021 embedded enhanced techniques to the improvements to farming already presented by AppHarvest's controlled environment greenhouses. Fundamentally, the aggregation of these technologies will enable precision farming at scale. They present an intelligent way to evaluate crop health, accurately predict produce volume, and optimise the overall operations of AppHarvest's current Morehead, Kentucky facility. This new iteration of farming will see food predictions based on data instead of daily rainfall, the design instead of natural disasters, and plant production instead of poor product. That said and for all the praises AppHarvest has received from bulls, its shares have struggled. At $3.59 they currently trade lower than its $8.85 52-week peak. Of course, the broader market for growth stocks in somewhat fringe and speculative sectors has collapsed as an inverting yield curve and hawkish FED led investors to dump riskier assets. Revenue Comes In At The Lower End Of Guidance AppHarvest recently reported earnings for its fiscal 2022 second quarter which saw revenue come in at $4.36 million, a growth of 39% over the year-ago quarter but a miss of $1.74 million on consensus estimates. This growth was driven by six million pounds of tomatoes sold during the quarter which had a net sales price of 72 cents per pound versus a net sales price of 36 cents per pound on 8.6 million pounds of tomatoes sold for $3.1 million in revenue during the comparative year-ago period. Management stated that this growth was due to a stronger pricing market for tomato growers and a more favourable mix of premium tomatoes. Enhanced training and productivity improvements also helped boost revenue on the back of previous operational challenges the company faced with cultivating USDA grade No. 1 tomatoes. AppHarvest recorded a net loss of $28.7 million during the quarter, down from $32 million in the year-ago quarter but still high relative to revenue. Essentially, AppHarvest losses $6.60 for every $1 in revenue brought in from tomato sales. However, cash burn from operations stood at $10.1 million, down significantly from $27.3 million in the year-ago quarter and just over a third of net loss. Capital expenditure is of course ramping up as the company remains on track to open three new controlled environment agriculture facilities by year-end. This grew to reach $48.6 million, up sequentially from $39 million in the preceding quarter. AppHarvest expects its new facilities to all be operational within a few months with recruitment already started. Hence, the end of fiscal 2022 should see a quadrupling of farms and a diversification of its produce portfolio to include salad greens and berries. The 15-acre Berea salad greens facility is about 91% complete, the 60-acre Richmond tomato facility is 86% complete, and the 30-acre Somerset berry facility is 84% complete.
These Analysts Just Made A Significant Downgrade To Their AppHarvest, Inc. (NASDAQ:APPH) EPS Forecasts
The analysts covering AppHarvest, Inc. ( NASDAQ:APPH ) delivered a dose of negativity to shareholders today, by making...
|APPH||US Food||US Market|
Return vs Industry: APPH underperformed the US Food industry which returned 0.3% over the past year.
Return vs Market: APPH underperformed the US Market which returned -20% over the past year.
|APPH Average Weekly Movement||10.0%|
|Food Industry Average Movement||5.5%|
|Market Average Movement||6.9%|
|10% most volatile stocks in US Market||15.5%|
|10% least volatile stocks in US Market||2.8%|
Stable Share Price: APPH is not significantly more volatile than the rest of US stocks over the past 3 months, typically moving +/- 10% a week.
Volatility Over Time: APPH's weekly volatility (10%) has been stable over the past year.
About the Company
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.
AppHarvest Fundamentals Summary
|APPH fundamental statistics|
Is APPH overvalued?See Fair Value and valuation analysis
Earnings & Revenue
|APPH income statement (TTM)|
|Cost of Revenue||US$47.09m|
Last Reported Earnings
Jun 30, 2022
Next Earnings Date
|Earnings per share (EPS)||-1.56|
|Net Profit Margin||-1,256.15%|
How did APPH perform over the long term?See historical performance and comparison
Is APPH undervalued compared to its fair value, analyst forecasts and its price relative to the market?
Valuation Score 0/6
Price-To-Sales vs Peers
Price-To-Sales vs Industry
Price-To-Sales vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
Key Valuation Metric
Which metric is best to use when looking at relative valuation for APPH?
Other financial metrics that can be useful for relative valuation.
|What is APPH's n/a Ratio?|
Price to Sales Ratio vs Peers
How does APPH's PS Ratio compare to its peers?
|APPH PS Ratio vs Peers|
|Company||PS||Estimated Growth||Market Cap|
VFF Village Farms International
LOCL Local Bounti
Price-To-Sales vs Peers: APPH is expensive based on its Price-To-Sales Ratio (16.1x) compared to the peer average (11.3x).
Price to Earnings Ratio vs Industry
How does APPH's PE Ratio compare vs other companies in the US Food Industry?
Price-To-Sales vs Industry: APPH is expensive based on its Price-To-Sales Ratio (16.1x) compared to the US Food industry average (1.1x)
Price to Sales Ratio vs Fair Ratio
What is APPH's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.
|Current PS Ratio||16.1x|
|Fair PS Ratio||0.001x|
Price-To-Sales vs Fair Ratio: APPH is expensive based on its Price-To-Sales Ratio (16.1x) compared to the estimated Fair Price-To-Sales Ratio (0x).
Share Price vs Fair Value
What is the Fair Price of APPH when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.
Below Fair Value: Insufficient data to calculate APPH's fair value for valuation analysis.
Significantly Below Fair Value: Insufficient data to calculate APPH's fair value for valuation analysis.
Analyst Price Targets
What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?
Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.
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How is AppHarvest forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?
Future Growth Score2/6
Future Growth Score 2/6
Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: APPH is forecast to remain unprofitable over the next 3 years.
Earnings vs Market: APPH is forecast to remain unprofitable over the next 3 years.
High Growth Earnings: APPH is forecast to remain unprofitable over the next 3 years.
Revenue vs Market: APPH's revenue (52.5% per year) is forecast to grow faster than the US market (7.6% per year).
High Growth Revenue: APPH's revenue (52.5% per year) is forecast to grow faster than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: APPH is forecast to be unprofitable in 3 years.
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How has AppHarvest performed over the past 5 years?
Past Performance Score0/6
Past Performance Score 0/6
Growing Profit Margin
Earnings vs Industry
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: APPH is currently unprofitable.
Growing Profit Margin: APPH is currently unprofitable.
Past Earnings Growth Analysis
Earnings Trend: APPH is unprofitable, and losses have increased over the past 5 years at a rate of 95.5% per year.
Accelerating Growth: Unable to compare APPH's earnings growth over the past year to its 5-year average as it is currently unprofitable
Earnings vs Industry: APPH is unprofitable, making it difficult to compare its past year earnings growth to the Food industry (0.3%).
Return on Equity
High ROE: APPH has a negative Return on Equity (-46.38%), as it is currently unprofitable.
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How is AppHarvest's financial position?
Financial Health Score2/6
Financial Health Score 2/6
Short Term Liabilities
Long Term Liabilities
Stable Cash Runway
Forecast Cash Runway
Financial Position Analysis
Short Term Liabilities: APPH's short term assets ($107.1M) exceed its short term liabilities ($79.4M).
Long Term Liabilities: APPH's short term assets ($107.1M) do not cover its long term liabilities ($128.6M).
Debt to Equity History and Analysis
Debt Level: APPH's net debt to equity ratio (33.8%) is considered satisfactory.
Reducing Debt: Insufficient data to determine if APPH's debt to equity ratio has reduced over the past 5 years.
Cash Runway Analysis
For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.
Stable Cash Runway: APPH has less than a year of cash runway based on its current free cash flow.
Forecast Cash Runway: APPH has less than a year of cash runway if free cash flow continues to reduce at historical rates of 81.3% each year
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What is AppHarvest current dividend yield, its reliability and sustainability?
Dividend Score 0/6
Cash Flow Coverage
Dividend Yield vs Market
|AppHarvest Dividend Yield vs Market|
|Market Bottom 25% (US)||1.6%|
|Market Top 25% (US)||4.5%|
|Industry Average (Food)||2.7%|
|Analyst forecast in 3 Years (AppHarvest)||n/a|
Notable Dividend: Unable to evaluate APPH's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.
High Dividend: Unable to evaluate APPH's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.
Stability and Growth of Payments
Stable Dividend: Insufficient data to determine if APPH's dividends per share have been stable in the past.
Growing Dividend: Insufficient data to determine if APPH's dividend payments have been increasing.
Earnings Payout to Shareholders
Earnings Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.
Cash Payout to Shareholders
Cash Flow Coverage: Unable to calculate sustainability of dividends as APPH has not reported any payouts.
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How experienced are the management team and are they aligned to shareholders interests?
Average management tenure
Jonathan Webb (37 yo)
Mr. Jonathan Webb is Founder and Chief Executive Officer at AppHarvest, Inc since January 2018 and is its Chairman of the Board. He has been a Director at AppHarvest, Inc. since January 2018. He was Presid...
CEO Compensation Analysis
|Jonathan Webb's Compensation vs AppHarvest Earnings|
|Date||Total Comp.||Salary||Company Earnings|
|Jun 30 2022||n/a||n/a|
|Mar 31 2022||n/a||n/a|
|Dec 31 2021||US$33m||US$250k|
|Sep 30 2021||n/a||n/a|
|Jun 30 2021||n/a||n/a|
|Mar 31 2021||n/a||n/a|
|Dec 31 2020||US$160k||US$138k|
|Sep 30 2020||n/a||n/a|
|Jun 30 2020||n/a||n/a|
|Mar 31 2020||n/a||n/a|
|Dec 31 2019||US$168k||US$60k|
Compensation vs Market: Jonathan's total compensation ($USD33.09M) is above average for companies of similar size in the US market ($USD1.74M).
Compensation vs Earnings: Jonathan's compensation has increased whilst the company is unprofitable.
Experienced Management: APPH's management team is not considered experienced ( 1.8 years average tenure), which suggests a new team.
Experienced Board: APPH's board of directors are not considered experienced ( 2.3 years average tenure), which suggests a new board.
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: APPH insiders have only sold shares in the past 3 months.
Recent Insider Transactions
|08 Aug 22||SellUS$18,386,216||Inclusive Capital Partners, L.P.||Company||4,900,000||US$4.02|
|26 Jul 22||SellUS$164,555||David Lee||Individual||43,533||US$3.78|
|06 May 22||BuyUS$91,500||John Willis||Individual||30,000||US$3.05|
|25 Apr 22||SellUS$184,136||David Lee||Individual||43,326||US$4.25|
|11 Mar 22||SellUS$14,687,376||Inclusive Capital Partners, L.P.||Company||3,000,000||US$5.10|
|Owner Type||Number of Shares||Ownership Percentage|
Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 5.6%.
|Ownership||Name||Shares||Current Value||Change %||Portfolio %|
AppHarvest, Inc.'s employee growth, exchange listings and data sources
- Name: AppHarvest, Inc.
- Ticker: APPH
- Exchange: NasdaqGS
- Founded: 2018
- Industry: Agricultural Products
- Sector: Food, Beverage & Tobacco
- Implied Market Cap: US$211.777m
- Shares outstanding: 105.89m
- Website: https://www.appharvest.com
Number of Employees
- AppHarvest, Inc.
- 500 Appalachian Way
- United States
|Ticker||Exchange||Primary Security||Security Type||Country||Currency||Listed on|
|829||DB (Deutsche Boerse AG)||Yes||Common Stock||DE||EUR||Jun 2020|
|APPH||NasdaqGS (Nasdaq Global Select)||Yes||Common Stock||US||USD||Jun 2020|
Company Analysis and Financial Data Status
|Data||Last Updated (UTC time)|
|Company Analysis||2022/10/04 00:00|
|End of Day Share Price||2022/10/04 00:00|
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.