Indoor farming firm AppHarvest (NASDAQ:APPH) has seen its stock go into a bit of a downward spiral in recent days and the trend was the same on Monday as the stock tanked by another 12% amidst a significant selloff.
Trading Data
On Monday, APPH stock went down 12.06% to $2.99 with more than 5.53 million shares, compared to its average volume of 1.57 million shares. . The stock has moved within a range of $2.6200 – 3.1450 after opening trade at $2.75.
Earnings Recap
The decline in the stock yesterday took the losses for the past week to as much as 28%. In light of the decline in the stock yesterday, it ought to be noted that yesterday the company was actually in the news after provided a preview in relation to its earnings for the fiscal year.
It should be noted that when the company actually had its IPO through a SPAC transaction, there was significant interest in the stock but the situation has changed dramatically in recent times. The company noted yesterday that is expects the revenues for the 2021 fiscal year to be in the $8.9 million to $9.1 million range. It should be noted that the estimate is higher than the analysts’ estimates of $8.3 million.
The net loss for the full year was projected to be in the $170 million to $172.5 million range. The numbers did not seem to impress investors and hence, the selloff in the stock was perhaps inevitable.
Technical Data
APPH stock is above the 20-Day and 50-Day Moving averages of $3.73 and $4.41 respectively. Moreover, the below is trading below the 200-Day moving average of $9.33.
