APPH - Why AppHarvest Shares Are Plunging Today
On Monday, indoor farming company AppHarvest (NASDAQ: APPH) provided a preview of its year-end earnings report. Investors apparently didn't like what they saw, sending AppHarvest shares down as much as 20% at the market open.
Initially, there was a lot of excitement surrounding AppHarvest as it prepared to join public markets via a SPAC. But investor enthusiasm has waned, and the shares are down 90% in the past year. AppHarvest is deploying indoor farming tech proven to be effective in Europe, but the company is in the early stages of its development and for most of the year has had just one farm in operation.
Image source: AppHarvest.
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Why AppHarvest Shares Are Plunging Today