As the earning season edges closer for indoor vertical farming stocks (Most publicly-traded companies involved in indoor vertical farming will release their earnings by the end of the month), we have a look at the top movers:
AppHarvest (NASDAQ:APPH) 68.59% increase Month-to-date
Over the past month, AppHarvest witnessed a 68.59% steady increase in its share price, gaining USD 1.9 per share since Monday 13th of June’s closing price. Several factors affected the impressive growth rate, AppHarvest had but the main reason investors have invested in the stock is the opening of its 4th and 5th facilities. Indeed, AppHarvest, Inc. (NASDAQ: APPH, APPHW) announced through a press release, the start of construction for two new high-tech indoor farms in Central Appalachia. The company’s new farms, located in Somerset and Morehead, Ky., will grow berries and leafy greens, respectively. The high-tech Somerset farm marks the company’s expansion into growing berry crops. The Somerset indoor farm will be 30 acres.
Local Bounti Corp (NYSE:LOCL) 37.99% increase Month-to-date.
Similarly, Local Bounti has seen its share price increase by nearly 38% over the same period. Notable achievements recorded by the company include joining the Russell 2000® Index, after the conclusion of the 2022 annual reconstitution which will go into effect after the US market opens today, Monday, June 27, 2022. In addition, insiders have been increasing their position in the company as reported recently by Simply Wall St:
“High insider ownership often makes company leadership more mindful of shareholder interests. Local Bounti insiders own 54% of the company, currently worth about US$162m based on the recent share price”
“In the last twelve months, the biggest single purchase by an insider was when Co-Founder Craig Hurlbert bought US$765k worth of shares at a price of US$6.86 per share. So it’s clear an insider wanted to buy, even at a higher price than the current share price (being US$3.18). Their view may have changed since then, but at least it shows they felt optimistic at the time. In our view, the price an insider pays for shares is very important. It is generally more encouraging if they paid above the current price, as it suggests they saw value, even at higher levels”
CubicFarm Systems Corp (TSE:CUB) Loses 12.77% of its share value over the past month
Unlike, AppHarvest and Local Bounti, CubicFarm witnessed a 12.77% loss in its share value over the past month. Though it may be attributable to the current macro-economic conditions, the company recorded strong sales (They’ve announced a new CAD 4.4 million deal and a Hydrogreen CAD 3.3 million deal over the past month), and they also announced a new partnership with NTE Discovery Park.
As the Company’s North American manufacturing partner, NTE Discovery Park will be manufacturing major hardware components for CubicFarms. Supply chain delays have impacted the Company’s delivery and installation of CubicFarm System modules during the ongoing global pandemic. This new manufacturing agreement with NTE Discovery Park will mitigate supply chain constraints and allow increased efficiencies and new Farmer Partner installations for larger commercial-scale commitments.
Affinor Growers (CNSX: AFI) Lose 20% In Its Share Price
The company announced a $2 million private placement on the 6th of July, with proceeds to be used to increase production capacity in the company’s current greenhouse and build the new Atlantis building as well as for working capital. The company also announced that Rick Easthom has resigned as Chairman of the Company, effective immediately, to pursue his other business interests. Mr. Easthom will continue to serve as a director of the Company and as a member of the Company’s Audit Committee. Mr. Easthom has been an advisor for the Corporation since June 2014 and was appointed to the board of directors in 2016.
Disclaimer: This does not represent the entirety of indoor vertical farming stocks and shouldn’t be considered as such. All data and information is provided “as is” for informational purposes only, and is not intended for trading purposes or financial, investment, tax, legal, accounting or other advice. Please consult your broker or financial representative to verify pricing before executing any trade.
None of iGrow News’ shareholders or the author of this article, Sepehr Achard have shares in the companies listed above.