Why AppHarvest Jumped 60.5% This Week
Shares of AppHarvest (NASDAQ: APPH) have soared as much as 61% this week, according to data from S&P Global Market Intelligence. The indoor tech farming company is now up an astonishing 271% year to date after a horrendous performance in 2022. The stock is likely moving higher because of a major production announcement for its new facilities, along with a short squeeze on its depressed stock.
AppHarvest is a vertical farming start-up that raised money during the COVID bubble at an absurd valuation. The company is making tomatoes, cucumbers, and other produce in technologically advanced indoor farming systems, which will supposedly lead to better products grown in a more efficient manner.
During the bubble period, investors cheered on this innovation, sending the stock higher during its first few months as a public company. But throughout late 2021 and early 2022, the stock started crumbling once people realized AppHarvest didn't have much of a business model.
Source Fool.com
