Agtech share prices underperform: Agtech stocks were largely down by mid-single digits. Indoor farming solutions stocks fared best among the vertical, gaining 14% on average, while Plant biotech-fast growth stocks took a significant hit, declining 19% on average. SalMar’s stock price climbed 26% QoQ and was the strongest performer in the animal agriculture segment due to its strong operational performance. This quarter, we removed two companies from the indoor farming segment: AppHarvest and Kalera. Both companies recently filed for Chapter 11 bankruptcy, although as of September 30, 2023, Kalera is still trading on pink sheets.Multiples recede: During Q3, median enterprise value (EV)/next 12 months (NTM) sales multiples largely declined across segments. Animal agriculture companies’ multiples declined from 1.7x in Q2 to 1.4x in Q3, while indoor farming solutions’ EV/ NTM sales multiples slightly increased to 0.7x from 0.5x the previous quarter. Investors are showing caution and prioritizing profitability as multiples remain lower than what was seen in 2022.