Edible Garden AG Incorporated (NASDAQ:EDBL) Sees Significant Drop in Short Interest

Edible Garden AG Incorporated (NASDAQ:EDBL) was the recipient of a significant decrease in short interest during the month of May. As of May 29th, there was short interest totaling 291,160 shares, a decrease of 85.7% from the May 14th total of 2,040,751 shares. Currently, 5.4% of the shares of the stock are sold short. Based on an average daily trading volume, of 3,157,779 shares, the days-to-cover ratio is presently 0.1 days.

Edible Garden Stock Up 11.7%

EDBL stock traded up $0.03 during midday trading on Thursday, reaching $0.27. The company’s stock had a trading volume of 2,066,254 shares, compared to its average volume of 2,874,312. Edible Garden has a 52 week low of $0.18 and a 52 week high of $31.00. The stock has a market cap of $1.47 million, a PE ratio of 0.00 and a beta of 1.69. The business’s 50-day simple moving average is $0.55 and its 200-day simple moving average is $4.23.

Edible Garden (NASDAQ:EDBL) last announced its quarterly earnings data on Friday, May 15th. The company reported ($5.25) earnings per share (EPS) for the quarter. Edible Garden had a negative net margin of 131.59% and a negative return on equity of 1,078.80%. The business had revenue of $3.34 million during the quarter.

Insiders Place Their Bets

In other news, major shareholder Scott Wolinsky acquired 150,000 shares of the firm’s stock in a transaction on Friday, June 5th. The shares were purchased at an average cost of $0.19 per share, with a total value of $28,500.00. Following the completion of the purchase, the insider owned 950,000 shares of the company’s stock, valued at $180,500. This represents a 18.75% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.84% of the company’s stock.

Institutional Investors Weigh In On Edible Garden

An institutional investor recently raised its position in Edible Garden stock. Cetera Investment Advisers grew its position in Edible Garden AG Incorporated (NASDAQ:EDBL) by 861.5% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 96,150 shares of the company’s stock after purchasing an additional 86,150 shares during the period. Cetera Investment Advisers owned about 16.19% of Edible Garden worth $58,000 at the end of the most recent reporting period. Institutional investors and hedge funds own 12.99% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reissued a “sell (e+)” rating on shares of Edible Garden in a research note on Monday, April 20th. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the stock has an average rating of “Sell”.

Edible Garden Company Profile

Edible Garden AG, trading on the Nasdaq under the ticker EDBL, is a technology-enabled agriculture company specializing in the design, construction and operation of hydroponic greenhouse farms. By leveraging controlled-environment agriculture techniques and proprietary automation systems, the company produces a range of leafy greens and salad‐related vegetables, including branded Salanova products, for wholesale distribution to retailers, food service operators and distributors.

In addition to farm ownership and produce cultivation, Edible Garden develops and licenses its modular greenhouse technology and cultivation methods to third parties.