Edible Garden AG Incorporated (NASDAQ:EDBL) Short Interest Up 170.0% in July

Edible Garden AG Incorporated (NASDAQ:EDBL) was the recipient of a large increase in short interest in the month of July. As of July 31st, there was short interest totaling 60,895 shares, an increase of 170.0% from the July 15th total of 22,556 shares. Based on an average trading volume of 3,038,122 shares, the short-interest ratio is presently 0.0 days. Approximately 50.7% of the company’s shares are sold short.

Insider Transactions at Edible Garden

In other news, major shareholder Financial Lp Hrt sold 11,948 shares of the business’s stock in a transaction dated Tuesday, July 7th. The stock was sold at an average price of $4.50, for a total value of $53,766.00. Following the transaction, the insider directly owned 7,162 shares of the company’s stock, valued at $32,229. The trade was a 62.52% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Scott Wolinsky bought 3,333 shares of the business’s stock in a transaction that occurred on Friday, June 5th. The shares were acquired at an average price of $8.55 per share, for a total transaction of $28,497.15. Following the transaction, the insider owned 21,111 shares in the company, valued at $180,499.05. This represents a 18.75% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last quarter, insiders have acquired 15,927 shares of company stock valued at $133,332. Company insiders own 0.84% of the company’s stock.

Institutional Inflows and Outflows

A hedge fund recently raised its position in Edible Garden stock. Cetera Investment Advisers grew its position in shares of Edible Garden AG Incorporated (NASDAQ:EDBL) by 861.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 96,150 shares of the company’s stock after acquiring an additional 86,150 shares during the quarter. Cetera Investment Advisers owned about 16.19% of Edible Garden worth $58,000 as of its most recent filing with the Securities & Exchange Commission. Institutional investors and hedge funds own 12.99% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on EDBL. Weiss Ratings upgraded Edible Garden from a “sell (e)” rating to a “sell (e+)” rating in a report on Tuesday, July 28th. Maxim Group cut their price target on Edible Garden to $45.00 and set a “buy” rating on the stock in a report on Monday, June 15th. Finally, Wall Street Zen downgraded shares of Edible Garden from a “hold” rating to a “sell” rating in a research report on Saturday. One research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $45.00.

Edible Garden Price Performance

EDBL remained flat at $1.67 during midday trading on Friday. 912,947 shares of the company’s stock traded hands, compared to its average volume of 3,392,681. The stock’s 50 day simple moving average is $5.37 and its 200 day simple moving average is $53.96. Edible Garden has a 12-month low of $1.56 and a 12-month high of $1,250.96. The stock has a market cap of $200,400.00, a P/E ratio of -0.00 and a beta of 1.77.

Edible Garden (NASDAQ:EDBL) last released its quarterly earnings data on Friday, August 14th. The company reported ($18.79) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($11.70) by ($7.09). The firm had revenue of $3.55 million for the quarter, compared to the consensus estimate of $3.38 million.

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.