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

Edible Garden AG Incorporated (NASDAQ:EDBL) was the recipient of a large increase in short interest during the month of October. As of October 15th, there was short interest totaling 144,202 shares, an increase of 84.8% from the September 30th total of 78,014 shares. Based on an average trading volume of 191,753 shares, the days-to-cover ratio is currently 0.8 days. Approximately 10.5% of the company’s stock are sold short.

Edible Garden Stock Down 5.2%

Shares of EDBL stock opened at $0.70 on Tuesday. The firm has a 50 day moving average price of $1.17 and a two-hundred day moving average price of $47.88. The company has a market capitalization of $963,951.00, a PE ratio of -0.00 and a beta of 1.74. Edible Garden has a 12-month low of $0.67 and a 12-month high of $765.00.

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

Analyst Ratings Changes

EDBL has been the subject of several analyst reports. Weiss Ratings cut Edible Garden from a “sell (e+)” rating to a “sell (e)” rating in a report on Tuesday, October 20th. Wall Street Zen lowered Edible Garden from a “hold” rating to a “sell” rating in a report on Saturday, August 15th. One investment analyst has rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Edible Garden has a consensus rating of “Hold” and an average target price of $45.00.

About Edible Garden

Edible Garden AG Incorporated (NASDAQ: EDBL) is a controlled-environment agriculture company that grows and distributes fresh herbs, leafy greens, microgreens and other produce. Its operations use greenhouse and indoor farming methods designed to provide consistent, locally grown products throughout the year.

The company offers products such as basil, mint, parsley, cilantro, rosemary, sage, lettuce and microgreens. These products are marketed under the Edible Garden brand and related product lines and are sold primarily through grocery retailers and other food distribution channels in the United States.

Edible Garden was established to support more sustainable and efficient food production, with an emphasis on reducing transportation distances, improving freshness and using technology to manage growing conditions.