Short Interest in Edible Garden AG Incorporated (NASDAQ:EDBL) Declines By 47.0%

Edible Garden AG Incorporated (NASDAQ:EDBL) was the target of a significant drop in short interest in August. As of August 31st, there was short interest totaling 74,118 shares, a drop of 47.0% from the August 15th total of 139,913 shares. Approximately 5.4% of the company’s stock are short sold. Based on an average daily volume of 181,174 shares, the short-interest ratio is presently 0.4 days.

Edible Garden Stock Down 2.8%

Shares of NASDAQ:EDBL traded down $0.04 during trading on Tuesday, hitting $1.41. 90,677 shares of the company traded hands, compared to its average volume of 162,602. The business’s fifty day moving average is $2.25 and its 200-day moving average is $26.51. Edible Garden has a one year low of $1.37 and a one year high of $1,250.96.

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

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Weiss Ratings upgraded Edible Garden from a “sell (e)” rating to a “sell (e+)” rating in a report on Monday, August 31st. Maxim Group reduced their price objective on Edible Garden to $45.00 and set a “buy” rating on the stock in a research note on Monday, June 15th. Finally, Wall Street Zen downgraded shares of 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 stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $45.00.

Insiders Place Their Bets

In other Edible Garden news, major shareholder Financial Lp Hrt sold 11,948 shares of the company’s stock in a transaction that occurred on Tuesday, July 7th. The stock was sold at an average price of $4.50, for a total transaction of $53,766.00. Following the sale, the insider owned 7,162 shares in the company, valued at $32,229. This represents a 62.52% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders bought 9,261 shares of company stock valued at $64,339 over the last three months. 0.84% of the stock is owned by insiders.

About Edible Garden

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.