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

Edible Garden AG Incorporated (NASDAQ:EDBL) saw a large decrease in short interest in the month of June. As of June 30th, there was short interest totaling 95,942 shares, a decrease of 51.5% from the June 15th total of 197,802 shares. Based on an average daily volume of 34,101,163 shares, the days-to-cover ratio is currently 0.0 days. Approximately 1.8% of the company’s stock 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 transaction of $53,766.00. Following the completion of the transaction, the insider directly owned 7,162 shares of the company’s stock, valued at approximately $32,229. The trade was a 62.52% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 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 purchased at an average price of $8.55 per share, for a total transaction of $28,497.15. Following the completion of the purchase, the insider directly owned 21,111 shares of the company’s stock, valued at approximately $180,499.05. This trade represents a 18.75% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders acquired a total of 15,927 shares of company stock worth $133,332 in the last ninety days. 0.84% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Edible Garden

An institutional investor recently raised its position in Edible Garden stock. Cetera Investment Advisers grew its stake in shares of Edible Garden AG Incorporated (NASDAQ:EDBL) by 861.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 96,150 shares of the company’s stock after purchasing an additional 86,150 shares during the quarter. Cetera Investment Advisers owned approximately 16.19% of Edible Garden worth $58,000 as of its most recent filing with the Securities and Exchange Commission. 12.99% of the stock is owned by institutional investors and hedge funds.

Edible Garden Stock Performance

Shares of NASDAQ:EDBL traded down $0.20 on Wednesday, hitting $3.28. 91,724 shares of the company’s stock were exchanged, compared to its average volume of 238,343. The firm’s 50-day moving average is $10.37 and its 200 day moving average is $101.32. The company has a market capitalization of $393,480.00, a PE ratio of -0.00 and a beta of 1.70. Edible Garden has a 1-year low of $3.05 and a 1-year high of $1,250.96.

Analyst Ratings Changes

A number of brokerages recently issued reports on EDBL. Maxim Group decreased their price target on shares of Edible Garden to $45.00 and set a “buy” rating for the company in a research note on Monday, June 15th. Weiss Ratings lowered shares of Edible Garden from a “sell (e+)” rating to a “sell (e)” rating in a report on Monday. One 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, the stock currently has an average rating of “Hold” and a consensus target price of $45.00.

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.