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

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

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Maxim Group reduced their target price on shares of Edible Garden to $45.00 and set a “buy” rating on the stock in a report on Monday, June 15th. Wall Street Zen downgraded Edible Garden from a “hold” rating to a “sell” rating in a report on Saturday, August 15th. Finally, Weiss Ratings raised Edible Garden from a “sell (e)” rating to a “sell (e+)” rating in a report on Monday, August 31st. One research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $45.00.

Edible Garden Trading Up 0.1%

EDBL stock traded up $0.00 on Thursday, hitting $1.39. 39,071 shares of the company’s stock traded hands, compared to its average volume of 585,902. The stock has a market cap of $1.92 million, a price-to-earnings ratio of -0.00 and a beta of 1.75. Edible Garden has a 1-year low of $1.37 and a 1-year high of $1,250.96. The stock has a fifty day moving average of $2.18 and a 200-day moving average of $25.51.

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

Insider Activity

In other news, major shareholder Financial Lp Hrt sold 11,948 shares of the business’s stock in a transaction that occurred on Tuesday, July 7th. The shares were sold at an average price of $4.50, for a total transaction of $53,766.00. Following the completion of the sale, the insider owned 7,162 shares in the company, valued at approximately $32,229. The trade was a 62.52% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Over the last three months, insiders have acquired 9,261 shares of company stock worth $64,339. 0.84% of the stock is currently 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.