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

Edible Garden AG Incorporated (NASDAQ:EDBL) saw a significant drop in short interest in the month of 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. Based on an average daily volume of 181,174 shares, the days-to-cover ratio is presently 0.4 days. Currently, 5.4% of the shares of the company are short sold.

Edible Garden Trading Down 2.8%

Shares of NASDAQ:EDBL traded down $0.04 during trading on Tuesday, reaching $1.41. The company had a trading volume of 90,677 shares, compared to its average volume of 162,602. The firm’s fifty day moving average is $2.25 and its 200 day moving average is $26.51. Edible Garden has a twelve month low of $1.37 and a twelve month high of $1,250.96.

Edible Garden (NASDAQ:EDBL) last posted 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 company had revenue of $3.55 million for the quarter, compared to analyst estimates of $3.38 million.

Insider Activity at Edible Garden

In other news, major shareholder Financial Lp Hrt sold 11,948 shares of Edible Garden 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 of the company’s stock, valued at approximately $32,229. The trade was a 62.52% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders have purchased a total of 9,261 shares of company stock valued at $64,339 in the last quarter. 0.84% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on EDBL. Maxim Group decreased their price objective on Edible Garden to $45.00 and set a “buy” rating for the company in a report on Monday, June 15th. Weiss Ratings upgraded Edible Garden from a “sell (e)” rating to a “sell (e+)” rating in a research report on Monday, August 31st. Finally, Wall Street Zen cut Edible Garden from a “hold” rating to a “sell” rating in a research note on Saturday, August 15th. One equities research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Edible Garden has a consensus rating of “Hold” and an average 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.