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

Edible Garden AG Incorporated (NASDAQ:EDBL) was the recipient of a large drop in short interest in June. As of June 30th, there was short interest totaling 95,942 shares, a drop of 51.5% from the June 15th total of 197,802 shares. Based on an average trading volume of 34,101,163 shares, the days-to-cover ratio is presently 0.0 days. Currently, 1.8% of the company’s stock are short sold.

Insiders Place Their Bets

In related news, major shareholder Financial Lp Hrt sold 11,948 shares of the business’s stock in a transaction on Tuesday, July 7th. The shares were sold at an average price of $4.50, for a total value of $53,766.00. Following the completion of the sale, the insider directly owned 7,162 shares of the company’s stock, valued at $32,229. The trade was a 62.52% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Scott Wolinsky acquired 3,333 shares of the firm’s stock in a transaction on Friday, June 5th. The stock was bought at an average price of $8.55 per share, with a total value of $28,497.15. Following the purchase, the insider directly owned 21,111 shares of the company’s stock, valued at $180,499.05. This represents a 18.75% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last three months, insiders purchased 15,927 shares of company stock valued at $133,332. 0.84% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Edible Garden

A hedge fund recently raised its position in Edible Garden stock. Cetera Investment Advisers boosted its stake in Edible Garden AG Incorporated (NASDAQ:EDBL) by 861.5% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 96,150 shares of the company’s stock after acquiring an additional 86,150 shares during the period. Cetera Investment Advisers owned 16.19% of Edible Garden worth $58,000 as of its most recent SEC filing. 12.99% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

EDBL has been the subject of a number of research analyst reports. Weiss Ratings cut Edible Garden from a “sell (e+)” rating to a “sell (e)” rating in a research report on Monday. Maxim Group cut their price target on Edible Garden to $45.00 and set a “buy” rating on the stock in a research report on Monday, June 15th. One research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $45.00.

Edible Garden Stock Down 5.8%

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

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.