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

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

Insider Activity

In other news, major shareholder Scott Wolinsky bought 3,333 shares of the company’s stock in a transaction dated 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 owned 21,111 shares in the company, valued at approximately $180,499.05. This represents a 18.75% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Financial Lp Hrt sold 11,948 shares of the 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 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 SEC filing for this sale provides additional information. Insiders acquired 15,927 shares of company stock valued at $133,332 over the last ninety days. Corporate insiders own 0.84% of the company’s stock.

Institutional Investors Weigh In On Edible Garden

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

Edible Garden Price Performance

EDBL opened at $3.21 on Friday. The firm has a market cap of $385,200.00, a P/E 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. The company has a 50 day simple moving average of $9.81 and a two-hundred day simple moving average of $96.41.

Wall Street Analysts Forecast Growth

EDBL has been the topic of several recent analyst reports. Maxim Group cut their target price on Edible Garden to $45.00 and set a “buy” rating on the stock in a research note on Monday, June 15th. Weiss Ratings cut Edible Garden from a “sell (e+)” rating to a “sell (e)” rating in a research note on Monday. One investment analyst has rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target 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.