Wall Street Zen Downgrades Edible Garden (NASDAQ:EDBL) to Sell

Edible Garden (NASDAQ:EDBL) was downgraded by research analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued to investors on Saturday.

Several other equities analysts have also recently weighed in on the company. Maxim Group cut their price target on Edible Garden to $45.00 and set a “buy” rating for the company in a report on Monday, June 15th. Weiss Ratings raised Edible Garden from a “sell (e)” rating to a “sell (e+)” rating in a report on Tuesday, July 28th. One analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $45.00.

Edible Garden Price Performance

EDBL opened at $1.67 on Friday. The company has a market capitalization of $200,400.00, a PE ratio of -0.00 and a beta of 1.78. The firm has a 50-day simple moving average of $5.37 and a two-hundred day simple moving average of $52.68. Edible Garden has a 52 week low of $1.56 and a 52 week high of $1,250.96.

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

Insider Activity

In other Edible Garden 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 stock was sold at an average price of $4.50, for a total transaction of $53,766.00. Following 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 SEC, which is available through this link. Also, major shareholder Scott Wolinsky acquired 3,333 shares of Edible Garden stock in a transaction on Friday, June 5th. The shares were bought at an average cost 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 $180,499.05. The trade was a 18.75% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have bought a total of 15,927 shares of company stock worth $133,332 over the last 90 days. Corporate insiders own 0.84% of the company’s stock.

Institutional Investors Weigh In On Edible Garden

An institutional investor recently bought a new position in Edible Garden stock. Armistice Capital LLC bought a new position in Edible Garden AG Incorporated (NASDAQ:EDBL) in the fourth quarter, according to the company in its most recent filing with the SEC. The fund bought 222,072 shares of the company’s stock, valued at approximately $135,000. Armistice Capital LLC owned 37.64% of Edible Garden as of its most recent filing with the SEC. Institutional investors own 12.99% of the company’s stock.

Edible Garden Company Profile

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.