Edible Garden AG Incorporated (NASDAQ:EDBL) Short Interest Update

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

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on EDBL. Weiss Ratings cut shares of Edible Garden from a “sell (e+)” rating to a “sell (e)” rating in a research report on Monday. Maxim Group lowered their price objective on shares of Edible Garden to $45.00 and set a “buy” rating for the company in a research note on Monday, June 15th. One analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $45.00.

Edible Garden Stock Performance

Shares of Edible Garden stock traded down $0.19 during midday trading on Thursday, reaching $3.21. 39,321 shares of the company’s stock traded hands, compared to its average volume of 236,980. The stock has a 50 day moving average of $10.09 and a 200-day moving average of $98.67. Edible Garden has a 12 month low of $3.05 and a 12 month high of $1,250.96. The company has a market cap of $388,410.00, a PE ratio of -0.00 and a beta of 1.70.

Insider Activity at Edible Garden

In related news, major shareholder Scott Wolinsky purchased 3,333 shares of the firm’s stock in a transaction on Friday, June 5th. The shares were acquired at an average cost 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 approximately $180,499.05. This trade represents a 18.75% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, 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 value of $53,766.00. Following the completion of the sale, the insider owned 7,162 shares of the company’s stock, valued at $32,229. The trade was a 62.52% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have purchased 15,927 shares of company stock worth $133,332. 0.84% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Edible Garden

A hedge fund recently bought a new stake in Edible Garden stock. Armistice Capital LLC purchased a new stake in shares of Edible Garden AG Incorporated (NASDAQ:EDBL) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 222,072 shares of the company’s stock, valued at approximately $135,000. Armistice Capital LLC owned 37.64% of Edible Garden at the end of the most recent reporting period. 12.99% of the stock is currently owned by institutional investors.

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.