Edible Garden (NASDAQ:EDBL) Lowered to Sell Rating by Wall Street Zen

Wall Street Zen lowered shares of Edible Garden (NASDAQ:EDBL – Free Report) from a hold rating to a sell rating in a research note issued to investors on Saturday morning.

Several other research firms have also recently commented on EDBL. Maxim Group decreased their price target on shares of Edible Garden to $45.00 and set a “buy” rating on the stock in a research note on Monday, June 15th. Weiss Ratings upgraded shares of Edible Garden from a “sell (e)” rating to a “sell (e+)” rating in a research report on Tuesday, July 28th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $45.00.

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Edible Garden Price Performance

Shares of NASDAQ EDBL opened at $1.67 on Friday. Edible Garden has a 12-month low of $1.56 and a 12-month high of $1,250.96. The firm’s 50-day simple moving average is $5.37 and its 200 day simple moving average is $53.96. The company has a market cap of $202,070.00, a price-to-earnings ratio of -0.00 and a beta of 1.77.

Edible Garden (NASDAQ:EDBL – Get Free Report) last posted its quarterly earnings data on Friday, August 14th. The company reported ($18.79) earnings per share for the quarter, missing the consensus estimate of ($11.70) by ($7.09). The business had revenue of $3.55 million for the quarter, compared to analysts’ expectations of $3.38 million.

Insider Transactions at Edible Garden

In other Edible Garden news, major shareholder Financial Lp Hrt sold 11,948 shares of the company’s stock in a transaction dated Tuesday, July 7th. The shares were sold at an average price of $4.50, for a total transaction of $53,766.00. Following the transaction, the insider directly owned 7,162 shares in the company, valued at approximately $32,229. This represents a 62.52% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder Scott Wolinsky bought 3,333 shares of Edible Garden stock in a transaction dated Friday, June 5th. The stock was acquired at an average cost of $8.55 per share, for a total transaction of $28,497.15. Following the purchase, the insider directly owned 21,111 shares in the company, valued at approximately $180,499.05. The trade was a 18.75% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last quarter, insiders purchased 15,927 shares of company stock valued at $133,332. Corporate insiders own 0.84% of the company’s stock.

Hedge Funds Weigh In On Edible Garden

An institutional investor recently raised its stake in Edible Garden stock. Cetera Investment Advisers raised its holdings in Edible Garden AG Incorporated (NASDAQ:EDBL – Free Report) by 861.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 96,150 shares of the company’s stock after acquiring an additional 86,150 shares during the quarter. Cetera Investment Advisers owned about 16.19% of Edible Garden worth $58,000 as of its most recent SEC filing. Institutional investors and hedge funds own 12.99% of the company’s stock.

Edible Garden Company Profile

(Get Free Report)

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.

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