Edible Garden AG Incorporated (NASDAQ:EDBL) Sees Large Increase in Short Interest

Edible Garden AG Incorporated (NASDAQ:EDBL) saw a significant growth in short interest in May. As of May 15th, there was short interest totaling 2,040,751 shares, a growth of 2,308.2% from the April 30th total of 84,740 shares. Based on an average daily volume of 11,907,153 shares, the days-to-cover ratio is currently 0.2 days. Currently, 37.4% of the company’s stock are sold short.

Edible Garden Trading Up 4.4%

Edible Garden stock opened at $0.29 on Thursday. The business’s fifty day simple moving average is $0.82 and its two-hundred day simple moving average is $5.12. Edible Garden has a 12 month low of $0.23 and a 12 month high of $41.50. The company has a market capitalization of $1.59 million, a price-to-earnings ratio of 0.00 and a beta of 1.84.

Edible Garden (NASDAQ:EDBL) last released its earnings results on Friday, May 15th. The company reported ($5.25) EPS for the quarter. Edible Garden had a negative return on equity of 1,078.80% and a negative net margin of 131.59%.The company had revenue of $3.34 million during the quarter.

Analysts Set New Price Targets

Separately, Weiss Ratings restated a “sell (e+)” rating on shares of Edible Garden in a research report on Monday, April 20th. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the stock has an average rating of “Sell”.

Institutional Investors Weigh In On Edible Garden

A hedge fund recently bought a new stake in Edible Garden stock. Armistice Capital LLC bought a new position in Edible Garden AG Incorporated (NASDAQ:EDBL) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 222,072 shares of the company’s stock, valued at approximately $135,000. Armistice Capital LLC owned approximately 37.64% of Edible Garden at the end of the most recent quarter. Institutional investors and hedge funds own 12.99% of the company’s stock.

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.