Edible Garden (NASDAQ:EDBL) Cut to “Sell” at Wall Street Zen

Wall Street Zen downgraded shares of Edible Garden (NASDAQ:EDBL) from a hold rating to a sell rating in a research report released on Saturday.

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

Edible Garden Trading Down 6.6%

Shares of NASDAQ EDBL opened at $1.56 on Friday. Edible Garden has a 12-month low of $1.51 and a 12-month high of $1,250.96. The firm has a market capitalization of $187,200.00, a price-to-earnings ratio of -0.00 and a beta of 1.78. The firm has a 50 day moving average of $5.20 and a 200 day moving average of $51.06.

Edible Garden (NASDAQ:EDBL) last released its quarterly earnings results 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 analyst estimates of $3.38 million.

Insider Buying and Selling

In other news, major shareholder Scott Wolinsky purchased 3,333 shares of the company’s stock in a transaction on 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 completion of the transaction, the insider directly owned 21,111 shares in the company, valued at $180,499.05. This trade represents a 18.75% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, major shareholder Financial Lp Hrt sold 11,948 shares of the company’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 completion of the transaction, the insider owned 7,162 shares of the company’s stock, valued at approximately $32,229. The trade was a 62.52% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have acquired 15,927 shares of company stock worth $133,332. 0.84% of the stock is owned by company insiders.

Institutional Trading of Edible Garden

A hedge fund recently raised its stake in Edible Garden stock. Cetera Investment Advisers lifted its position in shares of Edible Garden AG Incorporated (NASDAQ:EDBL) by 861.5% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 96,150 shares of the company’s stock after buying an additional 86,150 shares during the quarter. Cetera Investment Advisers owned approximately 16.19% of Edible Garden worth $58,000 at the end of the most recent quarter. Hedge funds and other institutional investors 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.