Maxim Group Issues Pessimistic Forecast for Edible Garden (NASDAQ:EDBL) Stock Price

Edible Garden (NASDAQ:EDBL) had its price objective lowered by equities researchers at Maxim Group from $80.00 to $1.00 in a report issued on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Maxim Group’s price target indicates a potential upside of 288.50% from the company’s previous close.

Separately, Weiss Ratings downgraded Edible Garden from a “sell (e+)” rating to a “sell (e)” rating in a research note on Thursday. One investment analyst has rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, Edible Garden currently has a consensus rating of “Hold” and an average price target of $1.00.

Edible Garden Price Performance

Shares of EDBL stock opened at $0.26 on Monday. The company has a market cap of $1.41 million, a P/E ratio of 0.00 and a beta of 1.69. The business has a 50 day moving average of $0.52 and a two-hundred day moving average of $4.07. Edible Garden has a 52 week low of $0.18 and a 52 week high of $30.50.

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

Insider Activity at Edible Garden

In related news, major shareholder Scott Wolinsky purchased 150,000 shares of Edible Garden stock in a transaction dated Friday, June 5th. The stock was bought at an average cost of $0.19 per share, with a total value of $28,500.00. Following the purchase, the insider owned 950,000 shares in the company, valued at approximately $180,500. The trade was a 18.75% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.84% of the company’s stock.

Institutional Investors Weigh In On Edible Garden

An institutional investor recently raised its position in Edible Garden stock. Cetera Investment Advisers boosted its position in Edible Garden AG Incorporated (NASDAQ:EDBL) by 861.5% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 96,150 shares of the company’s stock after purchasing an additional 86,150 shares during the period. Cetera Investment Advisers owned approximately 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.

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.