Wall Street Zen Upgrades Edible Garden (NASDAQ:EDBL) to Hold

Edible Garden (NASDAQ:EDBL) was upgraded by Wall Street Zen to a “hold” rating in a research note issued on Saturday.

Several other equities research analysts have also recently issued reports on EDBL. Maxim Group cut their price target on Edible Garden to $45.00 and set a “buy” rating for the company in a research note on Monday, June 15th. Weiss Ratings lowered Edible Garden from a “sell (e+)” rating to a “sell (e)” rating in a research note on Monday. One investment analyst has rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Edible Garden currently has a consensus rating of “Hold” and an average price target of $45.00.

Edible Garden Stock Up 0.6%

Shares of NASDAQ:EDBL opened at $3.23 on Friday. The company’s 50 day moving average price is $9.51 and its two-hundred day moving average price is $95.76. Edible Garden has a 12-month low of $2.98 and a 12-month high of $1,250.96. The firm has a market cap of $387,600.00, a PE ratio of -0.00 and a beta of 1.70.

Insider Transactions at Edible Garden

In other news, major shareholder Scott Wolinsky acquired 3,333 shares of Edible Garden stock in a transaction on Friday, June 5th. The shares were purchased at an average cost of $8.55 per share, for a total transaction of $28,497.15. Following the completion of the purchase, the insider directly owned 21,111 shares of the company’s stock, valued at approximately $180,499.05. This represents a 18.75% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, major shareholder Financial Lp Hrt sold 11,948 shares of the firm’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 completion of 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have acquired 15,927 shares of company stock worth $133,332 over the last quarter. Corporate insiders own 0.84% of the company’s stock.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Edible Garden stock. Armistice Capital LLC acquired a new stake in shares of Edible Garden AG Incorporated (NASDAQ:EDBL) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 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 reporting period. 12.99% of the stock is owned by institutional investors.

Edible Garden Company Profile

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.