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

Edible Garden (NASDAQ:EDBL) was upgraded by investment analysts at Wall Street Zen to a “hold” rating in a research report issued to clients and investors on Saturday.

Several other research analysts also recently commented on EDBL. Weiss Ratings downgraded Edible Garden from a “sell (e+)” rating to a “sell (e)” rating in a report on Monday, July 13th. Maxim Group decreased 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. One equities research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $45.00.

Edible Garden Stock Performance

EDBL stock opened at $3.23 on Friday. The company has a market capitalization of $387,600.00, a P/E ratio of -0.00 and a beta of 1.70. The company has a fifty day moving average price of $9.51 and a 200-day moving average price of $94.63. Edible Garden has a 52-week low of $2.98 and a 52-week high of $1,250.96.

Insider Buying and Selling

In other news, major shareholder Scott Wolinsky acquired 3,333 shares of the firm’s stock in a transaction dated Friday, June 5th. The stock was bought 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 represents a 18.75% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Financial Lp Hrt sold 11,948 shares of Edible Garden stock in a transaction 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 transaction, the insider directly owned 7,162 shares of the company’s stock, valued at $32,229. This represents a 62.52% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders bought a total of 15,927 shares of company stock worth $133,332 in the last 90 days. Corporate insiders own 0.84% of the company’s stock.

Hedge Funds Weigh In On Edible Garden

A hedge fund recently raised its stake in Edible Garden stock. Cetera Investment Advisers raised its position in shares of Edible Garden AG Incorporated (NASDAQ:EDBL) by 861.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. 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.

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.