Edible Garden AG Inc (NASDAQ:EDBL) shares, rose in value, with the stock price up by 15.50% to the previous day’s close as strong demand from buyers drove the stock to $0.37.
Actively observing the price movement in the last trading, the stock closed the session at $0.32. Referring to stock’s 52-week performance, its high was $4.48, and the low was $0.27. On the whole, EDBL has fluctuated by -7.03% over the past month.
Analysts have estimated the company’s revenue for the quarter at $3.07 million, with a low estimate of $3.07 million and a high estimate of $3.07 million. According to the average forecast, sales growth in current quarter could jump up 11.50%, compared to the corresponding quarter of last year. Wall Street analysts also predicted that in 2024, the company’s y-o-y revenues would reach $14.05 million, representing an increase of 21.60% from the revenues reported in the last year’s results.
Revisions could be a useful indicator to get insight on short-term price movement; so for the company, there were no upward and no downward review(s) in last seven days. We see that EDBL’s technical picture suggests that short-term indicators denote the stock is a 50% Sell on average. However, medium term indicators have put the stock in the category of 100% Sell while long term indicators on average have been pointing out that it is a 100% Sell.
The stock’s technical analysis shows that the PEG ratio is about 0, with the price of EDBL currently trading nearly 9.84% and -8.99% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 53.28, while the 7-day volatility ratio is showing 17.70% which for the 30-day chart, stands at 13.84%. Furthermore, Edible Garden AG Inc (EDBL)’s beta value is 2.31, and its average true range (ATR) is 0.05.
A comparison of Edible Garden AG Inc (EDBL) with its peers suggests the former has fared considerably weaker in the market. EDBL showed an intraday change of 15.50% in last session, and over the past year, it shrunk by -83.83%%.
Data on historical trading for Edible Garden AG Inc (NASDAQ:EDBL) indicates that the trading volumes over the past 10 days have averaged 0.64 million and over the past 3 months, they’ve averaged 128.07K. According to company’s latest data on outstanding shares, there are 5.71 million shares outstanding.
Nearly 12.96% of Edible Garden AG Inc’s shares belong to company insiders and institutional investors own 2.96% of the company’s shares. The data on short interest also indicates that stock shorts accounted for 58110.0 shares as on Mar 15, 2024, resulting in a short ratio of 0.68. According to the data, the short interest in Edible Garden AG Inc (EDBL) stood at 1.02% of shares outstanding as of Mar 15, 2024; the number of short shares registered in Feb 15, 2024 reached 0.14 million. The stock has fallen by -26.12% since the beginning of the year, thereby showing the potential of a further growth. This could raise investors’ confidence to be optimistic about the EDBL stock heading into the next quarter.
