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In a stark reflection of its recent financial struggles, Edible Garden AG Incorporated (EDBL) has withered to a 52-week low, trading at a mere $2.53. According to InvestingPro data, technical indicators suggest the stock is in oversold territory, though the company’s financial health score remains weak at 1.67 out of 5. This latest price point underscores a tumultuous period for the company, which has seen its stock value plummet by an alarming 98.59% over the past year. Despite modest revenue growth of 7.88% in the last twelve months, the company is rapidly burning through cash, with negative free cash flow of $8.91 million. Investors have watched with concern as the company’s shares have steadily declined, reaching this new low and signaling a period of significant uncertainty for the future of the sustainable agriculture firm. The precipitous drop in stock value over the last year has left market watchers and stakeholders alike questioning the viability of Edible Garden’s business model and its ability to rebound from such a substantial loss. InvestingPro subscribers have access to 15 additional key insights about EDBL, including detailed analysis of its financial health metrics and growth prospects.
In other recent news, Edible Garden AG Incorporated has announced a reverse stock split, consolidating every 25 shares of its common stock into one share, effective March 3, 2025. This action aims to help the company regain compliance with Nasdaq Listing Standards. Additionally, Edible Garden has been granted an extension until March 31, 2025, to meet Nasdaq’s minimum bid price requirement, following a previous failure to maintain the necessary $1 bid price over 30 consecutive business days. In another development, the company reported a significant increase in crop yields at its New Jersey facility due to a trial of nanobubble technology, which improved water oxygenation and nutrient uptake. The technology trial, in collaboration with various partners, resulted in a 55% increase in crop yields and a 30% reduction in harvest cycle time. Furthermore, Edible Garden secured $1.66 million in funding through a receivables sale agreement with Cedar Advance LLC, providing the company with additional financial resources. This funding move involved the sale of $2.485 million in future accounts receivable for an upfront sum, with the company committing to repay Cedar a portion of its weekly collected funds. These recent developments reflect Edible Garden’s ongoing efforts to optimize its financial structure and operational efficiency.
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