BELVIDERE, N.J.—Mathew J. McConnell, a director at Edible Garden AG Inc (NASDAQ:EDBL), recently acquired 2,013 shares of the company's common stock, according to a Form 4 filing with the Securities and Exchange Commission. The company, currently valued at $3.15 million, has shown significant volatility in recent months, with the stock down nearly 90% over the past six months despite maintaining a stronger cash position than debt on its balance sheet. The transaction, which took place on November 27, 2024, was valued at approximately $334, with each share priced at $0.1661. Following this purchase, McConnell holds a total of 2,153 shares directly. According to InvestingPro, the stock has recently shown signs of momentum with an 8.9% return over the past week, though analysts note the company faces profitability challenges. For deeper insights into EDBL's valuation and 15+ additional ProTips, investors can access the comprehensive Pro Research Report available on InvestingPro.
In other recent news, Edible Garden AG Incorporated reported a mixed third-quarter performance for 2024. Despite a drop in quarterly revenue to $2.6 million, the company saw a gross profit increase of $687,000 compared to the same period last year, with the gross profit margin growing to 27.1%. This growth was fueled by strategic product shifts and infrastructure improvements.
The company also successfully raised $5.65 million through a September S1 offering, which was used to pay down $3.2 million in debt and invest in working capital. Partnerships with Walmart (NYSE:WMT) and the launch of new products like Hydro Basil and Vitamin Whey on Walmart Marketplace were other notable developments.
The company anticipates a strong Q4, potentially one of the strongest in its history, with a projected revenue impact of $215,000 delayed from Q3 expected in Q4. Additionally, Edible Garden AG foresees substantial growth in the Sports Nutrition line in 2025, backed by new product launches and major retailer partnerships. However, the company's Q3 revenue was impacted by strategic exits from lower-margin products and hurricane-related disruptions.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.