Edible Garden (NASDAQ:EDBL) stock is up on Wednesday after the agriculture farming company announced its earnings results for the second quarter of the year.
Edible Garden reported diluted EPS of -$1.21 for the quarter. That’s better than the -$4.21 per share that Wall Street was expecting. It’s also a major improvement from the -$4.83 reported in the same period of the year prior.
Unfortunately, its revenue of $4.27 million didn’t fare so well. This is worse than the $4.43 million that analysts were expecting for the quarter. It’s also only a slight change from the $4.22 million reported in the second quarter of 2023.
Jim Kras, CEO of Edible Garden, said the following in the earnings report:
“During the second quarter, we implemented several new proprietary innovations in packaging and shipping to significantly extend the shelf life of our products, reducing spoilage and driving cost savings for our retail partners. These innovations, including our patented self-watering in-store display, differentiate Edible Garden by minimizing waste and ensuring retailers can showcase plants at their peak, aligning with our Zero-Waste Inspired® mission.”
How This Affects EDBL Stock
With this earnings report comes heavy trading of EDBL stock today. That has more than 22 million shares changing hands as of this writing. This is a massive increase over the company’s daily average trading volume of about 714,000 shares.
EDBL stock is up 10.1% as of Wednesday morning.
There are more stock market stories ready to go at the links below!
More Wednesday Stock Market News
- Why Is Conduit Pharmaceuticals (CDT) Stock Up 12% Today?
- Trade of the Day: Explore the Final Frontier with Intuitive Machines (LUNR) Stock
- Why Is Nuburu (BURU) Stock Up 47% Today?
On Penny Stocks and Low-Volume Stocks: With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.
Read More: Penny Stocks — How to Profit Without Getting Scammed
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
