Why Edible Garden Stock Is Climbing Higher

Edible Garden AG Incorporated EDBL shares are trading higher Thursday after the company reported better-than-expected second-quarter financial results.

The Details:

Edible Garden AG reported quarterly losses of 24 cents per share, beating the analyst consensus estimate of 90 cents per share by 73.33% and representing a 98.82% increase over losses of $20.40 per share from the same period last year. The company reported quarterly sales of $4.22 million, beating the consensus estimate of $3.66 million by 15.33% and representing a 41.41% increase over sales from the same period last year.

Jim Kras, CEO of Edible Garden, stated, "We are excited to report record year-over-year revenue growth of 41.4% for the second quarter of 2023. Edible Garden has always stood out for its consistently high level of execution, a feature that sets the Company apart from our competition. During times when other companies in our industry are struggling, often contracting or even going out of business, Edible Garden continues to expand its reach and gain market share."

Shares of EDBL are moving higher on very heavy trading volume. According to Benzinga Pro, more than 63.5 million shares have been traded in the session, far exceeding the stock's 100-day average of only 92,581 shares.

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EDBL Price Action: According to Benzinga Pro, EDBL shares are trading over 41% higher at $1.70 at the time of publication.

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