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Edible Garden AG Inc. shares are trading higher Wednesday after the company reported Q2 earnings. Here's a look at the details from the report.
The Details:
Edible Garden reported quarterly losses of $1.21 per share. Quarterly sales came in at $4.268 million, just under the $4.432 million analyst estimate.
The company said its increased revenue was primarily attributable to growth in its core products and a shift away from less profitable business segments.
Read Next: Ouster Shares Fall After Q2 Results: Here’s Why
“We are pleased to announce another exceptionally strong quarter, as illustrated by a 157% increase in gross profit, fueled by impressive year-over-year growth of 61% in cut herbs and 30% in vitamins & supplements for the second quarter of 2024. Our shift away from the dependence on third-party growers is driving our gross profit margin improvement. With approximately 95% of our fresh product line now produced in our own facilities, gross margin increased to a record 36.7% in the second quarter of 2024, compared to 13.1% for the same period last year," commented Mr. Jim Kras, CEO of Edible Garden.
According to data from Benzinga Pro, more than 20 million Edible Garden shares have already changed hands in Wednesday's session. The stock has a float of only 3.157 million shares.
How To Buy EDBL Stock:
Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.
For example, in Edible Garden's case, it is in the Consumer Staples sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.
EDBL Price Action: According to Benzinga Pro, Edible Garden shares are up 12.3% at $1.32 at the time of publication Wednesday.
Read Also:
Image: Courtesy of Edible Garden AG, Inc.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Serve Robotics stock is on the rise Wednesday after the autonomous delivery robots company announced a new collaboration with Shake Shack .
With this agreement Serve Robotics’ autonomous delivery robots will be used to deliver food from Shake Shack to customers. Also included in this partnership is Uber , which will handle the orders through its Uber Eats platform.
It’s worth highlighting that this delivery partnership is only available for residents ordering from Shake Shack locations in Los Angeles. This builds on the autonomous delivery services that Serve Robotics has offered in the city since 2022.
Touraj Parang, president and Chief Operating Officer of Serve Robotics, said the following about the partnership.
“Today’s announcement highlights the value of Serve’s world-class strategic partnerships as we work to expand our geographic footprint and deploy 2,000 robots across the U.S. in 2025.”
How This Affects SERV Stock Today
News of this partnership is shedding extra light on SERV stock and that brings with it heavy trading. This has more than 32 million shares of the stock changing hands as of this writing. To put that in perspective, the company’s daily average trading volume is about 15.8 million shares.
SERV stock is up 19.8% as of Wednesday afternoon.
There are plenty of other stock market stories traders need to know about today!
We have all of the hottest stock market news investors need to know about on Wednesday! A few examples include what’s going on with shares of Flutter Entertainment , Edible Garden and Conduit Pharmaceuticals stock. You can read up on all of these matters at the links below!
More Stock Market News for Wednesday
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.
More from InvestorPlace
Flutter Entertainment stock is on the rise Wednesday after the sports betting and gaming company announced its latest earnings results.
The good news for FLUT stock starts with its adjusted earnings per share of $2.61. This is well above the $1.42 per share Wall Street was expecting. It’s also a 56% increase year-over-year from $1.67 per share.
Revenue was also strong at $3.61 billion. That’s another beat compared to analysts’ estimate of $2.65 billion for the quarter. It’s also a 20% increase from the $3 billion reported in the same period of the year prior.
Flutter Entertainment CEO Peter Jackson said the following in the earnings report.
“Our US performance was excellent in new and existing states reflecting our disciplined approach to customer acquisition and our best-in-class product, which offers our sportsbook customers the best pricing in the market. We continue to make improvements to our proprietary product offering which drove the proportion of live betting handle to be more than 400 basis points higher than last year during the NBA playoffs, while we also increased our MLB parlay penetration.”
FLUT Stock Jumps on Guidance
Flutter Entertainment also updated its guidance alongside its latest earnings results. It now expects U.S. revenue to increase 3% to $6.2 billion for 2024. It also expects group revenue to jump 20% compared to 2023.
FLUT stock is up 8.2% as of Wednesday afternoon. This brings with it 3.6 million shares traded, as compared to a daily average of about 1.3 million shares.
Investors will want to stick around for even more of the most recent stock market stories on Wednesday!
We are offering up insight into all of the biggest stock market stories today! That includes every going on with Edible Garden , Conduit Pharmaceuticals and Intuitive Machines stock. All of this info is ready to go at the links below!
More Stock Market News for Wednesday
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.
More from InvestorPlace
Edible Garden 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 earnings per share 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!
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.
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.
More from InvestorPlace
Edible Garden AG just reported results for the second quarter of 2024.
InvestorPlace Earnings is a project that leverages data from TradeSmith to automate coverage of quarterly earnings reports. InvestorPlace Earnings distills key takeaways including earnings per share and revenue, as well as how a company stacks up to analyst estimates. These articles are published without human intervention, allowing us to inform our readers of the latest figures as quickly as possible. To report any concerns or inaccuracies, please contact us at editor@investorplace.com.
More from InvestorPlace
Edible Garden AG Inc EDBL.OQ reported a quarterly adjusted loss of $1.21 per share for the quarter ended in June, higher than the same quarter last year, when the company reported EPS of $-4.80. The lone analyst forecast for the quarter was for a loss of $4.21 per share.
Revenue rose 1.1% to $4.27 million from a year ago; analysts expected $4.43 million.
Edible Garden AG Inc's reported EPS for the quarter was a loss of $1.21.
The company reported a quarterly loss of $1.93 million.
Edible Garden AG Inc shares had fallen by 8.9% this quarter and lost 88.3% so far this year.
FORECAST CHANGES
The mean earnings estimate of analysts had risen by about 8.5% in the last three months.
In the last 30 days, there have been no earnings estimate revisions by analysts covering the company.
RECOMMENDATIONS
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 1 "strong buy" or "buy," no "hold" and no "sell" or "strong sell."
The average consensus recommendation for the fishing & farming peer group is also "buy"
Wall Street's median 12-month price target for Edible Garden AG Inc is $12.00
This summary was machine generated from LSEG data August 14 at 01:52 p.m. UTC. All figures in US dollars unless otherwise stated. (For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact RefinitivNewsSupport@thomsonreuters.com)
QUARTER ENDING | ESTIMATE | ACTUAL | BEAT, MET, MISSED |
Jun. 30 2024 | -4.21 | -1.21 | Beat |
Mar. 31 2024 | -7.60 | -13.65 | Missed |
Keywords: EDIBLE GARDEN-RESULTS/SUMMARY
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