James E. Kras, the President and CEO of Edible Garden AG Inc (NASDAQ:EDBL), recently made significant purchases of the company's common stock. According to a recent SEC filing, Kras acquired a total of 33,700 shares over two transactions. The insider buying comes as the company's stock shows significant volatility, with InvestingPro data indicating a notable 8.9% return over the last week, despite a challenging year-to-date performance.
On November 27, Kras purchased 11,500 shares at a weighted average price of $0.1686 per share. This was followed by another acquisition on November 29, where he bought 22,200 shares at a weighted average price of $0.1692 per share. The total value of these transactions amounted to $5,695, with prices ranging from $0.1661 to $0.1729. These purchases occurred at prices significantly below the company's 52-week high of $13.00.
Following these transactions, Kras now directly owns 36,064 shares of Edible Garden AG Inc. Additionally, he indirectly owns 667 shares through his spouse. These transactions reflect Kras's continued investment in the company, which specializes in agriculture production. For deeper insights into EDBL's valuation and financial health metrics, including 15+ additional ProTips, visit InvestingPro for comprehensive analysis and the detailed Pro Research Report.
In other recent news, Edible Garden AG reported a mixed performance in its third-quarter earnings for 2024. The company saw a gross profit increase of $687,000 compared to the same quarter last year, and a gross profit surge of $1.7 million for the first nine months of 2024. However, revenue for the quarter decreased to $2.6 million from $3 million year-over-year. Despite this, the company 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.
Edible Garden AG also formed partnerships with Walmart (NYSE:WMT) and launched new products such as Hydro Basil and Vitamin Whey on Walmart Marketplace. The company also saw sales growth in the Pulp Flavors line and introduced the Kick Sports Nutrition line. Operational improvements include a decrease in selling, general, and administrative expenses to $2.2 million, reducing the net loss to $2.1 million, and a new production line in Grand Rapids increased capacity, reducing the need for contract growers.
Looking forward, the company anticipates a strong fourth quarter and expects substantial growth in the Sports Nutrition line in 2025. However, the company also acknowledged a decrease in Q3 revenue due to strategic exits from lower-margin products and hurricane-related disruptions. These are the recent developments for Edible Garden AG.
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