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Edible Garden AG Inc. (NASDAQ:EDBL) 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.
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“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.
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.
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Image: Courtesy of Edible Garden AG, Inc.
Posted In: EDBL
