Flora Growth Corp. (NASDAQ:FLGC) Short Interest Down 49.5% in January

Flora Growth Corp. (NASDAQ:FLGC) saw a large decline in short interest during the month of January. As of January 15th, there was short interest totaling 22,719 shares, a decline of 49.5% from the December 31st total of 45,021 shares. Based on an average trading volume of 19,533 shares, the short-interest ratio is presently 1.2 days. Approximately 2.2% of the shares of the stock are short sold. Approximately 2.2% of the shares of the stock are short sold. Based on an average trading volume of 19,533 shares, the short-interest ratio is presently 1.2 days.

Flora Growth Stock Performance

FLGC stock opened at $8.95 on Thursday. The firm has a market cap of $9.40 million, a P/E ratio of -0.28 and a beta of 1.90. The firm’s fifty day moving average is $7.74 and its 200 day moving average is $15.21. Flora Growth has a 52 week low of $5.86 and a 52 week high of $47.00.

Flora Growth (NASDAQ:FLGC) last posted its quarterly earnings results on Wednesday, November 5th. The company reported ($4.93) earnings per share for the quarter, missing the consensus estimate of ($2.13) by ($2.80). Flora Growth had a negative return on equity of 64.02% and a negative net margin of 32.03%.The business had revenue of $9.75 million during the quarter, compared to the consensus estimate of $12.50 million. As a group, analysts forecast that Flora Growth will post -0.93 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. Wall Street Zen raised Flora Growth from a “sell” rating to a “hold” rating in a research note on Saturday, January 17th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Flora Growth in a report on Thursday, January 22nd. One research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $30.00.

Institutional Trading of Flora Growth

A hedge fund recently raised its stake in Flora Growth stock. Geode Capital Management LLC lifted its position in Flora Growth Corp. (NASDAQ:FLGC) by 1.8% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 168,572 shares of the company’s stock after purchasing an additional 3,015 shares during the period. Geode Capital Management LLC owned about 29.16% of Flora Growth worth $98,000 as of its most recent SEC filing. Hedge funds and other institutional investors own 36.01% of the company’s stock.

Flora Growth Company Profile

Flora Growth Corp (NASDAQ: FLGC) is a vertically integrated cannabis and hemp company engaged in the cultivation, extraction, formulation and distribution of cannabinoid-based products. Its portfolio encompasses a broad range of offerings, including oils, vape cartridges, edibles, topicals and patent-pending delivery systems designed for both medical and wellness applications.

Founded in 2018, Flora Growth has established cultivation and processing operations in Uruguay’s greenhouse hubs, complemented by extraction and formulation laboratories in Florida.