Flora Growth (NASDAQ:FLGC) Shares Up 8% – Here’s Why

Flora Growth Corp. (NASDAQ:FLGC)’s stock price traded up 8% on Tuesday . The company traded as high as $0.71 and last traded at $0.69. 189,888 shares changed hands during mid-day trading, a decline of 31% from the average session volume of 273,578 shares. The stock had previously closed at $0.64.

Flora Growth Stock Performance

The company has a market capitalization of $15.60 million, a price-to-earnings ratio of -0.71 and a beta of 2.04. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.02 and a quick ratio of 0.64. The stock has a 50 day moving average price of $0.60 and a two-hundred day moving average price of $0.84.

Flora Growth (NASDAQ:FLGC) last announced its quarterly earnings data on Tuesday, May 13th. The company reported ($0.04) EPS for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.03). The firm had revenue of $11.79 million during the quarter, compared to analyst estimates of $14.79 million. Flora Growth had a negative return on equity of 268.17% and a negative net margin of 30.99%. On average, analysts predict that Flora Growth Corp. will post -0.93 EPS for the current fiscal year.

Institutional Trading of Flora Growth

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FLGC. Virtu Financial LLC acquired a new stake in Flora Growth in the fourth quarter worth about $43,000. AdvisorShares Investments LLC acquired a new stake in Flora Growth in the fourth quarter worth about $73,000. Finally, Geode Capital Management LLC increased its position in Flora Growth by 23.3% in the fourth quarter. Geode Capital Management LLC now owns 130,934 shares of the company’s stock worth $135,000 after purchasing an additional 24,713 shares during the period. 36.01% of the stock is currently owned by institutional investors and hedge funds.

Flora Growth Company Profile

Flora Growth Corp., together with its subsidiaries, engages in the growth, cultivation, and development of medicinal cannabis and medicinal cannabis derivative products worldwide. It operates through three segments: House of Brands, Commercial and Wholesale, and Pharmaceuticals. The company cultivates, processes, and supplies medicinal-grade cannabis flower, and cannabis derived medical and wellness products.