Flora Growth (NASDAQ:FLGC) Shares Down 10% – What’s Next?

Flora Growth Corp. (NASDAQ:FLGC)’s stock price fell 10% during trading on Monday . The stock traded as low as $2.12 and last traded at $2.24. Approximately 23,039 shares changed hands during trading, a decline of 42% from the average session volume of 39,454 shares. The stock had previously closed at $2.49.

Flora Growth Stock Down 10.0%

The firm has a market cap of $2.34 million, a P/E ratio of -0.07 and a beta of 1.90. The company’s 50 day simple moving average is $4.21 and its 200-day simple moving average is $6.30.

Institutional Investors Weigh In On Flora Growth

A hedge fund recently raised its stake in Flora Growth stock. Geode Capital Management LLC increased its holdings in shares of Flora Growth Corp. (NASDAQ:FLGC) by 1.8% in the second quarter, according to its most recent filing with the SEC. The fund owned 168,572 shares of the company’s stock after acquiring an additional 3,015 shares during the period. Geode Capital Management LLC owned about 29.16% of Flora Growth worth $98,000 at the end of the most recent quarter. Institutional investors and hedge funds own 36.01% of the company’s stock.

About Flora Growth

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.