Flora Growth Corp. (NASDAQ:FLGC) Short Interest Up 75.1% in December

Flora Growth Corp. (NASDAQ:FLGC) was the recipient of a large increase in short interest during the month of December. As of December 15th, there was short interest totaling 47,185 shares, an increase of 75.1% from the November 30th total of 26,948 shares. Based on an average trading volume of 63,830 shares, the days-to-cover ratio is currently 0.7 days. Approximately 6.5% of the company’s stock are sold short. Approximately 6.5% of the company’s stock are sold short. Based on an average trading volume of 63,830 shares, the days-to-cover ratio is currently 0.7 days.

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 disclosure with the SEC. The firm owned 168,572 shares of the company’s stock after purchasing an additional 3,015 shares during the period. Geode Capital Management LLC owned 29.16% of Flora Growth worth $98,000 as of its most recent filing with the SEC. 36.01% of the stock is currently owned by institutional investors and hedge funds.

Flora Growth Stock Down 1.1%

Shares of Flora Growth stock opened at $7.28 on Friday. The stock has a market cap of $5.46 million, a P/E ratio of -0.22 and a beta of 1.88. Flora Growth has a 12-month low of $6.80 and a 12-month high of $47.00. The business’s 50 day moving average is $9.27 and its 200-day moving average is $18.25.

Flora Growth (NASDAQ:FLGC) last released its 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 net margin of 32.03% and a negative return on equity of 64.02%. The firm had revenue of $9.75 million during the quarter, compared to the consensus estimate of $12.50 million. On average, sell-side analysts expect that Flora Growth will post -0.93 EPS for the current year.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on FLGC shares. Wall Street Zen downgraded shares of Flora Growth from a “hold” rating to a “sell” rating in a report on Saturday, November 22nd. Weiss Ratings reiterated a “sell (e+)” rating on shares of Flora Growth in a research note on Wednesday, October 8th. One research analyst has rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $30.00.

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.