Flora Growth (NASDAQ:FLGC) Rating Increased to Hold at Wall Street Zen

Wall Street Zen upgraded shares of Flora Growth (NASDAQ:FLGC) from a sell rating to a hold rating in a research report report published on Saturday morning.

Separately, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Flora Growth in a research report on Wednesday, October 8th. One investment analyst has rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $30.00.

Flora Growth Trading Up 0.5%

Shares of NASDAQ FLGC opened at $6.57 on Friday. The stock has a fifty day moving average price of $7.82 and a 200 day moving average price of $16.17. Flora Growth has a 12-month low of $5.86 and a 12-month high of $47.00. The company has a market cap of $6.90 million, a P/E ratio of -0.20 and a beta of 1.90.

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

Institutional Investors Weigh In On Flora Growth

A hedge fund recently raised its stake in Flora Growth stock. Geode Capital Management LLC lifted its position in shares of Flora Growth Corp. (NASDAQ:FLGC) by 1.8% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor 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 reporting period. 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.