Glass House Brands Inc. (NYSE:GLAS) Sees Significant Drop in Short Interest

Glass House Brands Inc. (NYSE:GLAS) saw a significant drop in short interest in the month of August. As of August 31st, there was short interest totaling 183,909 shares, a drop of 47.8% from the August 15th total of 352,255 shares. Based on an average daily trading volume, of 433,271 shares, the days-to-cover ratio is currently 0.4 days. Currently, 0.2% of the company’s shares are short sold.

Insider Activity at Glass House Brands

In other news, SVP William Tu sold 3,818 shares of Glass House Brands stock in a transaction that occurred on Friday, September 11th. The shares were sold at an average price of $8.03, for a total value of $30,658.54. Following the transaction, the senior vice president directly owned 3,783 shares of the company’s stock, valued at $30,377.49. This trade represents a 50.23% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Analysts Set New Price Targets

Several equities research analysts recently commented on GLAS shares. Wall Street Zen upgraded shares of Glass House Brands to a “sell” rating in a research report on Sunday, July 12th. Weiss Ratings downgraded shares of Glass House Brands from a “sell (d+)” rating to a “sell (d)” rating in a research note on Friday. Lake Street Capital initiated coverage on Glass House Brands in a report on Monday, July 13th. They issued a “buy” rating and a $17.00 target price for the company. Canaccord Genuity Group set a $15.00 target price on Glass House Brands in a research report on Friday, August 14th. Finally, Zacks Research downgraded Glass House Brands from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 20th. One analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Glass House Brands currently has an average rating of “Hold” and an average target price of $16.00.

Glass House Brands Price Performance

Shares of NYSE GLAS traded down $0.09 during mid-day trading on Tuesday, reaching $8.01. The company had a trading volume of 767,812 shares, compared to its average volume of 548,728. The business has a fifty day simple moving average of $9.75. Glass House Brands has a 12-month low of $5.15 and a 12-month high of $13.93.

Glass House Brands Company Profile

Glass House Brands Inc is a vertically integrated cannabis company focused on the California market. The company cultivates cannabis in greenhouse facilities and manufactures, distributes and sells cannabis products through its portfolio of brands and retail operations.

Its products include cannabis flower, pre-rolls, concentrates, vapes and edibles. Key brands have included Glass House Farms, which focuses on greenhouse-grown cannabis flower, and PLUS, a producer of cannabis-infused gummies and other edible products.