Flora Growth (NASDAQ:FLGC) Posts Earnings Results, Misses Expectations By $0.06 EPS

Flora Growth (NASDAQ:FLGC) announced its quarterly earnings results on Tuesday. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.06), reports. The firm had revenue of $18.03 million for the quarter, compared to the consensus estimate of $19.04 million. Flora Growth had a negative net margin of 75.95% and a negative return on equity of 144.44%.

Flora Growth Trading Down 2.3 %

Shares of FLGC opened at $1.30 on Friday. The company’s fifty day simple moving average is $1.67 and its 200-day simple moving average is $1.32. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.13 and a quick ratio of 0.79. Flora Growth has a twelve month low of $0.63 and a twelve month high of $5.48.

Wall Street Analyst Weigh In

Separately, Roth Mkm restated a “buy” rating and set a $6.00 target price (down from $7.00) on shares of Flora Growth in a research report on Thursday.

Insider Buying and Selling

In other news, CEO Clifford Starke acquired 526,315 shares of Flora Growth stock in a transaction that occurred on Monday, April 8th. The shares were bought at an average cost of $1.90 per share, with a total value of $999,998.50. Following the transaction, the chief executive officer now directly owns 565,714 shares of the company’s stock, valued at approximately $1,074,856.60. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 17.60% of the stock is owned by corporate insiders.

Institutional Trading of Flora Growth

An institutional investor recently bought a new position in Flora Growth stock. Armistice Capital LLC purchased a new position in Flora Growth Corp. (NASDAQ:FLGC) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 447,623 shares of the company’s stock, valued at approximately $519,000. Armistice Capital LLC owned 5.45% of Flora Growth at the end of the most recent reporting period. 36.01% of the stock is owned by institutional investors.

About Flora Growth

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.