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

Flora Growth Corp. (NASDAQ:FLGC) was the recipient of a significant increase in short interest in 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. Currently, 6.5% of the company’s stock are short sold. Based on an average trading volume of 63,830 shares, the days-to-cover ratio is presently 0.7 days. Based on an average trading volume of 63,830 shares, the days-to-cover ratio is presently 0.7 days. Currently, 6.5% of the company’s stock are short sold.

Institutional Inflows and Outflows

An institutional investor recently raised its position in Flora Growth stock. Geode Capital Management LLC raised its position in Flora Growth Corp. (NASDAQ:FLGC) by 1.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 168,572 shares of the company’s stock after buying an additional 3,015 shares during the quarter. Geode Capital Management LLC owned approximately 29.16% of Flora Growth worth $98,000 as of its most recent filing with the Securities and Exchange Commission. Hedge funds and other institutional investors own 36.01% of the company’s stock.

Analyst Ratings Changes

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

Flora Growth Trading Up 1.3%

Shares of NASDAQ FLGC traded up $0.10 during mid-day trading on Monday, reaching $7.38. The company had a trading volume of 10,370 shares, compared to its average volume of 22,039. The firm has a 50 day simple moving average of $9.27 and a two-hundred day simple moving average of $18.17. Flora Growth has a 52-week low of $6.80 and a 52-week high of $47.00. The stock has a market cap of $5.51 million, a P/E ratio of -0.23 and a beta of 1.88.

Flora Growth (NASDAQ:FLGC) last announced its quarterly earnings results on Wednesday, November 5th. The company reported ($4.93) earnings per share for the quarter, missing analysts’ consensus estimates 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 net margin of 32.03% and a negative return on equity of 64.02%. On average, equities analysts expect that Flora Growth will post -0.93 EPS for the current year.

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.