Flora Growth (NASDAQ:FLGC) Trading 2.4% Higher – Here’s Why

Shares of Flora Growth Corp. (NASDAQ:FLGC) were up 2.4% during mid-day trading on Thursday . The stock traded as high as $9.60 and last traded at $9.03. Approximately 40,078 shares changed hands during trading, a decline of 67% from the average daily volume of 122,899 shares. The stock had previously closed at $8.82.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Weiss Ratings reissued a “sell (e+)” rating on shares of Flora Growth in a report on Thursday, January 22nd. Wall Street Zen raised shares of Flora Growth from a “sell” rating to a “hold” rating in a research note on Saturday, January 17th. One equities research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Flora Growth currently has a consensus rating of “Hold” and an average target price of $30.00.

Flora Growth Stock Performance

The stock has a market cap of $8.47 million, a PE ratio of -0.25 and a beta of 1.90. The business has a 50-day moving average of $7.94 and a 200 day moving average of $13.12.

Hedge Funds Weigh In On Flora Growth

An institutional investor recently raised its position in Flora Growth stock. Geode Capital Management LLC increased its position in shares of Flora Growth Corp. (NASDAQ:FLGC) by 1.8% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 168,572 shares of the company’s stock after acquiring 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 SEC. Institutional investors own 36.01% of the company’s stock.

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.