Insider Selling: Glass House Brands (NYSE:GLAS) SVP Sells $30,658.54 in Stock

Glass House Brands Inc. (NYSE:GLAS) SVP William Tu sold 3,818 shares of the firm’s stock in a transaction dated Friday, September 11th. The shares were sold at an average price of $8.03, for a total transaction of $30,658.54. Following the transaction, the senior vice president directly owned 3,783 shares in the company, valued at approximately $30,377.49. The trade was a 50.23% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Glass House Brands Stock Performance

GLAS stock opened at $7.89 on Monday. Glass House Brands Inc. has a 52 week low of $5.15 and a 52 week high of $13.93. The stock’s 50-day moving average is $9.89.

Wall Street Analysts Forecast Growth

GLAS has been the topic of several recent analyst reports. Lake Street Capital began coverage on Glass House Brands in a report on Monday, July 13th. They set a “buy” rating and a $17.00 target price on the stock. Wall Street Zen raised Glass House Brands to a “sell” rating in a research note on Sunday, July 12th. Weiss Ratings cut Glass House Brands from a “sell (d+)” rating to a “sell (d)” rating in a research report on Friday. Canaccord Genuity Group set a $15.00 price objective on Glass House Brands in a research note on Friday, August 14th. Finally, Zacks Research lowered Glass House Brands from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 20th. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Glass House Brands presently has a consensus rating of “Hold” and an average price target of $16.00.

About Glass House Brands

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.