Glass House Brands Inc. (NYSE:GLAS) Stock Short Interest Climbs 89.6%

Glass House Brands Inc. (NYSE:GLAS) was the target of a significant increase in short interest in the month of September. As of September 30th, there was short interest totaling 378,723 shares, an increase of 89.6% from the September 15th total of 199,756 shares. Approximately 0.4% of the shares of the stock are short sold. Based on an average daily trading volume, of 1,538,815 shares, the days-to-cover ratio is currently 0.2 days.

Wall Street Analyst Weigh In

GLAS has been the subject of several recent analyst reports. Zacks Research cut shares of Glass House Brands from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 20th. Canaccord Genuity Group set a $15.00 target price on Glass House Brands in a report on Friday, August 14th. Lake Street Capital assumed coverage on Glass House Brands in a research report on Monday, July 13th. They issued a “buy” rating and a $17.00 target price for the company. Wall Street Zen upgraded Glass House Brands to a “sell” rating in a report on Sunday, July 12th. Finally, Weiss Ratings lowered Glass House Brands from a “sell (d+)” rating to a “sell (d)” rating in a research report on Friday, September 11th. One research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $16.00.

Glass House Brands Trading Down 14.9%

Shares of NYSE:GLAS opened at $3.16 on Friday. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.33 and a quick ratio of 0.70. Glass House Brands has a 1 year low of $3.10 and a 1 year high of $13.93. The stock has a fifty day simple moving average of $7.66.

Insiders Place Their Bets

In other news, 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 completion of the transaction, the senior vice president owned 3,783 shares in the company, valued at approximately $30,377.49. This trade represents a 50.23% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

About Glass House Brands

Glass House Brands Inc is a cannabis company focused on the cultivation, manufacturing, distribution and sale of cannabis products in California. The company operates a vertically integrated business that includes large-scale greenhouse cultivation, product manufacturing and a retail platform serving California’s regulated cannabis market.

Glass House Brands markets cannabis flower and other cannabis products under brands including Glass House Farms. Its product portfolio has included flower, pre-rolls, concentrates and other manufactured cannabis products, which are sold through the company’s retail operations and third-party dispensaries, subject to applicable regulations.

The company was founded in 2015 by Kyle Kazan and Graham Farrar and has developed its operations primarily in California.