Flora Growth Corp. (NASDAQ:FLGC) Sees Large Increase in Short Interest

Flora Growth Corp. (NASDAQ:FLGC) was the target of a significant growth in short interest in the month of October. As of October 31st, there was short interest totalling 901,000 shares, a growth of 325.0% from the October 15th total of 212,000 shares. Based on an average daily volume of 293,400 shares, the short-interest ratio is currently 3.1 days. Currently, 9.7% of the shares of the company are short sold.

Analyst Ratings Changes

Separately, Alliance Global Partners reiterated a “neutral” rating on shares of Flora Growth in a research note on Thursday, August 15th.

Flora Growth Stock Down 4.2 %

Shares of Flora Growth stock traded down $0.05 during trading on Wednesday, reaching $1.13. The company’s stock had a trading volume of 395,724 shares, compared to its average volume of 373,011. Flora Growth has a one year low of $0.70 and a one year high of $2.93. The company has a current ratio of 1.16, a quick ratio of 0.79 and a debt-to-equity ratio of 0.29. The business’s fifty day moving average price is $1.44 and its 200-day moving average price is $1.24.

Flora Growth (NASDAQ:FLGC) last issued its quarterly earnings results on Monday, August 12th. The company reported ($0.22) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.17). Flora Growth had a negative net margin of 21.56% and a negative return on equity of 161.06%. The firm had revenue of $15.68 million for the quarter, compared to the consensus estimate of $20.74 million. Analysts forecast that Flora Growth will post -0.48 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Flora Growth

An institutional investor recently raised its position in Flora Growth stock. Renaissance Technologies LLC boosted its position in shares of Flora Growth Corp. (NASDAQ:FLGC) by 105.6% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 159,595 shares of the company’s stock after acquiring an additional 81,982 shares during the period. Renaissance Technologies LLC owned approximately 1.19% of Flora Growth worth $163,000 at the end of the most recent quarter. Institutional investors own 36.01% of the company’s stock.

Flora Growth Company Profile

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.