Flora Growth Corp. (NASDAQ:FLGC) Short Interest Down 23.9% in March

Flora Growth Corp. (NASDAQ:FLGC) was the recipient of a large drop in short interest during the month of March. As of March 15th, there was short interest totalling 470,300 shares, a drop of 23.9% from the February 28th total of 617,700 shares. Approximately 3.7% of the shares of the company are sold short. Based on an average daily trading volume, of 249,200 shares, the days-to-cover ratio is presently 1.9 days.

Flora Growth Stock Performance

FLGC traded up $0.01 during trading on Wednesday, hitting $0.61. 2,173 shares of the stock were exchanged, compared to its average volume of 314,955. The company has a quick ratio of 0.64, a current ratio of 1.02 and a debt-to-equity ratio of 0.43. Flora Growth has a 1-year low of $0.59 and a 1-year high of $2.75. The stock has a fifty day moving average price of $0.76 and a two-hundred day moving average price of $1.16. The firm has a market capitalization of $11.76 million, a P/E ratio of -0.46 and a beta of 1.99.

Flora Growth (NASDAQ:FLGC) last announced its earnings results on Monday, March 24th. The company reported ($0.42) EPS for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.31). The business had revenue of $13.33 million during the quarter, compared to analyst estimates of $13.55 million. Flora Growth had a negative net margin of 30.99% and a negative return on equity of 268.17%. As a group, sell-side analysts predict that Flora Growth will post -0.93 earnings per share for the current year.

Institutional Investors Weigh In On Flora Growth

Hedge funds have recently made changes to their positions in the business. XTX Topco Ltd purchased a new stake in Flora Growth during the 3rd quarter valued at approximately $28,000. Virtu Financial LLC acquired a new stake in shares of Flora Growth during the fourth quarter worth $43,000. AdvisorShares Investments LLC acquired a new stake in shares of Flora Growth during the fourth quarter worth $73,000. Finally, Geode Capital Management LLC grew its position in Flora Growth by 23.3% in the 4th quarter. Geode Capital Management LLC now owns 130,934 shares of the company’s stock valued at $135,000 after buying an additional 24,713 shares during the last quarter. Institutional investors and hedge funds own 36.01% of the company’s stock.

About Flora Growth

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.