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

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

Analyst Ratings Changes

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

Flora Growth Stock Performance

FLGC traded down $0.05 during trading on Wednesday, reaching $1.13. 395,724 shares of the stock traded hands, compared to its average volume of 373,011. Flora Growth has a fifty-two week low of $0.70 and a fifty-two week high of $2.93. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.16 and a quick ratio of 0.79. The stock’s 50-day simple moving average is $1.44 and its two-hundred day simple moving average is $1.24.

Flora Growth (NASDAQ:FLGC) last posted its earnings results on Monday, August 12th. The company reported ($0.22) earnings per share 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 company had revenue of $15.68 million for the quarter, compared to the consensus estimate of $20.74 million. Equities research analysts anticipate that Flora Growth will post -0.48 EPS for the current year.

Hedge Funds Weigh In On Flora Growth

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