Leafly (NASDAQ:LFLY) Shares Down 24.9% – Here’s Why

Leafly Holdings, Inc. (NASDAQ:LFLY)’s stock price dropped 24.9% on Tuesday . The stock traded as low as $0.30 and last traded at $0.30. Approximately 24,824 shares were traded during trading, a decline of 70% from the average daily volume of 83,319 shares. The stock had previously closed at $0.40.

Analysts Set New Price Targets

Separately, Westpark Capital restated a “buy” rating and set a $9.18 price objective on shares of Leafly in a research report on Friday, November 8th.

Leafly Price Performance

The firm has a market cap of $922,228.00, a P/E ratio of -0.13 and a beta of 0.81. The stock’s 50 day moving average is $1.16 and its two-hundred day moving average is $1.65.

Leafly (NASDAQ:LFLY) last released its quarterly earnings data on Thursday, November 7th. The company reported ($0.46) earnings per share for the quarter. The firm had revenue of $8.35 million during the quarter.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Leafly stock. Renaissance Technologies LLC bought a new position in shares of Leafly Holdings, Inc. (NASDAQ:LFLY) in the second quarter, according to the company in its most recent filing with the SEC. The firm bought 16,301 shares of the company’s stock, valued at approximately $33,000. Renaissance Technologies LLC owned approximately 0.66% of Leafly as of its most recent SEC filing. Institutional investors own 15.55% of the company’s stock.

About Leafly

Leafly Holdings, Inc owns and operates a platform to provide consumers with cannabis information and connects consumers to cannabis brands and licensed retailers. The company offers subscription-based marketplace listings, digital advertising solutions, and software as a service-based tools to cannabis retailers; and information, reviews, menus, and ordering and delivery options to its audience through its website and mobile applications.