Flora Growth Corp. (NASDAQ:FLGC) Sees Significant Drop in Short Interest

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

Institutional Trading of Flora Growth

A number of institutional investors have recently modified their holdings of the business. Geode Capital Management LLC boosted its holdings in Flora Growth by 23.3% during the fourth quarter. Geode Capital Management LLC now owns 130,934 shares of the company’s stock worth $135,000 after buying an additional 24,713 shares in the last quarter. AdvisorShares Investments LLC purchased a new position in shares of Flora Growth in the fourth quarter valued at $73,000. Virtu Financial LLC acquired a new position in shares of Flora Growth during the 4th quarter worth $43,000. Finally, XTX Topco Ltd purchased a new stake in shares of Flora Growth in the 3rd quarter worth about $28,000. 36.01% of the stock is currently owned by hedge funds and other institutional investors.

Flora Growth Stock Down 2.8 %

Flora Growth stock opened at $0.65 on Monday. The stock has a 50 day moving average of $0.78 and a two-hundred day moving average of $1.17. Flora Growth has a twelve month low of $0.59 and a twelve month high of $2.75. The stock has a market capitalization of $12.63 million, a price-to-earnings ratio of -0.49 and a beta of 1.99. The company has a current ratio of 1.02, a quick ratio of 0.64 and a debt-to-equity ratio of 0.43.

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

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.