Short Interest in Flora Growth Corp. (NASDAQ:FLGC) Grows By 43.7%

Flora Growth Corp. (NASDAQ:FLGC) was the target of a large increase in short interest in October. As of October 15th, there was short interest totalling 212,000 shares, an increase of 43.7% from the September 30th total of 147,500 shares. Based on an average daily trading volume, of 181,800 shares, the days-to-cover ratio is presently 1.2 days. Currently, 2.3% of the company’s stock are short sold.

Analyst Upgrades and Downgrades

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

Flora Growth Price Performance

NASDAQ:FLGC traded down $0.08 during trading hours on Tuesday, reaching $1.90. The company’s stock had a trading volume of 327,851 shares, compared to its average volume of 356,766. The company has a current ratio of 1.16, a quick ratio of 0.79 and a debt-to-equity ratio of 0.29. Flora Growth has a one year low of $0.68 and a one year high of $2.93. The business’s 50-day moving average is $1.37 and its 200-day moving average is $1.25.

Flora Growth (NASDAQ:FLGC) last released 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 return on equity of 161.06% and a negative net margin of 21.56%. The company had revenue of $15.68 million for the quarter, compared to the consensus estimate of $20.74 million. Research analysts anticipate that Flora Growth will post -0.48 EPS for the current year.

Hedge Funds Weigh In On Flora Growth

A hedge fund recently raised its stake in Flora Growth stock. Renaissance Technologies LLC increased its position in shares of Flora Growth Corp. (NASDAQ:FLGC) by 105.6% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm 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 reporting period. 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.