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

Flora Growth Corp. (NASDAQ:FLGC) was the target of a significant 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. Currently, 2.3% of the company’s stock are short sold. Based on an average daily volume of 181,800 shares, the short-interest ratio is presently 1.2 days.

Hedge Funds Weigh In On Flora Growth

A hedge fund recently raised its stake in Flora Growth stock. Renaissance Technologies LLC raised its stake in Flora Growth Corp. (NASDAQ:FLGC) by 105.6% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 159,595 shares of the company’s stock after purchasing 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. 36.01% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

Shares of Flora Growth stock traded down $0.09 on Tuesday, reaching $1.89. 327,787 shares of the company were exchanged, compared to its average volume of 356,762. Flora Growth has a one year low of $0.68 and a one year high of $2.93. The company has a current ratio of 1.16, a quick ratio of 0.79 and a debt-to-equity ratio of 0.29. The company has a 50-day moving average of $1.35 and a 200 day moving average of $1.26.

Flora Growth (NASDAQ:FLGC) last announced its quarterly earnings data on Monday, August 12th. The company reported ($0.22) EPS for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.17). The firm had revenue of $15.68 million during the quarter, compared to the consensus estimate of $20.74 million. Flora Growth had a negative net margin of 21.56% and a negative return on equity of 161.06%. As a group, sell-side analysts expect that Flora Growth will post -0.48 EPS for the current fiscal year.

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.