Flora Growth Corp. (NASDAQ:FLGC) Short Interest Up 43.7% in October

Flora Growth Corp. (NASDAQ:FLGC) was the recipient of a large increase in short interest during the month of 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 volume of 181,800 shares, the days-to-cover ratio is presently 1.2 days. Currently, 2.3% of the shares of the company are sold short.

Hedge Funds Weigh In On Flora Growth

An institutional investor recently raised its position in Flora Growth stock. Renaissance Technologies LLC boosted its holdings in shares of Flora Growth Corp. (NASDAQ:FLGC) by 105.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 159,595 shares of the company’s stock after purchasing an additional 81,982 shares during the period. Renaissance Technologies LLC owned about 1.19% of Flora Growth worth $163,000 as of its most recent SEC filing. 36.01% of the stock is currently owned by institutional investors and hedge funds.

Flora Growth Trading Down 4.0 %

Flora Growth stock traded down $0.08 during trading hours on Tuesday, hitting $1.90. The stock had a trading volume of 327,851 shares, compared to its average volume of 356,766. The company has a 50-day moving average of $1.37 and a two-hundred day moving average of $1.25. 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 fifty-two week low of $0.68 and a fifty-two week high of $2.93.

Flora Growth (NASDAQ:FLGC) last issued its earnings results on Monday, August 12th. The company reported ($0.22) EPS for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $15.68 million during the quarter, compared to analyst estimates of $20.74 million. Research analysts predict that Flora Growth will post -0.48 earnings per share for the current fiscal year.

Analysts Set New Price Targets

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

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.