Flora Growth (NASDAQ:FLGC) Trading Up 4%

Flora Growth Corp. (NASDAQ:FLGC) shares traded up 4% during mid-day trading on Thursday . The company traded as high as $1.04 and last traded at $1.04. 78,141 shares changed hands during mid-day trading, a decline of 83% from the average session volume of 461,112 shares. The stock had previously closed at $1.00.

Wall Street Analyst Weigh In

Separately, Roth Mkm reiterated a “buy” rating and set a $6.00 price target (down from $7.00) on shares of Flora Growth in a report on Thursday, May 16th.

Flora Growth Stock Up 3.8 %

The business’s fifty day simple moving average is $1.15 and its two-hundred day simple moving average is $1.35. The company has a quick ratio of 0.65, a current ratio of 1.13 and a debt-to-equity ratio of 0.58.

Flora Growth (NASDAQ:FLGC) last released its earnings results on Tuesday, May 14th. The company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.06). The firm had revenue of $18.03 million for the quarter, compared to analyst estimates of $19.04 million. Flora Growth had a negative return on equity of 144.44% and a negative net margin of 75.95%. On average, equities research analysts expect that Flora Growth Corp. will post -0.3 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

An institutional investor recently raised its position in Flora Growth stock. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Flora Growth Corp. (NASDAQ:FLGC) by 66.2% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 988,368 shares of the company’s stock after acquiring an additional 393,780 shares during the period. Mirae Asset Global Investments Co. Ltd. owned about 12.04% of Flora Growth worth $1,334,000 at the end of the most recent reporting period. Hedge funds and other institutional investors 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.