Short Interest in Flora Growth Corp. (NASDAQ:FLGC) Grows By 325.0%

Flora Growth Corp. (NASDAQ:FLGC) was the target of a significant increase in short interest during the month of October. As of October 31st, there was short interest totalling 901,000 shares, an increase of 325.0% from the October 15th total of 212,000 shares. Currently, 9.7% of the shares of the stock are sold short. Based on an average daily volume of 293,400 shares, the short-interest ratio is currently 3.1 days.

Flora Growth Stock Performance

NASDAQ FLGC traded down $0.01 on Tuesday, hitting $1.18. 426,442 shares of the company were exchanged, compared to its average volume of 372,919. Flora Growth has a twelve month low of $0.70 and a twelve month high of $2.93. The company’s 50 day moving average price is $1.44 and its 200-day moving average price is $1.24. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.16 and a quick ratio of 0.79.

Flora Growth (NASDAQ:FLGC) last posted 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). Flora Growth had a negative return on equity of 161.06% and a negative net margin of 21.56%. The firm had revenue of $15.68 million during the quarter, compared to analyst estimates of $20.74 million. Analysts anticipate that Flora Growth will post -0.48 earnings per share for the current year.

Wall Street Analysts Forecast Growth

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

Institutional Trading of Flora Growth

A hedge fund recently raised its stake 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 its most recent filing with the Securities and Exchange Commission. The firm owned 159,595 shares of the company’s stock after acquiring an additional 81,982 shares during the quarter. Renaissance Technologies LLC owned 1.19% of Flora Growth worth $163,000 at the end of the most recent quarter. Hedge funds and other institutional investors own 36.01% of the company’s stock.

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.