Flora Growth (NASDAQ:FLGC) Shares Up 2.4% – Here’s What Happened

Flora Growth Corp. (NASDAQ:FLGC)’s share price traded up 2.4% during mid-day trading on Thursday . The company traded as high as $9.60 and last traded at $9.03. 40,078 shares traded hands during mid-day trading, a decline of 67% from the average session volume of 122,899 shares. The stock had previously closed at $8.82.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on FLGC shares. Weiss Ratings restated a “sell (e+)” rating on shares of Flora Growth in a research note on Thursday, January 22nd. Wall Street Zen raised shares of Flora Growth from a “sell” rating to a “hold” rating in a research note on Saturday, January 17th. One investment analyst has rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $30.00.

Flora Growth Trading Up 2.4%

The firm has a market capitalization of $9.45 million, a price-to-earnings ratio of -0.28 and a beta of 1.90. The firm’s 50-day moving average is $7.92 and its 200 day moving average is $13.21.

Institutional Trading of Flora Growth

An institutional investor recently raised its position in Flora Growth stock. Geode Capital Management LLC raised its stake in Flora Growth Corp. (NASDAQ:FLGC) by 1.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 168,572 shares of the company’s stock after buying an additional 3,015 shares during the period. Geode Capital Management LLC owned about 29.16% of Flora Growth worth $98,000 as of its most recent SEC filing. 36.01% of the stock is owned by institutional investors and hedge funds.

Flora Growth Company Profile

Flora Growth Corp (NASDAQ: FLGC) is a vertically integrated cannabis and hemp company engaged in the cultivation, extraction, formulation and distribution of cannabinoid-based products. Its portfolio encompasses a broad range of offerings, including oils, vape cartridges, edibles, topicals and patent-pending delivery systems designed for both medical and wellness applications.

Founded in 2018, Flora Growth has established cultivation and processing operations in Uruguay’s greenhouse hubs, complemented by extraction and formulation laboratories in Florida.