Investors Buy High Volume of Glass House Brands Put Options (NYSE:GLAS)

Glass House Brands Inc. (NYSE:GLAS) was the target of unusually large options trading activity on Wednesday. Stock investors purchased 2,288 put options on the company. This is an increase of 95% compared to the average daily volume of 1,176 put options.

Analysts Set New Price Targets

A number of analysts recently commented on the company. Canaccord Genuity Group set a $15.00 price target on Glass House Brands in a research report on Friday, August 14th. Zacks Research cut Glass House Brands from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 20th. Wall Street Zen upgraded Glass House Brands to a “sell” rating in a research note on Sunday, July 12th. Weiss Ratings lowered Glass House Brands from a “sell (d+)” rating to a “sell (d)” rating in a research report on Friday, September 11th. Finally, Lake Street Capital initiated coverage on Glass House Brands in a research note on Monday, July 13th. They set a “buy” rating and a $17.00 target price on the stock. One investment analyst has rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $16.00.

Insider Buying and Selling

In other Glass House Brands news, SVP William Tu sold 3,818 shares of Glass House Brands stock in a transaction that occurred on Friday, September 11th. The shares were sold at an average price of $8.03, for a total transaction of $30,658.54. Following the transaction, the senior vice president owned 3,783 shares of the company’s stock, valued at $30,377.49. This trade represents a 50.23% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Glass House Brands Trading Up 0.3%

Glass House Brands stock traded up $0.02 during trading on Friday, hitting $5.34. The stock had a trading volume of 156,354 shares, compared to its average volume of 384,701. Glass House Brands has a 1 year low of $4.97 and a 1 year high of $13.93. The company’s 50 day moving average price is $8.86.

About Glass House Brands

Glass House Brands Inc is a vertically integrated cannabis company focused on the California market. The company cultivates cannabis in greenhouse facilities and manufactures, distributes and sells cannabis products through its portfolio of brands and retail operations.

Its products include cannabis flower, pre-rolls, concentrates, vapes and edibles. Key brands have included Glass House Farms, which focuses on greenhouse-grown cannabis flower, and PLUS, a producer of cannabis-infused gummies and other edible products.