Glass House Brands Inc. (NYSE:GLAS) Short Interest Update

Glass House Brands Inc. (NYSE:GLAS) was the target of a significant drop in short interest in August. As of August 31st, there was short interest totaling 183,909 shares, a drop of 47.8% from the August 15th total of 352,255 shares. Based on an average trading volume of 433,271 shares, the short-interest ratio is presently 0.4 days. Currently, 0.2% of the company’s stock are short sold.

Glass House Brands Price Performance

Glass House Brands stock traded down $0.09 during mid-day trading on Tuesday, hitting $8.01. 767,812 shares of the company’s stock were exchanged, compared to its average volume of 548,728. Glass House Brands has a 1-year low of $5.15 and a 1-year high of $13.93. The business has a 50 day moving average price of $9.75.

Insider Transactions at Glass House Brands

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

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Weiss Ratings downgraded Glass House Brands from a “sell (d+)” rating to a “sell (d)” rating in a research note on Friday. Zacks Research cut Glass House Brands from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 20th. Wall Street Zen upgraded Glass House Brands to a “sell” rating in a report on Sunday, July 12th. Canaccord Genuity Group set a $15.00 price objective on shares of Glass House Brands in a research report on Friday, August 14th. Finally, Lake Street Capital began coverage on shares of Glass House Brands in a research note on Monday, July 13th. They issued a “buy” rating and a $17.00 target price for the company. One equities research 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. According to data from MarketBeat, Glass House Brands has a consensus rating of “Hold” and a consensus target price of $16.00.

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.