Flora Growth (NASDAQ:FLGC) Raised to “Hold” at Wall Street Zen

Flora Growth (NASDAQ:FLGC) was upgraded by Wall Street Zen from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Saturday.

Separately, Weiss Ratings restated a “sell (e+)” rating on shares of Flora Growth in a research report on Wednesday, October 8th. One investment analyst has rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $30.00.

Flora Growth Stock Up 0.5%

Flora Growth stock opened at $6.57 on Friday. The stock has a market cap of $6.90 million, a price-to-earnings ratio of -0.20 and a beta of 1.90. The business has a 50-day simple moving average of $7.82 and a 200 day simple moving average of $16.12. Flora Growth has a 52 week low of $5.86 and a 52 week high of $47.00.

Flora Growth (NASDAQ:FLGC) last issued its quarterly earnings results on Wednesday, November 5th. The company reported ($4.93) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($2.13) by ($2.80). The business had revenue of $9.75 million for the quarter, compared to the consensus estimate of $12.50 million. Flora Growth had a negative net margin of 32.03% and a negative return on equity of 64.02%. On average, research analysts anticipate that Flora Growth will post -0.93 earnings per share for the current year.

Institutional Investors Weigh In On Flora Growth

An institutional investor recently raised its position in Flora Growth stock. Geode Capital Management LLC increased its holdings in Flora Growth Corp. (NASDAQ:FLGC) by 1.8% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 168,572 shares of the company’s stock after purchasing an additional 3,015 shares during the quarter. Geode Capital Management LLC owned 29.16% of Flora Growth worth $98,000 as of its most recent filing with the Securities & Exchange Commission. 36.01% of the stock is currently owned by institutional investors.

About Flora Growth

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.