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

Wall Street Zen upgraded shares of Flora Growth (NASDAQ:FLGC) to a hold rating in a research report report published on Friday.

Separately, Roth Capital set a $30.00 price objective on shares of Flora Growth and gave the stock a “buy” rating in a report on Tuesday, August 5th. Two equities research analysts have rated the stock with a Buy rating, According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $93.00.

Flora Growth Stock Down 6.3%

Shares of NASDAQ:FLGC opened at $21.10 on Friday. The firm’s 50 day moving average price is $22.81 and its 200 day moving average price is $23.78. The stock has a market cap of $12.24 million, a price-to-earnings ratio of -0.61 and a beta of 1.97. Flora Growth has a fifty-two week low of $15.15 and a fifty-two week high of $82.29. The company has a quick ratio of 0.61, a current ratio of 0.96 and a debt-to-equity ratio of 0.50.

Flora Growth (NASDAQ:FLGC) last issued its earnings results on Friday, August 1st. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.05). Flora Growth had a negative net margin of 24.86% and a negative return on equity of 261.57%. The firm had revenue of $14.80 million during the quarter, compared to analyst estimates of $11.77 million. As a group, equities research analysts predict that Flora Growth will post -0.93 earnings per share for the current fiscal year.

Institutional Trading of Flora Growth

An institutional investor recently raised its position in Flora Growth stock. Geode Capital Management LLC lifted its holdings in shares of Flora Growth Corp. (NASDAQ:FLGC) by 1.8% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 168,572 shares of the company’s stock after acquiring an additional 3,015 shares during the period. Geode Capital Management LLC owned 29.16% of Flora Growth worth $98,000 at the end of the most recent reporting period. 36.01% of the stock is owned by institutional investors and hedge funds.

Flora Growth Company Profile

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.