Glass House Brands Inc. (NYSE:GLAS – Get Free Report) was the recipient of a significant drop in short interest during the month of 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. Approximately 0.2% of the company’s stock are short sold. Based on an average daily trading volume, of 433,271 shares, the days-to-cover ratio is currently 0.4 days.
Glass House Brands Stock Down 0.2%
Shares of Glass House Brands stock traded down $0.01 during mid-day trading on Wednesday, hitting $8.03. 545,588 shares of the stock were exchanged, compared to its average volume of 572,902. Glass House Brands has a 12 month low of $5.15 and a 12 month high of $13.93. The firm’s 50-day moving average is $9.69.
Analysts Set New Price Targets
A number of equities analysts have issued reports on GLAS shares. Lake Street Capital started coverage on Glass House Brands in a research note on Monday, July 13th. They set a “buy” rating and a $17.00 price target for the company. Canaccord Genuity Group set a $15.00 price objective on Glass House Brands in a research note on Friday, August 14th. Wall Street Zen raised 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 report on Friday, September 11th. Finally, Zacks Research cut Glass House Brands from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 20th. One analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Glass House Brands currently has a consensus rating of “Hold” and an average target price of $16.00.
Insider Activity
In other news, SVP William Tu sold 3,818 shares of the business’s stock in a transaction dated Friday, September 11th. The shares were 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 directly owned 3,783 shares of the company’s stock, valued at $30,377.49. The trade was a 50.23% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.
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.
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