Flora Growth (NASDAQ:FLGC) Stock Price Down 2.6% – Time to Sell?

Shares of Flora Growth Corp. (NASDAQ:FLGC) traded down 2.6% on Thursday . The company traded as low as $8.1950 and last traded at $8.50. 6,253 shares changed hands during mid-day trading, a decline of 95% from the average session volume of 122,899 shares. The stock had previously closed at $8.73.

Analyst Ratings Changes

A number of equities research analysts have issued reports on FLGC shares. Wall Street Zen upgraded shares of Flora Growth from a “sell” rating to a “hold” rating in a report on Saturday, January 17th. Weiss Ratings restated a “sell (e+)” rating on shares of Flora Growth in a research note on Thursday, January 22nd. One investment analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, Flora Growth has a consensus rating of “Hold” and a consensus price target of $30.00.

Flora Growth Stock Down 2.6%

The company’s fifty day moving average is $8.08 and its two-hundred day moving average is $11.79. The stock has a market cap of $8.89 million, a price-to-earnings ratio of -0.26 and a beta of 1.90.

Institutional Investors Weigh In On Flora Growth

A hedge fund recently raised its stake in Flora Growth stock. Geode Capital Management LLC lifted its position in shares of Flora Growth Corp. (NASDAQ:FLGC) by 1.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 168,572 shares of the company’s stock after purchasing an additional 3,015 shares during the period. Geode Capital Management LLC owned about 29.16% of Flora Growth worth $98,000 at the end of the most recent reporting period. 36.01% of the stock is currently owned by institutional investors and hedge funds.

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.