Flora Growth (NASDAQ:FLGC) Shares Down 2.6%

Flora Growth Corp. (NASDAQ:FLGC) traded down 2.6% on Monday . The company traded as low as $0.95 and last traded at $0.97. 87,913 shares changed hands during mid-day trading, a decline of 76% from the average session volume of 364,682 shares. The stock had previously closed at $1.00.

Analysts Set New Price Targets

FLGC has been the topic of several research analyst reports. Alliance Global Partners reiterated a “neutral” rating on shares of Flora Growth in a report on Thursday, August 15th. Roth Mkm reissued a “buy” rating and issued a $6.00 price objective (down previously from $7.00) on shares of Flora Growth in a research note on Thursday, May 16th.

Flora Growth Price Performance

The company’s 50 day simple moving average is $1.01 and its 200 day simple moving average is $1.27. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.16 and a quick ratio of 0.79.

Flora Growth (NASDAQ:FLGC) last posted its quarterly earnings results on Monday, August 12th. The company reported ($0.22) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.17). The company had revenue of $15.68 million during the quarter, compared to analyst estimates of $20.74 million. Flora Growth had a negative net margin of 21.56% and a negative return on equity of 161.06%. On average, sell-side analysts anticipate that Flora Growth Corp. will post -0.48 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Flora Growth stock. Renaissance Technologies LLC lifted its position in Flora Growth Corp. (NASDAQ:FLGC) by 105.6% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 159,595 shares of the company’s stock after purchasing an additional 81,982 shares during the quarter. Renaissance Technologies LLC owned approximately 1.19% of Flora Growth worth $163,000 at the end of the most recent quarter. Hedge funds and other institutional investors own 36.01% of the company’s stock.

About Flora Growth

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.