Flora Growth (NASDAQ:FLGC) Downgraded by Zacks Investment Research to Hold

Zacks Investment Research cut shares of Flora Growth (NASDAQ:FLGCGet Rating) from a buy rating to a hold rating in a research report sent to investors on Monday morning, Zacks.com reports.

According to Zacks, “Flora Growth Corp. is an all-outdoor cultivator and manufacturer of cannabis-derived products and brands. Flora Growth Corp. is based in TORONTO. “

Shares of NASDAQ FLGC opened at $1.25 on Monday. The business has a 50-day moving average price of $1.69 and a 200 day moving average price of $2.07. The company has a debt-to-equity ratio of 0.01, a current ratio of 7.84 and a quick ratio of 7.34. Flora Growth has a 52-week low of $1.10 and a 52-week high of $21.45.

Several hedge funds have recently bought and sold shares of FLGC. Flow Traders U.S. LLC purchased a new position in shares of Flora Growth during the first quarter worth approximately $26,000. Morgan Stanley acquired a new stake in Flora Growth during the 2nd quarter worth $27,000. Financial Consulate Inc. acquired a new stake in Flora Growth during the 4th quarter worth $29,000. Wedbush Securities Inc. purchased a new position in Flora Growth during the 4th quarter worth $45,000. Finally, Citadel Advisors LLC increased its stake in Flora Growth by 178.5% in the fourth quarter. Citadel Advisors LLC now owns 30,307 shares of the company’s stock valued at $54,000 after purchasing an additional 19,425 shares during the period. 8.08% of the stock is owned by institutional investors and hedge funds.

Flora Growth Company Profile (Get Rating)

Flora Growth Corp., a cannabis company, cultivates, processes, and supplies cannabis products to pharmacies, medical clinics, and cosmetic companies worldwide. It cultivates, processes, and supplies medicinal-grade cannabis oil, and cannabis oil extracts and related products; manufactures and sells skincare and beauty products, such as gel cleanser, eye cream, moisturizer, and hydrating mask; manufactures dermo cosmetic products; and develops and sells pharmaceutical and over-the-counter products, including dietary supplements, phytotherapeutic and nutraceutical products, supplements, and related products.

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