Flora Growth (NASDAQ:FLGC) Shares Up 5.8% – Here’s Why

Flora Growth Corp. (NASDAQ:FLGC) shares rose 5.8% during mid-day trading on Wednesday . The company traded as high as $0.58 and last traded at $0.55. Approximately 102,453 shares were traded during mid-day trading, a decline of 64% from the average daily volume of 283,360 shares. The stock had previously closed at $0.52.

Flora Growth Trading Up 5.8 %

The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.64 and a current ratio of 1.02. The company has a market capitalization of $10.69 million, a P/E ratio of -0.42 and a beta of 2.01. The company has a 50-day simple moving average of $0.64 and a 200 day simple moving average of $1.06.

Flora Growth (NASDAQ:FLGC) last released its earnings results on Monday, March 24th. The company reported ($0.42) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.31). Flora Growth had a negative net margin of 30.99% and a negative return on equity of 268.17%. The company had revenue of $13.33 million for the quarter, compared to analyst estimates of $13.55 million. Sell-side analysts expect that Flora Growth Corp. will post -0.93 earnings per share for the current year.

Hedge Funds Weigh In On Flora Growth

Several large investors have recently added to or reduced their stakes in FLGC. Virtu Financial LLC bought a new stake in shares of Flora Growth during the fourth quarter valued at approximately $43,000. AdvisorShares Investments LLC bought a new stake in Flora Growth in the 4th quarter valued at $73,000. Finally, Geode Capital Management LLC raised its stake in shares of Flora Growth by 23.3% in the 4th quarter. Geode Capital Management LLC now owns 130,934 shares of the company’s stock valued at $135,000 after buying an additional 24,713 shares in the last quarter. Institutional investors and hedge funds own 36.01% of the company’s stock.

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.