Flora Growth (NASDAQ:FLGC) Trading 4.8% Higher – Still a Buy?

Flora Growth Corp. (NASDAQ:FLGC)’s share price traded up 4.8% on Monday . The company traded as high as $23.59 and last traded at $23.59. 7,510 shares changed hands during trading, a decline of 50% from the average session volume of 15,059 shares. The stock had previously closed at $22.50.

Wall Street Analysts Forecast Growth

Separately, Roth Capital set a $30.00 price objective on shares of Flora Growth and gave the company a “buy” rating in a research report on Tuesday, August 5th. Two analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $93.00.

Flora Growth Stock Up 4.8%

The company has a debt-to-equity ratio of 0.50, a current ratio of 0.96 and a quick ratio of 0.61. The firm has a market capitalization of $13.68 million, a P/E ratio of -0.69 and a beta of 1.97. The company’s 50-day simple moving average is $22.72 and its two-hundred day simple moving average is $24.09.

Flora Growth (NASDAQ:FLGC) last released its quarterly earnings results on Friday, August 1st. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.05). Flora Growth had a negative return on equity of 261.57% and a negative net margin of 24.86%.The business had revenue of $14.80 million during the quarter, compared to the consensus estimate of $11.77 million. As a group, research analysts expect that Flora Growth Corp. will post -0.93 earnings per share for the current year.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Flora Growth stock. Geode Capital Management LLC grew its holdings in Flora Growth Corp. (NASDAQ:FLGC) by 1.8% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 168,572 shares of the company’s stock after acquiring an additional 3,015 shares during the period. Geode Capital Management LLC owned 29.16% of Flora Growth worth $98,000 as of its most recent SEC filing. 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.