Flora Growth (NASDAQ:FLGC) Shares Down 9.9% – Time to Sell?

Flora Growth Corp. (NASDAQ:FLGC) shares were down 9.9% during mid-day trading on Monday . The stock traded as low as $6.65 and last traded at $6.68. Approximately 15,300 shares traded hands during trading, a decline of 61% from the average daily volume of 39,454 shares. The stock had previously closed at $7.41.

Wall Street Analyst Weigh In

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

Flora Growth Stock Performance

The firm’s 50-day simple moving average is $7.20 and its 200 day simple moving average is $8.58. The company has a market cap of $6.99 million, a P/E ratio of -0.21 and a beta of 1.90.

Institutional Investors Weigh In On Flora Growth

An institutional investor recently raised its position in Flora Growth stock. Geode Capital Management LLC grew its position in Flora Growth Corp. (NASDAQ:FLGC) by 1.8% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm 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 owned by institutional investors and hedge funds.

Flora Growth Company Profile

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.