Short Interest in Flora Growth Corp. (NASDAQ:FLGC) Drops By 18.3%

Flora Growth Corp. (NASDAQ:FLGC) saw a significant drop in short interest in February. As of February 28th, there was short interest totalling 617,700 shares, a drop of 18.3% from the February 13th total of 755,900 shares. Approximately 4.9% of the shares of the stock are short sold. Based on an average daily trading volume, of 453,600 shares, the short-interest ratio is presently 1.4 days.

Institutional Investors Weigh In On Flora Growth

A number of large investors have recently added to or reduced their stakes in FLGC. XTX Topco Ltd purchased a new position in shares of Flora Growth in the third quarter worth about $28,000. Virtu Financial LLC purchased a new stake in Flora Growth during the 4th quarter valued at about $43,000. AdvisorShares Investments LLC purchased a new stake in Flora Growth during the 4th quarter valued at about $73,000. Finally, Geode Capital Management LLC boosted its holdings in Flora Growth by 23.3% during the 4th quarter. Geode Capital Management LLC now owns 130,934 shares of the company’s stock valued at $135,000 after acquiring an additional 24,713 shares during the period. Hedge funds and other institutional investors own 36.01% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Aegis started coverage on Flora Growth in a research report on Monday, November 25th. They issued a “buy” rating and a $4.00 price objective on the stock.

Flora Growth Trading Down 2.5 %

NASDAQ FLGC traded down $0.02 during trading hours on Wednesday, reaching $0.65. 78,035 shares of the stock traded hands, compared to its average volume of 441,808. The stock has a 50 day simple moving average of $0.83 and a two-hundred day simple moving average of $1.19. Flora Growth has a 1 year low of $0.59 and a 1 year high of $2.93. The company has a current ratio of 1.02, a quick ratio of 0.64 and a debt-to-equity ratio of 0.43.

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.