Flora Growth Corp. (NASDAQ:FLGC) Short Interest Down 23.9% in March

Flora Growth Corp. (NASDAQ:FLGC) was the recipient of a significant drop in short interest in March. As of March 15th, there was short interest totalling 470,300 shares, a drop of 23.9% from the February 28th total of 617,700 shares. Based on an average daily volume of 249,200 shares, the days-to-cover ratio is currently 1.9 days. Approximately 3.7% of the shares of the stock are sold short.

Flora Growth Price Performance

NASDAQ FLGC traded up $0.00 during trading hours on Tuesday, reaching $0.61. The company’s stock had a trading volume of 39,635 shares, compared to its average volume of 318,821. Flora Growth has a 1 year low of $0.59 and a 1 year high of $2.75. The company has a quick ratio of 0.64, a current ratio of 1.02 and a debt-to-equity ratio of 0.43. The company has a market capitalization of $11.82 million, a price-to-earnings ratio of -0.46 and a beta of 1.99. The firm’s 50-day moving average price is $0.77 and its 200-day moving average price is $1.17.

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

Hedge Funds Weigh In On Flora Growth

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. XTX Topco Ltd bought a new position in shares of Flora Growth during the 3rd quarter valued at approximately $28,000. Virtu Financial LLC purchased a new position in shares of Flora Growth in the 4th quarter worth $43,000. AdvisorShares Investments LLC bought a new stake in shares of Flora Growth in the 4th quarter worth about $73,000. Finally, Geode Capital Management LLC raised its position in shares of 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 buying an additional 24,713 shares in the last quarter. 36.01% of the stock is owned by institutional investors.

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.