Flora Growth (NASDAQ:FLGC) Releases Earnings Results, Misses Estimates By $2.80 EPS

Flora Growth (NASDAQ:FLGC) released its quarterly earnings results on Wednesday. The company reported ($4.93) EPS for the quarter, missing analysts’ consensus estimates of ($2.13) by ($2.80), Zacks reports. Flora Growth had a negative return on equity of 282.53% and a negative net margin of 32.03%.

Flora Growth Trading Down 2.4%

Shares of NASDAQ:FLGC traded down $0.20 during mid-day trading on Friday, reaching $7.87. The stock had a trading volume of 11,429 shares, compared to its average volume of 18,274. The firm has a market cap of $5.82 million, a PE ratio of -0.24 and a beta of 1.88. The firm has a 50 day simple moving average of $19.12 and a two-hundred day simple moving average of $22.46. The company has a current ratio of 0.96, a quick ratio of 0.61 and a debt-to-equity ratio of 0.50. Flora Growth has a twelve month low of $7.30 and a twelve month high of $81.90.

Institutional Inflows and Outflows

An institutional investor recently raised its position in Flora Growth stock. Geode Capital Management LLC lifted its holdings in shares of Flora Growth Corp. (NASDAQ:FLGC) by 1.8% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 168,572 shares of the company’s stock after purchasing an additional 3,015 shares during the quarter. Geode Capital Management LLC owned 29.16% of Flora Growth worth $98,000 at the end of the most recent quarter. Institutional investors and hedge funds own 36.01% of the company’s stock.

Analysts Set New Price Targets

FLGC has been the subject of a number of research analyst reports. Roth Capital set a $30.00 price target on Flora Growth and gave the company a “buy” rating in a report on Tuesday, August 5th. Weiss Ratings reissued a “sell (e+)” rating on shares of Flora Growth in a report on Wednesday, October 8th. Finally, Wall Street Zen upgraded Flora Growth to a “hold” rating in a research report on Friday, September 26th. Two research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $93.00.

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.