Flora Growth Corp. (NASDAQ:FLGC) Sees Significant Decline in Short Interest

Flora Growth Corp. (NASDAQ:FLGC) was the recipient of a significant decline in short interest during the month of February. As of February 28th, there was short interest totalling 617,700 shares, a decline 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 days-to-cover ratio is presently 1.4 days.

Flora Growth Price Performance

NASDAQ FLGC opened at $0.65 on Thursday. Flora Growth has a twelve month low of $0.59 and a twelve month 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. The firm’s 50 day moving average price is $0.82 and its two-hundred day moving average price is $1.18.

Analyst Upgrades and Downgrades

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

Hedge Funds Weigh In On Flora Growth

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