Glass House Brands Sees Unusually High Options Volume (NYSE:GLAS)

Glass House Brands Inc. (NYSE:GLAS) was the recipient of some unusual options trading activity on Monday. Traders acquired 5,078 call options on the stock. This represents an increase of approximately 218% compared to the average daily volume of 1,595 call options.

Glass House Brands Stock Down 23.0%

NYSE GLAS traded down $0.73 during trading hours on Monday, hitting $2.46. The company’s stock had a trading volume of 9,097,749 shares, compared to its average volume of 507,788. The stock has a fifty day moving average of $7.66. Glass House Brands has a twelve month low of $1.67 and a twelve month high of $13.93. The firm has a market cap of $227.79 million and a price-to-earnings ratio of -3.12. The company has a quick ratio of 0.70, a current ratio of 1.33 and a debt-to-equity ratio of 0.77.

Insider Buying and Selling at Glass House Brands

In other news, SVP William Tu sold 3,818 shares of the company’s stock in a transaction that occurred on Friday, September 11th. The shares were sold at an average price of $8.03, for a total transaction of $30,658.54. Following the transaction, the senior vice president directly owned 3,783 shares in the company, valued at approximately $30,377.49. This represents a 50.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the company. Canaccord Genuity Group set a $15.00 price objective on Glass House Brands in a report on Friday, August 14th. Zacks Research cut Glass House Brands from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 20th. Wall Street Zen raised Glass House Brands to a “sell” rating in a research note on Sunday, July 12th. Weiss Ratings downgraded Glass House Brands from a “sell (d+)” rating to a “sell (d)” rating in a research report on Friday, September 11th. Finally, Lake Street Capital initiated coverage on Glass House Brands in a research note on Monday, July 13th. They set a “buy” rating and a $17.00 price target on the stock. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $16.00.

Glass House Brands Company Profile

Glass House Brands Inc is a cannabis company focused on the cultivation, manufacturing, distribution and sale of cannabis products in California. The company operates a vertically integrated business that includes large-scale greenhouse cultivation, product manufacturing and a retail platform serving California’s regulated cannabis market.

Glass House Brands markets cannabis flower and other cannabis products under brands including Glass House Farms. Its product portfolio has included flower, pre-rolls, concentrates and other manufactured cannabis products, which are sold through the company’s retail operations and third-party dispensaries, subject to applicable regulations.

The company was founded in 2015 by Kyle Kazan and Graham Farrar and has developed its operations primarily in California.