Flora Growth (NASDAQ:FLGC) Stock Price Up 13.8% – Still a Buy?

Flora Growth Corp. (NASDAQ:FLGC)’s share price shot up 13.8% on Tuesday . The stock traded as high as $1.73 and last traded at $1.73. Approximately 69,201 shares changed hands during mid-day trading, an increase of 75% from the average session volume of 39,454 shares. The stock had previously closed at $1.52.

Flora Growth Trading Down 4.1%

The stock has a 50 day simple moving average of $3.21 and a 200-day simple moving average of $5.68. The firm has a market cap of $1.95 million, a PE ratio of -0.06 and a beta of 1.90.

Institutional Inflows and Outflows

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

Flora Growth Company Profile

Flora Growth Corp (NASDAQ: FLGC) is a vertically integrated cannabis and hemp company engaged in the cultivation, extraction, formulation and distribution of cannabinoid-based products. Its portfolio encompasses a broad range of offerings, including oils, vape cartridges, edibles, topicals and patent-pending delivery systems designed for both medical and wellness applications.

Founded in 2018, Flora Growth has established cultivation and processing operations in Uruguay’s greenhouse hubs, complemented by extraction and formulation laboratories in Florida.