Flora Growth (NASDAQ:FLGC) Rating Reiterated by Roth Mkm

Flora Growth (NASDAQ:FLGC)‘s stock had its “buy” rating restated by equities research analysts at Roth Mkm in a research report issued on Thursday, Benzinga reports. They currently have a $6.00 price objective on the stock, down from their prior price objective of $7.00. Roth Mkm’s price objective would suggest a potential upside of 357.67% from the stock’s previous close.

Flora Growth Price Performance

Shares of NASDAQ:FLGC opened at $1.31 on Thursday. Flora Growth has a fifty-two week low of $0.63 and a fifty-two week high of $5.48. The business has a 50-day simple moving average of $1.66 and a two-hundred day simple moving average of $1.32. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.79 and a current ratio of 1.31. The firm has a market cap of $16.81 million, a price-to-earnings ratio of -0.13 and a beta of 2.00.

Flora Growth (NASDAQ:FLGC) last issued its earnings results on Tuesday, May 14th. The company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.06). Flora Growth had a negative return on equity of 60.26% and a negative net margin of 75.33%. The business had revenue of $18.03 million during the quarter, compared to analysts’ expectations of $19.04 million. On average, analysts expect that Flora Growth will post -0.5 earnings per share for the current year.

Insiders Place Their Bets

In other Flora Growth news, CEO Clifford Starke bought 526,315 shares of the firm’s stock in a transaction on Monday, April 8th. The stock was acquired at an average price of $1.90 per share, with a total value of $999,998.50. Following the transaction, the chief executive officer now owns 565,714 shares in the company, valued at $1,074,856.60. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 17.60% of the stock is owned by insiders.

Institutional Investors Weigh In On Flora Growth

A hedge fund recently raised its stake in Flora Growth stock. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Flora Growth Corp. (NASDAQ:FLGC) by 66.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 988,368 shares of the company’s stock after acquiring an additional 393,780 shares during the quarter. Mirae Asset Global Investments Co. Ltd. owned approximately 12.04% of Flora Growth worth $1,334,000 at the end of the most recent reporting period. Hedge funds and other institutional investors own 36.01% of the company’s stock.

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.