Glass House Brands (NYSE:GLAS) Stock Sees Unusually High Put Option Buying

Glass House Brands Inc. (NYSE:GLAS) saw unusually large options trading on Wednesday. Stock investors purchased 2,288 put options on the company. This represents an increase of approximately 95% compared to the typical volume of 1,176 put options.

Analyst Upgrades and Downgrades

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

Glass House Brands Price Performance

NYSE GLAS traded down $1.01 during midday trading on Wednesday, hitting $5.78. The company had a trading volume of 1,794,098 shares, compared to its average volume of 350,508. The business has a 50-day moving average of $9.05. Glass House Brands has a twelve month low of $5.15 and a twelve month high of $13.93.

Insider Activity

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 stock was sold at an average price of $8.03, for a total value of $30,658.54. Following the transaction, the senior vice president owned 3,783 shares of the company’s stock, valued at approximately $30,377.49. This represents a 50.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Glass House Brands Company Profile

Glass House Brands Inc is a vertically integrated cannabis company focused on the California market. The company cultivates cannabis in greenhouse facilities and manufactures, distributes and sells cannabis products through its portfolio of brands and retail operations.

Its products include cannabis flower, pre-rolls, concentrates, vapes and edibles. Key brands have included Glass House Farms, which focuses on greenhouse-grown cannabis flower, and PLUS, a producer of cannabis-infused gummies and other edible products.