Glass House Brands (NYSE:GLAS) Cut to Strong Sell at Wall Street Zen

Wall Street Zen downgraded shares of Glass House Brands (NYSE:GLAS) from a sell rating to a strong sell rating in a research report sent to investors on Saturday morning,Wall Street Zen reports.

A number of other brokerages have also issued reports on GLAS. Lake Street Capital dropped their price target on shares of Glass House Brands to $7.00 and set a “buy” rating for the company in a research note on Tuesday, October 20th. Zacks Research cut shares of Glass House Brands from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 20th. Canaccord Genuity Group set a $15.00 price objective on shares of Glass House Brands in a research note on Friday, August 14th. Finally, Weiss Ratings lowered shares of Glass House Brands from a “sell (d+)” rating to a “sell (d)” rating in a report on Friday, September 11th. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Glass House Brands presently has a consensus rating of “Hold” and a consensus price target of $11.00.

Glass House Brands Price Performance

Shares of GLAS stock opened at $2.12 on Friday. Glass House Brands has a 12 month low of $1.67 and a 12 month high of $13.93. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.33 and a quick ratio of 0.70. The firm has a market cap of $196.17 million and a price-to-earnings ratio of -2.78. The business has a fifty day moving average price of $6.90.

Insider Buying and Selling at Glass House Brands

In other Glass House Brands news, SVP William Tu sold 3,818 shares of the business’s stock in a transaction dated Friday, September 11th. The shares were sold at an average price of $8.03, for a total transaction of $30,658.54. Following the completion of the transaction, the senior vice president directly owned 3,783 shares of the company’s stock, valued at $30,377.49. The trade was a 50.23% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

About Glass House Brands

Glass House Brands Inc is a cannabis company focused on the cultivation, manufacturing, distribution and sale of cannabis products in California. The company operates one of the largest cannabis greenhouse facilities in the United States and supplies products through wholesale and retail channels.

Its product portfolio includes cannabis flower, pre-rolls, vapes, concentrates and edibles sold under brands such as Glass House Farms and PLUS. Glass House Brands also operates retail dispensaries in California, including locations associated with its The Pottery retail brand.

The company traces its origins to the Glass House Group, which was founded in California and became publicly traded following a business combination with Mercer Park Acquisition Corp.