Highbridge Capital Management LLC recently announced the acquisition of new stake in Flora Growth Corp. (NASDAQ:FLGC). The institutional investor has increased its shareholding in the Healthcare company by 1,212.51% to 10.83 million shares with purchase of 10.0 million shares. This fresh investment now brings its stake to 8.12% valued currently at $4.76 million. In addition, Armistice Capital LLC raised its holdings by 4.17 million to 4.17 million shares. And ETF Managers Group LLC has lifted its position by 344.58% or 0.4 million shares – to 0.51 million shares.
With over 1.01 million Flora Growth Corp. (FLGC) shares trading Tuesday and a closing price of $0.30 on the day, the dollar volume was approximately $0.3 million. The shares have shown a negative half year performance of -69.67% and its price on 03/21/23 lost nearly -9.57%. Currently, there are 76.61M common shares owned by the public and among those 68.03M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 3 analysts who have offered their price forecasts for FLGC have a consensus price objective of $1.13. The analysts have set the share’s price value over the next 12 months at a high of $1.25 and a low of $1.00. The average price target is 89.58% above its recent price level and an upside to the estimated low will see the stock gain 70.0% over that period. But an upside of 76.0% will see the stock hit the forecast high price target while median target price for the stock is $1.13.
The top 3 mutual fund holders in Flora Growth Corp. are Global X Cannabis ETF, HANetf ICAV – Medical Cannabis &, and Horizons US Marijuana Index ETF. Global X Cannabis ETF owns 3.3 million shares of the company’s stock, all valued at over $1.45 million. The company bought an additional 7407.0 shares recently to bring their total holdings to about 2.48% of the shares outstanding. Horizons US Marijuana Index ETF bought 72136.0 shares to bring its total holdings to over 72136.0 shares at a value of $31740.0. Horizons US Marijuana Index ETF now owns shares totaling to 0.05% of the shares outstanding.
Shares of Flora Growth Corp. (NASDAQ: FLGC) opened at $0.33, down -$0.01 from a prior closing price of $0.34. However, the script later moved the day high at 0.3300, down -9.57%. The company’s stock has a 5-day price change of -10.90% and 13.30% over the past three months. FLGC shares are trading 33.26% year to date (YTD), with the 12-month market performance down to -84.68% lower. It has a 12-month low price of $0.19 and touched a high of $2.38 over the same period. FLGC has an average intraday trading volume of 1.84 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -19.67%, -10.26%, and -46.87% respectively.
Institutional ownership of Flora Growth Corp. (NASDAQ: FLGC) shares accounts for 5.10% of the company’s 76.61M shares outstanding. Mutual fund holders own 2.84%, while other institutional holders and individual stakeholders account for 10.00% and 10.68% respectively.
It has a market capitalization of $39.91M. The earnings-per-share (ttm) stands at -$0.84. Price movements for the stock have been influenced by the stock’s volatility, which stands at 9.23% over the week and 10.20% over the month.
Analysts forecast that Flora Growth Corp. (FLGC) will achieve an EPS of -$0.08 for the current quarter, -$0.05 for the next quarter and -$0.15 for 2023. The lowest estimate earnings-per-share for the quarter is -$0.11 while analysts give the company a high EPS estimate of -$0.06. Earnings per share for the fiscal year are expected to decrease by -43.40%, and 74.60% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 3 brokerage firm advisors rate Flora Growth Corp. (FLGC) as a “Moderate Buy” at a consensus score of 2.00. Specifically, 3 Wall Street analysts polled rate the stock as a buy, while 0 of the 3 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the FLGC, a number of firms have released research notes about the stock. ROTH Capital stated their Buy rating for the stock in a research note on October 13, 2021, with the firm’s price target at $10. MKM Partners coverage for the Flora Growth Corp. (FLGC) stock in a research note released on June 23, 2021 offered a Buy rating with a price target of $6.
