Flora Growth Corp: Why Investors Shouldn’t Get Rid Of FLGC Stock In 2024

In today’s recent session, 0.54 million shares of the Flora Growth Corp (NASDAQ:FLGC) have been traded, and its beta is 1.91. Most recently the company’s share price was $2.00, and it changed around -$0.28 or -12.23% from the last close, which brings the market valuation of the company to $16.43M. FLGC at last check was trading at a discount to its 52-week high of $6.03, offering almost -201.5% off that amount. The share price’s 52-week low was $0.63, which indicates that the recent value has risen by an impressive 68.5% since then. We note from Flora Growth Corp’s average daily trading volume that its 10-day average is 3.26 million shares, with the 3-month average coming to 610.21K.

Flora Growth Corp (NASDAQ:FLGC) trade information

Instantly FLGC has been showing red trend so far today with a performance of -12.23% on intraday trading today. The performance over the last five days has remained in the green territory. The company’s shares are currently up 48.24% year-to-date, but still up 18.41% over the last five days. On the other hand, Flora Growth Corp (NASDAQ:FLGC) is 74.02% up in the 30-day period. We can see from the shorts that 0.11 million shares have been sold at a short interest cover period of 1.52 day(s).

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The consensus price target as assigned by Wall Street analysts is $340, which translates to bulls needing to increase their stock price by 99.41% from its current value. Analyst projections state that FLGC is forecast to be at a low of $340 and a high of $340.

Flora Growth Corp (FLGC) estimates and forecasts

Moreover, analysts have decided to roll up on their fiscal year 2024 revenue estimates. The rating firms predict that it will gain 91.70% in revenue this quarter, and will report an increase of 99.40% in the next quarter. The year-over-year growth rate is expected to be -5.50%, down from the previous year.

Consensus estimates provided by 1 financial analysts predict the company will bring in an average of $17.18 million in revenue for the current quarter. 1 analysts expect Flora Growth Corp to make $17.83 million in revenue for the quarter ending Jun 2024. The company’s sales for the same quarters a year ago were $20.11 million and $20.82 million respectively. Analysts predict that the company’s current quarter sales will drop, forecast at -14.60%. Forecasts for the next quarter put sales growth at -14.40%. Looking at the company’s year-over-year earnings, the past five years showed a negative earnings growth rate of -83.38%.

Flora Growth Corp (NASDAQ:FLGC)’s Major holders

Upon looking at major shareholders, it appears that insiders hold 15.21% of Flora Growth Corp shares, and 14.14% of them are in the hands of institutional investors. The stock currently has a share float of 16.68%. Flora Growth Corp stock is held by 26 institutions, with Mirae Asset Global Investments Co., Ltd. being the largest institutional investor. By Jun 29, 2023, it held 6.31% of the shares, which is about 0.43 million shares worth $1.03 million.

Vident Investment Advisory, LLC, with 0.36% or 24657.0 shares worth $58683.0 as of Jun 29, 2023, holds the second largest percentage of outstanding shares.

Global X Fds-The Global X Cannabis ETF and Fidelity NASDAQ Composite Index Fund were the top two Mutual Funds as of Sep 29, 2023. The former held 0.59 million shares worth $0.69 million, making up 8.67% of all outstanding shares. On the other hand, Fidelity NASDAQ Composite Index Fund held roughly 1021.0 shares worth around $4792.0, which represents about 0.01% of the total shares outstanding.