Flora Growth Corp (NASDAQ:FLGC) shares, rose in value, with the stock price up by 30.24% to the previous day’s close as strong demand from buyers drove the stock to $2.67.
Actively observing the price movement in the last trading, the stock closed the session at $2.05. The value of beta (5-year monthly) was 1.68. Referring to stock’s 52-week performance, its high was $6.03, and the low was $0.63. On the whole, FLGC has fluctuated by 142.73% over the past month.
As a result, investors might want to see an improvement in the stock’s price before the company announces its earnings report. Analysts are projecting the company’s earnings per share (EPS) to be -$0.05, which is expected to increase to -$0.04 for fiscal year -$0.13 and then to about $0 by fiscal year 2025.
Analysts have estimated the company’s revenue for the quarter at $17.18 million, with a low estimate of $17.18 million and a high estimate of $17.18 million. According to the average forecast, sales growth in current quarter could jump down -14.60%, compared to the corresponding quarter of last year. Wall Street analysts also predicted that in 2025, the company’s y-o-y revenues would reach $71.86 million, representing a decrease of -5.50% from the revenues reported in the last year’s results.
Revisions could be a useful indicator to get insight on short-term price movement; so for the company, there were no upward and no downward review(s) in last seven days. We see that FLGC’s technical picture suggests that short-term indicators denote the stock is a 50% Buy on average. However, medium term indicators have put the stock in the category of 25% Sell while long term indicators on average have been pointing out that it is a 50% Buy.
The stock’s technical analysis shows that the PEG ratio is about 0, with the price of FLGC currently trading nearly 85.10% and 119.89% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 78.27, while the 7-day volatility ratio is showing 31.32% which for the 30-day chart, stands at 19.13%. Furthermore, Flora Growth Corp (FLGC)’s beta value is 1.92, and its average true range (ATR) is 0.34.
A comparison of Flora Growth Corp (FLGC) with its peers suggests the former has fared considerably weaker in the market. FLGC showed an intraday change of 30.24% in last session, and over the past year, it shrunk by -54.56%%.
Data on historical trading for Flora Growth Corp (NASDAQ:FLGC) indicates that the trading volumes over the past 10 days have averaged 3.49 million and over the past 3 months, they’ve averaged 626.65K. According to company’s latest data on outstanding shares, there are 8.94 million shares outstanding.
Nearly 23.12% of Flora Growth Corp’s shares belong to company insiders and institutional investors own 12.53% of the company’s shares. The data on short interest also indicates that stock shorts accounted for 0.11 million shares as on Mar 15, 2024, resulting in a short ratio of 1.52. According to the data, the short interest in Flora Growth Corp (FLGC) stood at 1.30% of shares outstanding as of Mar 15, 2024; the number of short shares registered in Feb 15, 2024 reached 0.13 million. The stock has risen by 97.78% since the beginning of the year, thereby showing the potential of a further growth. This could raise investors’ confidence to be optimistic about the FLGC stock heading into the next quarter.
