Why Shares of Flora Growth Soared Wednesday
Flora Growth (NASDAQ: FLGC), which closed at $6 a share on Tuesday, opened at $6.04 on Wednesday and rose 17% to $7.08 in early trading, though it dropped back down to near where it started the day in the midafternoon. The stock has had a bumpy ride, with a 52-week high of $21.45 and a low of $2.85. The stock is up more than 68% the past three months, but is down more than 64% in the past month and was stumbling a day before.
Investors saw a good bargain. Flora Growth was at the lowest point it had been in months when it hit $5.81 at one point on Tuesday. That was considered too low for a company with Flora Growth's potential, though short-sellers have bought up more than 753,000 shares.
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Source Fool.com
