Glass House Brands (NYSE:GLAS) Stock Dropped to “Strong Sell” by Wall Street Zen

by · The Markets Daily

Wall Street Zen cut shares of Glass House Brands (NYSE:GLAS – Free Report) from a sell rating to a strong sell rating in a research report report published on Saturday morning,Wall Street Zen reports.

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

View Our Latest Research Report on Glass House Brands

Glass House Brands Stock Performance

Shares of Glass House Brands stock opened at $2.12 on Friday. Glass House Brands has a one year low of $1.67 and a one year high of $13.93. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.70 and a current ratio of 1.33. The stock’s 50 day moving average is $6.89. The stock has a market capitalization of $197.09 million and a P/E ratio of -2.80.

Insiders Place Their Bets

In related news, SVP William Tu sold 3,818 shares of the business’s stock in a transaction on Friday, September 11th. The shares were sold at an average price of $8.03, for a total value of $30,658.54. Following the completion of the sale, 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Glass House Brands Company Profile

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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.

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