Glass House Brands (NYSE:GLAS) Stock Bumped Down to Strong Sell by Wall Street Zen

Key Points

• Wall Street Zen downgraded Glass House Brands to “strong sell” from “sell,” adding to mixed analyst sentiment. The stock has an overall “Hold” rating and an average price target of $11.00.
• GLAS opened at $2.12, versus a one-year range of $1.67 to $13.93, with a market capitalization of approximately $197.1 million.
• Senior Vice President William Tu sold 3,818 shares at an average price of $8.03, a transaction disclosed as covering tax withholding obligations tied to vested equity awards.

Glass House Brands (NYSE:GLAS - Get Free Report) was downgraded by Wall Street Zen from a "sell" rating to a "strong sell" rating in a research note issued to investors on Saturday, Wall Street Zen reports.

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

Glass House Brands Price Performance

GLAS opened at $2.12 on Friday. The company has a market cap of $197.10 million and a price-to-earnings ratio of -2.80. Glass House Brands has a one year low of $1.67 and a one year high of $13.93. The firm's 50 day simple moving average is $6.89. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.33 and a quick ratio of 0.70.

Insiders Place Their Bets

In other Glass House Brands news, SVP William Tu sold 3,818 shares of the firm's stock in a transaction dated Friday, September 11th. The stock was sold at an average price of $8.03, for a total value of $30,658.54. Following the transaction, the senior vice president directly owned 3,783 shares of the company's stock, valued at $30,377.49. This trade represents a 50.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Glass House Brands Company Profile

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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