Glass House Brands (NYSE:GLAS) SVP William Tu Sells 3,818 Shares

Key Points

• Executive stock sale: SVP William Tu sold 3,818 Glass House Brands shares for approximately $30,659 at an average price of $8.03. The sale, made to cover tax withholding on vested equity awards, reduced his holdings by 50.23% to 3,783 shares.
• Stock performance: GLAS shares fell 1.1% to $7.89 in mid-day trading, with trading volume of 859,680 shares versus an average of 294,242. The stock has traded between $5.15 and $13.93 over the past year.
• Analyst outlook: Ratings are mixed, with Buy, Hold, and Sell views producing a consensus rating of Hold and an average price target of $16.00.

Glass House Brands Inc. (NYSE:GLAS - Get Free Report) SVP William Tu sold 3,818 shares of the stock in a transaction on Friday, September 11th. The stock was sold at an average price of $8.03, for a total value of $30,658.54. Following the completion of the transaction, the senior vice president owned 3,783 shares of the company's stock, valued at approximately $30,377.49. This trade represents a 50.23% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Glass House Brands Trading Down 1.1%

Shares of GLAS stock traded down $0.09 during mid-day trading on Friday, reaching $7.89. 859,680 shares of the company's stock traded hands, compared to its average volume of 294,242. The firm's 50-day simple moving average is $9.98. Glass House Brands Inc. has a 12 month low of $5.15 and a 12 month high of $13.93.

Analyst Ratings Changes

GLAS has been the topic of a number of recent research reports. Lake Street Capital initiated coverage on shares of Glass House Brands in a report on Monday, July 13th. They issued a "buy" rating and a $17.00 price objective on the stock. Canaccord Genuity Group set a $15.00 target price on shares of Glass House Brands in a report on Friday, August 14th. Zacks Research cut Glass House Brands from a "strong-buy" rating to a "hold" rating in a research report on Thursday, August 20th. Weiss Ratings assumed coverage on Glass House Brands in a research note on Wednesday, July 1st. They issued a "sell (d+)" rating on the stock. Finally, Wall Street Zen raised Glass House Brands to a "sell" rating in a research report on Sunday, July 12th. One analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, Glass House Brands has a consensus rating of "Hold" and an average price target of $16.00.

About Glass House Brands

Glass House Brands Inc is a vertically integrated cannabis company focused on the cultivation, manufacturing, and distribution of cannabis products in California. The company operates greenhouse and processing facilities and serves both the medical and adult-use cannabis markets through its branded product portfolio and wholesale channels.

Its business includes growing cannabis, producing finished goods, and selling flower, pre-rolls, and other cannabis products under its own brands as well as through third-party partnerships.

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