Glass House Brands Inc. (NYSE:GLAS) Sees Significant Increase in Short Interest

Key Points

• Short interest surged 89.6% to 378,723 shares as of September 30, up from 199,756 shares two weeks earlier. Shorted shares represent approximately 0.4% of Glass House Brands’ outstanding stock.
• Senior Vice President William Tu sold 3,818 shares for about $30,659 to cover tax-withholding obligations tied to vested equity awards, reducing his position by roughly 50%.
• GLAS opened at $3.66, near its 52-week low of $3.55, while analysts’ consensus rating remained “Hold” with an average price target of $16.00.

Glass House Brands Inc. (NYSE:GLAS - Get Free Report) was the target of a large increase in short interest in September. As of September 30th, there was short interest totaling 378,723 shares, an increase of 89.6% from the September 15th total of 199,756 shares. Based on an average daily trading volume, of 1,538,815 shares, the short-interest ratio is presently 0.2 days. Approximately 0.4% of the shares of the stock are short sold.

Insider Buying and Selling

In other news, SVP William Tu sold 3,818 shares of the 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 transaction, the senior vice president owned 3,783 shares of the company's stock, valued at $30,377.49. This represents a 50.23% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Glass House Brands Price Performance

NYSE:GLAS opened at $3.66 on Thursday. The stock has a 50 day moving average price of $7.92. The company has a market cap of $339.29 million and a P/E ratio of -4.81. Glass House Brands has a 1-year low of $3.55 and a 1-year high of $13.93. The company has a quick ratio of 0.70, a current ratio of 1.33 and a debt-to-equity ratio of 0.77.

Wall Street Analyst Weigh In

GLAS has been the subject of a number of research analyst reports. Canaccord Genuity Group set a $15.00 price objective on shares of Glass House Brands in a report on Friday, August 14th. Weiss Ratings cut Glass House Brands from a "sell (d+)" rating to a "sell (d)" rating in a research note on Friday, September 11th. Lake Street Capital began coverage on Glass House Brands in a research report on Monday, July 13th. They set a "buy" rating and a $17.00 price target on the stock. Zacks Research downgraded Glass House Brands from a "strong-buy" rating to a "hold" rating in a research report on Thursday, August 20th. Finally, Wall Street Zen raised Glass House Brands to a "sell" rating in a research note on Sunday, July 12th. One research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, Glass House Brands presently has a consensus rating of "Hold" and an average price target of $16.00.

About Glass House Brands

Glass House Brands Inc is a cannabis company focused on the cultivation, manufacturing, distribution and sale of cannabis products in California. The company operates a vertically integrated business that includes large-scale greenhouse cultivation, product manufacturing and a retail platform serving California's regulated cannabis market.

Glass House Brands markets cannabis flower and other cannabis products under brands including Glass House Farms. Its product portfolio has included flower, pre-rolls, concentrates and other manufactured cannabis products, which are sold through the company's retail operations and third-party dispensaries, subject to applicable regulations.

The company was founded in 2015 by Kyle Kazan and Graham Farrar and has developed its operations primarily in California.

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