Glass House Brands (NYSE:GLAS) Stock Sees Heavy Put Option Buying

Key Points

• Put-option activity surged: Traders purchased 2,288 GLAS put options, about 95% above the average volume of 1,176, signaling increased bearish or hedging activity.
• Analyst sentiment is mixed: Ratings range from Buy to Sell, with a consensus “Hold” rating and an average price target of $16.00.
• The stock fell sharply: GLAS declined $1.01 to $5.78 amid unusually heavy trading volume, while SVP William Tu sold 3,818 shares at an average price of $8.03 to cover tax withholding obligations.

Glass House Brands Inc. (NYSE:GLAS - Get Free Report) was the recipient of unusually large options trading on Wednesday. Traders acquired 2,288 put options on the stock. This is an increase of approximately 95% compared to the average volume of 1,176 put options.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling at Glass House Brands

In other news, SVP William Tu sold 3,818 shares of the company's stock in a transaction that occurred on Friday, September 11th. The stock was sold at an average price of $8.03, for a total transaction of $30,658.54. Following the sale, the senior vice president owned 3,783 shares in the company, valued at $30,377.49. This represents a 50.23% decrease in their position. The sale was disclosed in a document filed with the SEC, 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

GLAS stock traded down $1.01 during midday trading on Wednesday, reaching $5.78. 1,794,098 shares of the company were exchanged, compared to its average volume of 350,508. Glass House Brands has a one year low of $5.15 and a one year high of $13.93. The stock's 50-day simple moving average is $9.05.

About Glass House Brands

Glass House Brands Inc is a vertically integrated cannabis company focused on the California market. The company cultivates cannabis in greenhouse facilities and manufactures, distributes and sells cannabis products through its portfolio of brands and retail operations.

Its products include cannabis flower, pre-rolls, concentrates, vapes and edibles. Key brands have included Glass House Farms, which focuses on greenhouse-grown cannabis flower, and PLUS, a producer of cannabis-infused gummies and other edible products.

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