Glass House Brands Sees Unusually High Options Volume (NYSE:GLAS)

Key Points

• Unusual options activity: Investors purchased 5,078 Glass House Brands call options, about 218% above the typical volume of 1,595 contracts.
• Sharp stock decline: GLAS fell 23% to $2.46 on exceptionally high trading volume, with 9.1 million shares exchanged versus an average of roughly 508,000.
• Mixed outlook: Analysts have an average “Hold” rating and a $16 consensus price target, while recent coverage ranges from Buy to Sell. Senior Vice President William Tu also sold shares to cover tax obligations related to vested equity awards.

Glass House Brands Inc. (NYSE:GLAS - Get Free Report) was the target of some unusual options trading activity on Monday. Investors bought 5,078 call options on the company. This is an increase of approximately 218% compared to the typical volume of 1,595 call options.

Glass House Brands Trading Down 23.0%

NYSE GLAS traded down $0.73 during trading hours on Monday, reaching $2.46. 9,097,749 shares of the company's stock were exchanged, compared to its average volume of 507,788. The business's fifty day simple moving average is $7.66. Glass House Brands has a one year low of $1.67 and a one year high of $13.93. The company has a market cap of $227.79 million and a PE ratio of -3.12. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.70 and a current ratio of 1.33.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on GLAS. Canaccord Genuity Group set a $15.00 target price on shares of Glass House Brands in a research note on Friday, August 14th. Weiss Ratings cut shares of Glass House Brands from a "sell (d+)" rating to a "sell (d)" rating in a research report on Friday, September 11th. Wall Street Zen raised shares of Glass House Brands to a "sell" rating in a report on Sunday, July 12th. Lake Street Capital initiated coverage on shares of Glass House Brands in a report on Monday, July 13th. They set a "buy" rating and a $17.00 price target for the company. Finally, Zacks Research lowered shares of Glass House Brands from a "strong-buy" rating to a "hold" rating in a research report on Thursday, August 20th. One research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus price target of $16.00.

Insider Activity at Glass House Brands

In other Glass House Brands news, SVP William Tu sold 3,818 shares of Glass House Brands stock in a transaction on Friday, September 11th. The shares were 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. The trade was a 50.23% decrease in their ownership of the stock. The transaction 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.

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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