OrganiGram (NASDAQ:OGI) Shares Down 5.8%

Shares of OrganiGram Holdings Inc (NASDAQ:OGI) fell 5.8% on Monday . The company traded as low as $3.20 and last traded at $3.22, 1,840,555 shares traded hands during trading. An increase of 85% from the average session volume of 995,375 shares. The stock had previously closed at $3.42.

A number of equities research analysts have commented on OGI shares. CIBC started coverage on OrganiGram in a research note on Tuesday, September 24th. They issued an “outperformer” rating and a $9.00 price target for the company. Raymond James started coverage on OrganiGram in a research note on Wednesday, September 18th. They issued a “buy” rating for the company. Zacks Investment Research upgraded OrganiGram from a “sell” rating to a “hold” rating in a research note on Tuesday, July 30th. Oppenheimer started coverage on OrganiGram in a research note on Thursday, September 5th. They issued a “market perform” rating for the company. Finally, Pi Financial set a $12.00 price target on OrganiGram and gave the company a “buy” rating in a research note on Monday, July 15th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $10.50.

The business’s 50 day moving average price is $4.26.

OrganiGram (NASDAQ:OGI) last released its quarterly earnings results on Monday, July 15th. The company reported ($0.07) EPS for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.09). The business had revenue of $30.36 million during the quarter, compared to the consensus estimate of $30.81 million. OrganiGram’s revenue was up 782.6% compared to the same quarter last year. Research analysts anticipate that OrganiGram Holdings Inc will post 0.06 earnings per share for the current fiscal year.

Large investors have recently made changes to their positions in the company. River & Mercantile Asset Management LLP purchased a new position in shares of OrganiGram in the second quarter worth about $2,190,000. Polar Asset Management Partners Inc. purchased a new position in shares of OrganiGram in the second quarter worth about $10,144,000. Royal Bank of Canada purchased a new position in shares of OrganiGram in the second quarter worth about $2,116,000. Ladenburg Thalmann Financial Services Inc. purchased a new position in shares of OrganiGram in the second quarter worth about $188,000. Finally, Jane Street Group LLC purchased a new position in shares of OrganiGram in the second quarter worth about $172,000. Hedge funds and other institutional investors own 13.74% of the company’s stock.

OrganiGram Company Profile (NASDAQ:OGI)

OrganiGram Holdings Inc, through its subsidiaries, produces and sells dried cannabis and cannabis oil in Canada. It also offers wholesale shipping of cannabis plant cuttings, dried flowers, blends, pre-rolls, and cannabis oils to retailers and wholesalers. The company also exports its products. It sells its products online, as well as through phone orders.

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