OrganiGram Holdings Inc (NASDAQ:OGI) Sees Large Increase in Short Interest

OrganiGram Holdings Inc (NASDAQ:OGI) saw a large growth in short interest during the month of November. As of November 29th, there was short interest totalling 10,200,000 shares, a growth of 50.2% from the November 14th total of 6,790,000 shares. Based on an average daily volume of 2,386,700 shares, the short-interest ratio is presently 4.3 days. Approximately 6.8% of the company’s shares are short sold.

Shares of NASDAQ OGI traded down $0.02 during mid-day trading on Wednesday, reaching $2.56. The company had a trading volume of 1,503,046 shares, compared to its average volume of 1,352,563. The firm has a market cap of $402.94 million and a PE ratio of 42.67. OrganiGram has a 52 week low of $2.00 and a 52 week high of $8.44. The stock’s 50-day moving average price is $2.96. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.88 and a current ratio of 4.47.

A number of research firms recently weighed in on OGI. BMO Capital Markets lowered shares of OrganiGram from an “outperform” rating to a “market perform” rating in a research report on Tuesday, November 12th. AltaCorp Capital lowered OrganiGram from an “outperform” rating to a “sector perform” rating in a research report on Tuesday, November 26th. Jefferies Financial Group raised OrganiGram from a “hold” rating to a “buy” rating and set a $8.20 target price on the stock in a research note on Friday, October 11th. Cantor Fitzgerald began coverage on OrganiGram in a report on Tuesday, November 5th. They issued an “overweight” rating and a $17.10 price target on the stock. Finally, Zacks Investment Research lowered OrganiGram from a “buy” rating to a “hold” rating in a research note on Thursday, November 14th. Five equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. OrganiGram presently has a consensus rating of “Buy” and a consensus price target of $9.80.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. TRUE Private Wealth Advisors bought a new stake in OrganiGram during the 2nd quarter valued at about $25,000. Sfmg LLC grew its stake in OrganiGram by 17.4% in the 3rd quarter. Sfmg LLC now owns 28,044 shares of the company’s stock worth $96,000 after acquiring an additional 4,159 shares in the last quarter. Traynor Capital Management Inc. grew its stake in OrganiGram by 19.2% in the 3rd quarter. Traynor Capital Management Inc. now owns 31,055 shares of the company’s stock worth $106,000 after acquiring an additional 5,000 shares in the last quarter. Executive Wealth Management LLC purchased a new position in shares of OrganiGram during the second quarter worth approximately $39,000. Finally, Tower Research Capital LLC TRC purchased a new position in shares of OrganiGram during the second quarter worth approximately $45,000. Institutional investors own 11.75% of the company’s stock.

About OrganiGram

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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