Raymond James Downgrades OrganiGram (NASDAQ:OGI) to Market Perform

OrganiGram (NASDAQ:OGI) was downgraded by Raymond James from an “outperform” rating to a “market perform” rating in a research note issued to investors on Monday, The Fly reports.

Several other research firms also recently commented on OGI. ValuEngine upgraded OrganiGram from a “hold” rating to a “buy” rating in a report on Wednesday, March 18th. Citigroup upgraded OrganiGram from an “underperform” rating to a “neutral” rating in a report on Thursday, March 19th. AltaCorp Capital upgraded OrganiGram from a “sector perform” rating to an “outperform” rating in a report on Tuesday, April 14th. Oppenheimer assumed coverage on OrganiGram in a report on Tuesday, June 16th. They set a “hold” rating on the stock. Finally, BidaskClub downgraded OrganiGram from a “hold” rating to a “sell” rating in a report on Thursday, June 25th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and six have given a buy rating to the stock. OrganiGram presently has a consensus rating of “Hold” and a consensus price target of $5.82.

Shares of NASDAQ OGI opened at $1.56 on Monday. The business’s 50 day moving average price is $1.74 and its 200-day moving average price is $2.04. OrganiGram has a fifty-two week low of $1.09 and a fifty-two week high of $7.31. The company has a market cap of $286.39 million and a price-to-earnings ratio of -7.80.

OrganiGram (NASDAQ:OGI) last issued its quarterly earnings results on Tuesday, April 14th. The company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.01). OrganiGram had a negative return on equity of 5.33% and a negative net margin of 45.14%. The business had revenue of $27.30 million during the quarter, compared to analysts’ expectations of $25.07 million. The company’s revenue for the quarter was down 18.3% compared to the same quarter last year. Research analysts expect that OrganiGram will post -0.06 EPS for the current year.

A number of hedge funds and other institutional investors have recently made changes to their positions in OGI. Swiss National Bank bought a new stake in OrganiGram during the 4th quarter valued at $736,000. Tower Research Capital LLC TRC bought a new stake in OrganiGram during the 4th quarter valued at $34,000. TD Asset Management Inc. boosted its position in OrganiGram by 934.6% during the 4th quarter. TD Asset Management Inc. now owns 114,838 shares of the company’s stock valued at $283,000 after acquiring an additional 103,738 shares in the last quarter. Great West Life Assurance Co. Can bought a new stake in OrganiGram during the 4th quarter valued at $26,000. Finally, Raymond James & Associates bought a new stake in OrganiGram during the 4th quarter valued at $49,000. 11.50% of the stock is currently owned by institutional investors and hedge funds.

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.

Featured Story: Roth IRA

The Fly

Analyst Recommendations for OrganiGram (NASDAQ:OGI)

Receive News & Ratings for OrganiGram Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for OrganiGram and related companies with MarketBeat.com's FREE daily email newsletter.