Organigram (TSE:OGI) Shares Up 2% – Still a Buy?

Shares of Organigram Holdings Inc. (TSE:OGI) shot up 2% during mid-day trading on Monday . The stock traded as high as C$2.07 and last traded at C$2.05. 230,977 shares traded hands during trading, an increase of 8% from the average session volume of 214,491 shares. The stock had previously closed at C$2.01.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on OGI. Canaccord Genuity Group set a C$3.00 price target on shares of Organigram and gave the company a “buy” rating in a report on Tuesday, January 27th. ATB Cormark Capital Markets downgraded shares of Organigram from a “strong-buy” rating to a “moderate buy” rating and cut their price target for the company from C$3.50 to C$3.25 in a report on Wednesday, February 11th. Two research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of C$3.13.

Organigram Stock Up 2.0%

The stock has a market capitalization of C$288.30 million, a P/E ratio of 13.31, a P/E/G ratio of 0.42 and a beta of 1.54. The firm’s fifty day moving average is C$1.92 and its 200-day moving average is C$2.19. The company has a current ratio of 2.73, a quick ratio of 2.62 and a debt-to-equity ratio of 2.29.

Insider Transactions at Organigram

In related news, Director Donald Geoffrey Machum sold 17,929 shares of Organigram stock in a transaction dated Wednesday, March 25th. The shares were sold at an average price of C$1.86, for a total transaction of C$33,347.94. Following the completion of the transaction, the director directly owned 1,125 shares of the company’s stock, valued at C$2,092.50. This trade represents a 94.10% decrease in their position. Over the last ninety days, insiders have sold 76,647 shares of company stock worth $142,753. Company insiders own 31.32% of the company’s stock.

Organigram Company Profile

Organigram Inc is a Canadian licensed producer of cannabis products. Organigram focuses on producing exceptional, indoor-grown cannabis for patients and adult recreational consumers, as well as developing global business partnerships.