Organigram Global (NASDAQ:OGI) Lowered to “Sell” Rating by Wall Street Zen

Organigram Global (NASDAQ:OGI) was downgraded by equities research analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a report released on Saturday.

Several other research analysts have also commented on the stock. Canaccord Genuity Group assumed coverage on shares of Organigram Global in a research note on Tuesday. They set a “buy” rating on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Organigram Global in a report on Monday, December 29th. One analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold”.

Organigram Global Stock Down 5.1%

OGI opened at $1.50 on Friday. The firm has a market capitalization of $202.70 million, a P/E ratio of -13.64 and a beta of 1.52. The stock has a fifty day moving average of $1.70 and a 200-day moving average of $1.66. Organigram Global has a 12-month low of $0.85 and a 12-month high of $2.24.

Organigram Global (NASDAQ:OGI) last posted its quarterly earnings results on Tuesday, December 16th. The company reported ($0.20) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.19). Organigram Global had a negative return on equity of 16.91% and a negative net margin of 9.99%.The company had revenue of $57.53 million during the quarter, compared to analysts’ expectations of $73.02 million. On average, analysts expect that Organigram Global will post -0.19 earnings per share for the current fiscal year.

Institutional Trading of Organigram Global

Several institutional investors have recently modified their holdings of OGI. Cidel Asset Management Inc. lifted its holdings in shares of Organigram Global by 32.0% during the 4th quarter. Cidel Asset Management Inc. now owns 72,056 shares of the company’s stock worth $121,000 after acquiring an additional 17,477 shares during the period. Bank of America Corp DE increased its stake in Organigram Global by 1,678.1% in the third quarter. Bank of America Corp DE now owns 37,357 shares of the company’s stock valued at $76,000 after acquiring an additional 35,256 shares during the period. Two Sigma Investments LP acquired a new position in Organigram Global in the third quarter worth about $907,000. Baader Bank Aktiengesellschaft raised its position in Organigram Global by 5.3% in the third quarter. Baader Bank Aktiengesellschaft now owns 263,915 shares of the company’s stock worth $519,000 after purchasing an additional 13,271 shares in the last quarter. Finally, AdvisorShares Investments LLC lifted its stake in Organigram Global by 31.2% during the third quarter. AdvisorShares Investments LLC now owns 1,052,394 shares of the company’s stock worth $2,136,000 after purchasing an additional 250,000 shares during the period. Institutional investors and hedge funds own 34.63% of the company’s stock.

Organigram Global Company Profile

Organigram Global Inc (NASDAQ: OGI) is a licensed producer of cannabis and hemp products headquartered in Moncton, New Brunswick, Canada. Founded in 2013, the company operates a state-of-the-art cultivation and manufacturing facility spanning more than one million square feet. Organigram holds licenses from Health Canada to produce and sell both medical and adult-use cannabis, and it pursues Good Manufacturing Practice (GMP) certification to support international exports.

The company’s product portfolio encompasses dried flower, pre-rolled joints, cannabis oils, capsules and soft gels, as well as vapourizer cartridges and extracts.