Organigram (NASDAQ:OGI) Stock Price Down 1%

Organigram Holdings Inc. (NASDAQ:OGI) shares fell 1% during mid-day trading on Monday . The stock traded as low as $1.48 and last traded at $1.51. 779,057 shares were traded during mid-day trading, a decline of 41% from the average session volume of 1,315,929 shares. The stock had previously closed at $1.53.

Analysts Set New Price Targets

Separately, Alliance Global Partners raised Organigram from a “neutral” rating to a “buy” rating in a research note on Monday, April 15th.

Organigram Trading Up 2.0 %

The firm’s 50-day moving average is $1.81 and its 200-day moving average is $1.81. The firm has a market cap of $159.76 million, a price-to-earnings ratio of -1.64 and a beta of 1.02.

Organigram (NASDAQ:OGI) last posted its quarterly earnings results on Tuesday, May 14th. The company reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($0.06). The business had revenue of $27.91 million during the quarter, compared to analyst estimates of $28.27 million. Organigram had a negative net margin of 188.38% and a negative return on equity of 40.19%. Analysts forecast that Organigram Holdings Inc. will post -0.32 EPS for the current fiscal year.

Hedge Funds Weigh In On Organigram

A number of hedge funds and other institutional investors have recently made changes to their positions in OGI. Tidal Investments LLC bought a new stake in Organigram in the 1st quarter valued at about $3,736,000. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Organigram by 4.1% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,163,033 shares of the company’s stock valued at $1,517,000 after buying an additional 46,071 shares during the period. Murchinson Ltd. bought a new stake in shares of Organigram during the first quarter valued at about $1,737,000. AXS Investments LLC increased its position in shares of Organigram by 26.1% during the fourth quarter. AXS Investments LLC now owns 483,586 shares of the company’s stock valued at $633,000 after buying an additional 100,140 shares during the period. Finally, CVI Holdings LLC bought a new stake in shares of Organigram during the first quarter valued at about $825,000. 34.63% of the stock is owned by hedge funds and other institutional investors.

Organigram Company Profile

Organigram Holdings Inc, through its subsidiaries, engages in the production and sale of cannabis and cannabis-derived products in Canada. It offers medical cannabis products, including whole flower, milled flower, pre-rolls, infused pre-rolls, vapes, gummies, and concentrates for medical retailers; adult use recreational cannabis under the SHRED, Holy Mountain, Big Bag O' Buds, Monjour, Trailblazer, SHRED'ems, Edison Cannabis Co, Edison JOLTS, Tremblant, and Laurentian brands.