Organigram (NASDAQ:OGI) Trading Up 4%

Shares of Organigram Holdings Inc. (NASDAQ:OGI) traded up 4% during mid-day trading on Monday . The stock traded as high as $1.87 and last traded at $1.82. 378,447 shares traded hands during mid-day trading, a decline of 65% from the average session volume of 1,090,883 shares. The stock had previously closed at $1.75.

Analyst Upgrades and Downgrades

Separately, Canaccord Genuity Group began coverage on Organigram in a research note on Wednesday, July 17th. They issued a “speculative buy” rating on the stock.

Organigram Stock Performance

The stock’s fifty day moving average is $1.73 and its two-hundred day moving average is $1.84. The company has a market cap of $193.07 million, a price-to-earnings ratio of -1.98 and a beta of 1.02.

Organigram (NASDAQ:OGI) last released its quarterly earnings results on Tuesday, August 13th. The company reported $0.02 earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.07. Organigram had a negative net margin of 45.57% and a negative return on equity of 16.76%. The business had revenue of $30.01 million for the quarter, compared to analysts’ expectations of $28.67 million. On average, equities research analysts expect that Organigram Holdings Inc. will post -0.25 EPS for the current year.

Institutional Investors Weigh In On Organigram

Several large investors have recently modified their holdings of OGI. Canton Hathaway LLC lifted its holdings in Organigram by 115.8% during the second quarter. Canton Hathaway LLC now owns 41,000 shares of the company’s stock valued at $63,000 after purchasing an additional 22,000 shares during the last quarter. Clear Harbor Asset Management LLC purchased a new stake in shares of Organigram during the 2nd quarter valued at approximately $51,000. Baader Bank Aktiengesellschaft boosted its holdings in Organigram by 26.4% in the 2nd quarter. Baader Bank Aktiengesellschaft now owns 252,852 shares of the company’s stock worth $388,000 after buying an additional 52,852 shares during the period. AXS Investments LLC grew its stake in Organigram by 26.1% in the 4th 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 in the last quarter. Finally, AdvisorShares Investments LLC grew its stake in Organigram by 11.8% in the 2nd quarter. AdvisorShares Investments LLC now owns 1,000,126 shares of the company’s stock valued at $1,540,000 after buying an additional 105,468 shares in the last quarter. Hedge funds and other institutional investors own 34.63% of the company’s stock.

About Organigram

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.