Organigram Global (NASDAQ:OGI) Shares Down 3.5% – Here’s Why

Organigram Global Inc. (NASDAQ:OGI)’s share price traded down 3.5% during trading on Tuesday . The company traded as low as $1.09 and last traded at $1.09. 479,154 shares changed hands during mid-day trading, a decline of 38% from the average session volume of 770,314 shares. The stock had previously closed at $1.13.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the stock. Wall Street Zen cut shares of Organigram Global from a “hold” rating to a “sell” rating in a research report on Saturday, May 9th. ATB Cormark Capital Markets lowered shares of Organigram Global from a “strong-buy” rating to a “moderate buy” rating in a research note on Wednesday, February 11th. Two investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold”.

Organigram Global Trading Down 3.5%

The company has a market cap of $153.44 million, a price-to-earnings ratio of -8.38 and a beta of 1.43. The stock’s fifty day simple moving average is $1.31 and its 200 day simple moving average is $1.48.

Organigram Global (NASDAQ:OGI) last posted its quarterly earnings results on Tuesday, May 12th. The company reported ($0.01) earnings per share for the quarter, meeting the consensus estimate of ($0.01). The business had revenue of $42.99 million during the quarter, compared to analysts’ expectations of $50.56 million. Organigram Global had a negative net margin of 9.22% and a negative return on equity of 13.41%. On average, analysts predict that Organigram Global Inc. will post 0.09 EPS for the current year.

Hedge Funds Weigh In On Organigram Global

Several hedge funds and other institutional investors have recently made changes to their positions in OGI. Walleye Capital LLC acquired a new position in shares of Organigram Global during the fourth quarter worth $25,000. AXQ Capital LP acquired a new position in shares of Organigram Global in the 4th quarter valued at $27,000. StoneX Group Inc. purchased a new stake in shares of Organigram Global in the fourth quarter valued at about $30,000. HRT Financial LP purchased a new stake in Organigram Global during the 4th quarter valued at approximately $52,000. Finally, Bank of America Corp DE lifted its holdings in shares of Organigram Global by 1,678.1% during the third quarter. Bank of America Corp DE now owns 37,357 shares of the company’s stock worth $76,000 after purchasing an additional 35,256 shares during the period. Hedge funds and other institutional investors 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.