OrganiGram (NASDAQ:OGI) Shares Gap Up to $1.54

OrganiGram Holdings Inc (NASDAQ:OGI) gapped up before the market opened on Thursday . The stock had previously closed at $1.50, but opened at $1.54. OrganiGram shares last traded at $1.54, with a volume of 7,312,000 shares changing hands.

Several research firms have recently weighed in on OGI. AltaCorp Capital raised shares of OrganiGram from a “sector perform” rating to an “outperform” rating in a report on Tuesday, April 14th. CIBC lowered shares of OrganiGram from an “outperform” rating to a “neutral” rating and dropped their price objective for the stock from $5.00 to $2.75 in a report on Wednesday, April 15th. Zacks Investment Research downgraded OrganiGram from a “buy” rating to a “hold” rating in a report on Saturday, April 11th. BidaskClub raised OrganiGram from a “strong sell” rating to a “sell” rating in a report on Tuesday. Finally, Cantor Fitzgerald cut their price objective on OrganiGram from $5.80 to $5.60 and set an “overweight” rating for the company in a research report on Tuesday, April 14th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $5.82.

The company has a market cap of $277.61 million and a P/E ratio of -8.25. The business has a 50-day moving average price of $1.58 and a two-hundred day moving average price of $2.24.

OrganiGram (NASDAQ:OGI) last announced its quarterly earnings data on Tuesday, April 14th. The company reported ($0.02) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.01) by ($0.01). OrganiGram had a negative return on equity of 5.33% and a negative net margin of 45.14%. The firm had revenue of $27.30 million during the quarter, compared to analyst estimates of $25.07 million. The company’s revenue for the quarter was down 18.3% compared to the same quarter last year. As a group, equities research analysts predict that OrganiGram Holdings Inc will post -0.06 earnings per share for the current fiscal year.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. ETF Managers Group LLC raised its position in shares of OrganiGram by 22.5% during the 1st quarter. ETF Managers Group LLC now owns 11,632,162 shares of the company’s stock valued at $23,264,000 after acquiring an additional 2,140,107 shares during the last quarter. AdvisorShares Investments LLC grew its stake in shares of OrganiGram by 9.2% during the first quarter. AdvisorShares Investments LLC now owns 838,675 shares of the company’s stock worth $2,382,000 after purchasing an additional 70,850 shares during the period. Intact Investment Management Inc. bought a new stake in OrganiGram in the first quarter valued at about $1,630,000. Ancora Advisors LLC lifted its stake in OrganiGram by 4.2% in the fourth quarter. Ancora Advisors LLC now owns 344,216 shares of the company’s stock valued at $843,000 after buying an additional 13,969 shares during the period. Finally, Swiss National Bank bought a new position in OrganiGram during the fourth quarter worth about $736,000. 10.67% of the stock is owned by hedge funds and other institutional investors.

About OrganiGram (NASDAQ:OGI)

OrganiGram Holdings Inc, through its subsidiaries, produces and sells dried cannabis and cannabis oil in Canada. It also offers wholesale shipping of cannabis plant cuttings, dried flowers, blends, pre-rolls, and cannabis oils to retailers and wholesalers. The company also exports its products. It sells its products online, as well as through phone orders.

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