Organigram Global (NASDAQ:OGI) Trading Down 0.6% – Here’s Why

Organigram Global Inc. (NASDAQ:OGI) traded down 0.6% on Tuesday . The stock traded as low as $0.8548 and last traded at $0.8902. Approximately 725,469 shares traded hands during trading, an increase of 47% from the average session volume of 492,005 shares. The stock had previously closed at $0.8958.

Analysts Set New Price Targets

OGI has been the topic of several research reports. Weiss Ratings restated a “sell (d)” rating on shares of Organigram Global in a research note on Tuesday, June 9th. Wall Street Zen downgraded Organigram Global from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. Two analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold”.

Organigram Global Stock Performance

The stock’s 50 day moving average is $1.06 and its 200 day moving average is $1.34. The company has a market capitalization of $125.37 million, a PE ratio of -6.85 and a beta of 1.45.

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

Hedge Funds Weigh In On Organigram Global

Hedge funds have recently made changes to their positions in the stock. Lazard Asset Management LLC raised its stake in shares of Organigram Global by 108.3% during the 1st quarter. Lazard Asset Management LLC now owns 346,796 shares of the company’s stock valued at $465,000 after purchasing an additional 180,327 shares during the period. Renaissance Technologies LLC boosted its stake in Organigram Global by 16.7% in the 1st quarter. Renaissance Technologies LLC now owns 1,640,048 shares of the company’s stock worth $2,198,000 after purchasing an additional 234,700 shares during the period. Formidable Asset Management LLC boosted its stake in Organigram Global by 8.7% in the 1st quarter. Formidable Asset Management LLC now owns 156,749 shares of the company’s stock worth $210,000 after purchasing an additional 12,600 shares during the period. Virtu Financial LLC purchased a new position in Organigram Global during the 4th quarter valued at about $188,000. Finally, Millennium Management LLC purchased a new position in Organigram Global during the 4th quarter valued at about $1,260,000. 34.63% of the stock is currently owned by hedge funds and other institutional investors.

About Organigram Global

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.