Organigram Holdings Inc. (NASDAQ:OGI) Sees Significant Decline in Short Interest

Organigram Holdings Inc. (NASDAQ:OGI) saw a significant decline in short interest during the month of August. As of August 31st, there was short interest totalling 2,790,000 shares, a decline of 19.6% from the August 15th total of 3,470,000 shares. Based on an average daily trading volume, of 622,200 shares, the days-to-cover ratio is currently 4.5 days. Currently, 3.8% of the shares of the company are short sold.

Organigram Stock Performance

NASDAQ OGI opened at $1.86 on Friday. The firm’s fifty day moving average is $1.74 and its two-hundred day moving average is $1.84. Organigram has a one year low of $0.97 and a one year high of $2.91. The firm has a market cap of $192.95 million, a PE ratio of -1.98 and a beta of 1.02.

Organigram (NASDAQ:OGI) last issued its quarterly earnings results on Tuesday, August 13th. The company reported $0.02 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.07. The firm had revenue of $30.01 million for the quarter, compared to analysts’ expectations of $28.67 million. Organigram had a negative return on equity of 16.76% and a negative net margin of 45.57%. Research analysts predict that Organigram will post -0.21 earnings per share for the current year.

Analyst Upgrades and Downgrades

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

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Tidal Investments LLC acquired a new position in shares of Organigram during the first quarter worth about $3,736,000. AXS Investments LLC increased its position in Organigram by 26.1% during the 4th quarter. AXS Investments LLC now owns 483,586 shares of the company’s stock worth $633,000 after purchasing an additional 100,140 shares during the period. Clear Harbor Asset Management LLC acquired a new position in Organigram during the 2nd quarter worth approximately $51,000. AdvisorShares Investments LLC raised its stake in shares of Organigram by 11.8% during the 2nd quarter. AdvisorShares Investments LLC now owns 1,000,126 shares of the company’s stock worth $1,540,000 after buying an additional 105,468 shares in the last quarter. Finally, Baader Bank Aktiengesellschaft lifted its holdings in shares of Organigram by 26.4% in the 2nd quarter. Baader Bank Aktiengesellschaft now owns 252,852 shares of the company’s stock valued at $388,000 after buying an additional 52,852 shares during the period. Institutional investors and hedge funds own 34.63% of the company’s stock.

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.