Organigram (NASDAQ:OGI) Trading Up 1.6% – Here’s What Happened

Organigram Holdings Inc. (NASDAQ:OGI)’s stock price rose 1.6% on Monday . The stock traded as high as $1.90 and last traded at $1.88. Approximately 378,250 shares were traded during mid-day trading, a decline of 61% from the average daily volume of 967,091 shares. The stock had previously closed at $1.85.

Analysts Set New Price Targets

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

Organigram Price Performance

The company has a market capitalization of $193.28 million, a price-to-earnings ratio of -1.89 and a beta of 1.03. The stock has a 50 day simple moving average of $1.81 and a two-hundred day simple moving average of $1.75.

Organigram (NASDAQ:OGI) last posted its 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. The firm had revenue of $30.01 million during 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%. Equities research analysts predict that Organigram Holdings Inc. will post -0.21 EPS for the current year.

Hedge Funds Weigh In On Organigram

Several large investors have recently bought and sold shares of the stock. CVI Holdings LLC purchased a new stake in Organigram in the first quarter valued at approximately $825,000. Murchinson Ltd. acquired a new position in shares of Organigram in the 1st quarter valued at $1,737,000. Tidal Investments LLC acquired a new stake in Organigram during the 1st quarter worth $3,736,000. Virtu Financial LLC purchased a new position in Organigram during the 1st quarter worth $340,000. Finally, Baader Bank Aktiengesellschaft grew its holdings in shares of Organigram by 26.4% during the second 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 last quarter. Institutional investors and hedge funds 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.