Organigram Global (NASDAQ:OGI) Trading Down 2% – Here’s What Happened

Organigram Global Inc. (NASDAQ:OGI)’s share price dropped 2% during mid-day trading on Monday . The stock traded as low as $1.41 and last traded at $1.44. Approximately 540,739 shares were traded during mid-day trading, a decline of 33% from the average daily volume of 806,129 shares. The stock had previously closed at $1.47.

Analyst Ratings Changes

OGI has been the subject of several recent research reports. Wall Street Zen raised Organigram Global from a “sell” rating to a “hold” rating in a report on Saturday, February 14th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Organigram Global in a research report on Monday, December 29th. ATB Cormark Capital Markets downgraded shares of Organigram Global from a “strong-buy” rating to a “moderate buy” rating in a research note on Wednesday, February 11th. Finally, Canaccord Genuity Group assumed coverage on shares of Organigram Global in a report on Tuesday, January 27th. They issued a “buy” rating on the stock. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold”.

Organigram Global Stock Down 2.0%

The business has a fifty day moving average of $1.53 and a 200 day moving average of $1.65. The firm has a market cap of $196.32 million, a P/E ratio of 10.29 and a beta of 1.51.

Organigram Global (NASDAQ:OGI) last issued its earnings results on Tuesday, February 10th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.01). The company had revenue of $46.27 million for the quarter, compared to the consensus estimate of $73.38 million. Organigram Global had a negative return on equity of 15.41% and a net margin of 6.03%. On average, sell-side analysts expect that Organigram Global Inc. will post -0.19 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Lazard Asset Management LLC acquired a new position in Organigram Global during the fourth quarter valued at approximately $280,000. Virtu Financial LLC acquired a new stake in Organigram Global in the fourth quarter worth $188,000. Bank of America Corp DE boosted its position 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 in the last quarter. HRT Financial LP bought a new position in shares of Organigram Global during the fourth quarter worth $52,000. Finally, StoneX Group Inc. acquired a new position in shares of Organigram Global in the 4th quarter valued at $30,000. Institutional investors own 34.63% of the company’s stock.

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.