Organigram Global (NASDAQ:OGI) Trading Down 0.9% – Time to Sell?

Organigram Global Inc. (NASDAQ:OGI)’s stock price was down 0.9% during mid-day trading on Tuesday . The stock traded as low as $0.9510 and last traded at $0.9510. Approximately 288,267 shares traded hands during trading, a decline of 49% from the average daily volume of 568,710 shares. The stock had previously closed at $0.96.

Analysts Set New Price Targets

A number of research firms have commented on OGI. Weiss Ratings reiterated a “sell (d)” rating on shares of Organigram Global in a research report on Tuesday, June 9th. Wall Street Zen downgraded Organigram Global from a “hold” rating to a “sell” rating in a research report on Saturday, May 9th. Two equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold”.

Organigram Global Trading Down 0.9%

The stock’s 50-day moving average price is $1.21 and its 200-day moving average price is $1.42. The stock has a market cap of $133.87 million, a price-to-earnings ratio of -7.32 and a beta of 1.43.

Organigram Global (NASDAQ:OGI) last posted its quarterly earnings data on Tuesday, May 12th. The company reported ($0.01) earnings per share for the quarter, hitting the consensus estimate of ($0.01). The company had revenue of $42.99 million during the quarter, compared to analysts’ expectations of $50.56 million. Organigram Global had a negative net margin of 9.22% and a negative return on equity of 13.41%. As a group, analysts predict that Organigram Global Inc. will post 0.09 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Walleye Capital LLC bought a new stake in shares of Organigram Global during the 4th quarter valued at about $25,000. AXQ Capital LP acquired a new stake in Organigram Global during the fourth quarter worth approximately $27,000. StoneX Group Inc. bought a new stake in Organigram Global in the fourth quarter worth approximately $30,000. HRT Financial LP bought a new stake in Organigram Global in the fourth quarter worth approximately $52,000. Finally, Bank of America Corp DE lifted its stake in Organigram Global by 1,678.1% in the third quarter. Bank of America Corp DE now owns 37,357 shares of the company’s stock valued at $76,000 after buying an additional 35,256 shares during the period. 34.63% of the stock is owned by institutional investors.

Organigram Global Company Profile

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.