Mirae Asset Global Investments Co. Ltd. Sells 258,869 Shares of OrganiGram Holdings Inc. (NASDAQ:OGI)

Mirae Asset Global Investments Co. Ltd. trimmed its stake in shares of OrganiGram Holdings Inc. (NASDAQ:OGIGet Rating) by 5.5% in the first quarter, Holdings Channel.com reports. The fund owned 4,477,774 shares of the company’s stock after selling 258,869 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in OrganiGram were worth $7,457,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Gotham Asset Management LLC acquired a new stake in OrganiGram during the fourth quarter worth approximately $33,000. Bridgewater Associates LP acquired a new stake in OrganiGram during the fourth quarter worth approximately $36,000. Commerce Bank acquired a new stake in OrganiGram during the first quarter worth approximately $37,000. Flow Traders U.S. LLC acquired a new stake in OrganiGram during the first quarter worth approximately $48,000. Finally, HighTower Advisors LLC grew its stake in OrganiGram by 61.4% during the fourth quarter. HighTower Advisors LLC now owns 39,428 shares of the company’s stock worth $69,000 after purchasing an additional 15,000 shares during the period. 11.87% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Stifel Nicolaus decreased their target price on OrganiGram from C$2.25 to C$1.50 in a research note on Friday, July 15th. Alliance Global Partners reduced their price objective on OrganiGram from C$2.25 to C$1.50 in a research note on Friday, July 15th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $3.04.

OrganiGram Stock Down 1.5 %

Shares of NASDAQ:OGI opened at $0.95 on Thursday. The stock has a market cap of $297.15 million, a price-to-earnings ratio of -10.52 and a beta of 0.59. OrganiGram Holdings Inc. has a 12-month low of $0.90 and a 12-month high of $2.55. The business’s 50 day moving average is $1.07 and its 200 day moving average is $1.22.

OrganiGram (NASDAQ:OGIGet Rating) last announced its earnings results on Thursday, July 14th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.01). The company had revenue of $27.78 million for the quarter, compared to analysts’ expectations of $26.29 million. OrganiGram had a negative net margin of 27.78% and a negative return on equity of 11.81%. As a group, equities research analysts expect that OrganiGram Holdings Inc. will post -0.09 earnings per share for the current year.

OrganiGram Profile

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Organigram Holdings Inc, through its subsidiaries, produces and sells cannabis and cannabis-derived products in Canada. It offers medical cannabis products, including cannabis flowers, cannabis oils, and vaporizers for civilian patients and veterans; adult use recreational cannabis under the Edison Cannabis Co, Trail Blazer, SHRED, SHRED'ems, Big Bag O' Buds, and Monjour brands; and cannabis edibles products and concentrates.

See Also

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Institutional Ownership by Quarter for OrganiGram (NASDAQ:OGI)

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