Organigram (NASDAQ:OGI) Upgraded at Alliance Global Partners

Alliance Global Partners upgraded shares of Organigram (NASDAQ:OGI) from a neutral rating to a buy rating in a research note issued to investors on Monday, Marketbeat reports.

Organigram Trading Down 2.7 %

Shares of OGI stock opened at $1.83 on Monday. The firm has a 50-day moving average price of $2.11 and a 200 day moving average price of $1.62. Organigram has a twelve month low of $0.97 and a twelve month high of $2.91. The company has a market capitalization of $188.86 million, a price-to-earnings ratio of -2.29 and a beta of 1.09.

Organigram (NASDAQ:OGI) last announced its earnings results on Tuesday, February 13th. The company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of ($0.10) by ($0.04). Organigram had a negative net margin of 173.48% and a negative return on equity of 30.94%. The firm had revenue of $26.78 million during the quarter, compared to analyst estimates of $28.61 million. As a group, research analysts predict that Organigram will post -0.26 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Renaissance Technologies LLC increased its stake in shares of Organigram by 6.4% during the 2nd quarter. Renaissance Technologies LLC now owns 1,505,500 shares of the company’s stock valued at $587,000 after acquiring an additional 89,999 shares during the last quarter. Intact Investment Management Inc. increased its position in Organigram by 16.7% during the 4th quarter. Intact Investment Management Inc. now owns 1,308,000 shares of the company’s stock worth $1,063,000 after purchasing an additional 187,500 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in Organigram by 4.1% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,163,033 shares of the company’s stock worth $1,517,000 after purchasing an additional 46,071 shares in the last quarter. Goldman Sachs Group Inc. increased its position in Organigram by 137.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 884,586 shares of the company’s stock worth $1,468,000 after purchasing an additional 512,625 shares in the last quarter. Finally, Swiss National Bank increased its position in Organigram by 6.8% during the 1st quarter. Swiss National Bank now owns 604,000 shares of the company’s stock worth $1,004,000 after purchasing an additional 38,500 shares in the last quarter. 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.