Organigram (NASDAQ:OGI) Shares Up 2.8% – Still a Buy?

Organigram Holdings Inc. (NASDAQ:OGI)’s share price traded up 2.8% during trading on Monday . The company traded as high as $1.52 and last traded at $1.48. 451,790 shares traded hands during mid-day trading, a decline of 52% from the average session volume of 947,989 shares. The stock had previously closed at $1.44.

Organigram Price Performance

The firm has a market cap of $160.71 million, a price-to-earnings ratio of -3.52 and a beta of 1.03. The firm has a fifty day simple moving average of $1.75 and a two-hundred day simple moving average of $1.73.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Tidal Investments LLC purchased a new stake in shares of Organigram during the first quarter valued at $3,736,000. AdvisorShares Investments LLC grew its stake in Organigram by 11.8% during the 2nd quarter. AdvisorShares Investments LLC now owns 1,000,126 shares of the company’s stock valued at $1,540,000 after purchasing an additional 105,468 shares during the last quarter. Renaissance Technologies LLC increased its holdings in shares of Organigram by 40.8% in the second quarter. Renaissance Technologies LLC now owns 816,948 shares of the company’s stock valued at $1,258,000 after purchasing an additional 236,700 shares during the period. Murchinson Ltd. purchased a new position in shares of Organigram in the first quarter worth about $1,737,000. Finally, Baader Bank Aktiengesellschaft lifted 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 purchasing an additional 52,852 shares during the period. Hedge funds and other institutional investors 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.