Wall Street Zen Downgrades Organigram Global (NASDAQ:OGI) to Sell

Organigram Global (NASDAQ:OGI) was downgraded by equities research analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued on Saturday.

Several other brokerages have also recently weighed in on OGI. Weiss Ratings reiterated a “sell (d-)” rating on shares of Organigram Global in a research note on Monday, December 29th. Canaccord Genuity Group initiated coverage on shares of Organigram Global in a report on Tuesday, January 27th. They set a “buy” rating for the company. One research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold”.

Organigram Global Stock Performance

NASDAQ:OGI opened at $1.50 on Friday. The firm has a market cap of $202.70 million, a P/E ratio of -13.64 and a beta of 1.60. Organigram Global has a fifty-two week low of $0.85 and a fifty-two week high of $2.24. The firm has a 50-day simple moving average of $1.70 and a two-hundred day simple moving average of $1.66.

Organigram Global (NASDAQ:OGI) last posted its quarterly earnings results on Tuesday, December 16th. The company reported ($0.20) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.19). Organigram Global had a negative return on equity of 16.91% and a negative net margin of 9.99%.The business had revenue of $57.53 million during the quarter, compared to analysts’ expectations of $73.02 million. On average, equities research analysts predict that Organigram Global will post -0.19 EPS for the current year.

Institutional Investors Weigh In On Organigram Global

Hedge funds have recently made changes to their positions in the company. Cidel Asset Management Inc. boosted its stake in Organigram Global by 112.3% during the second quarter. Cidel Asset Management Inc. now owns 37,103 shares of the company’s stock valued at $50,000 after buying an additional 19,627 shares during the last quarter. PFS Partners LLC boosted its position in shares of Organigram Global by 31.6% during the 3rd quarter. PFS Partners LLC now owns 25,000 shares of the company’s stock valued at $51,000 after acquiring an additional 6,000 shares during the last quarter. Bank of America Corp DE boosted its position in shares of Organigram Global by 1,678.1% during the 3rd quarter. Bank of America Corp DE now owns 37,357 shares of the company’s stock valued at $76,000 after acquiring an additional 35,256 shares during the last quarter. Vontobel Holding Ltd. grew its holdings in shares of Organigram Global by 140.5% in the second quarter. Vontobel Holding Ltd. now owns 69,753 shares of the company’s stock valued at $94,000 after purchasing an additional 40,753 shares in the last quarter. Finally, Baader Bank Aktiengesellschaft increased its position in Organigram Global by 5.3% in the third quarter. Baader Bank Aktiengesellschaft now owns 263,915 shares of the company’s stock worth $519,000 after purchasing an additional 13,271 shares during the last quarter. 34.63% of the stock is currently owned by hedge funds and other 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.