Canaccord Genuity Downgrades OrganiGram (NASDAQ:OGI) to Hold


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OrganiGram (NASDAQ:OGI) was downgraded by Canaccord Genuity from a “buy” rating to a “hold” rating in a report released on Tuesday, The Fly reports. They presently have a $2.00 price objective on the stock, down from their previous price objective of $2.50. Canaccord Genuity’s price target would indicate a potential upside of 21.21% from the stock’s current price.

Other equities analysts have also recently issued reports about the stock. Cantor Fitzgerald dropped their price objective on shares of OrganiGram from $5.35 to $3.00 and set an “overweight” rating for the company in a research note on Friday, December 4th. BidaskClub raised shares of OrganiGram from a “sell” rating to a “hold” rating in a research note on Tuesday, November 10th. CIBC lifted their price target on shares of OrganiGram from $2.00 to $2.25 and gave the stock a “neutral” rating in a research note on Tuesday, December 1st. Finally, Raymond James raised shares of OrganiGram from a “market perform” rating to an “outperform” rating in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and five have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $2.56.

Shares of NASDAQ OGI opened at $1.65 on Tuesday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 3.39 and a current ratio of 5.85. The company has a market cap of $382.95 million, a P/E ratio of -2.95 and a beta of 0.30. The firm’s fifty day moving average is $1.44 and its two-hundred day moving average is $1.32. OrganiGram has a 52-week low of $1.01 and a 52-week high of $3.64.

OrganiGram (NASDAQ:OGI) last issued its quarterly earnings data on Monday, November 30th. The company reported ($0.03) EPS for the quarter, hitting analysts’ consensus estimates of ($0.03). OrganiGram had a negative net margin of 153.92% and a negative return on equity of 4.15%. The business had revenue of $15.19 million during the quarter, compared to analysts’ expectations of $14.77 million. As a group, analysts forecast that OrganiGram will post -0.07 EPS for the current fiscal year.

Institutional investors have recently added to or reduced their stakes in the business. Paloma Partners Management Co purchased a new stake in OrganiGram in the 3rd quarter valued at about $31,000. Kathmere Capital Management LLC bought a new stake in shares of OrganiGram in the 3rd quarter valued at about $56,000. Virtu Financial LLC bought a new stake in shares of OrganiGram in the 3rd quarter valued at about $113,000. WFA of San Diego LLC bought a new stake in shares of OrganiGram in the 2nd quarter valued at about $127,000. Finally, TD Asset Management Inc. raised its holdings in shares of OrganiGram by 10.4% in the 3rd quarter. TD Asset Management Inc. now owns 146,363 shares of the company’s stock valued at $154,000 after purchasing an additional 13,738 shares in the last quarter. 10.37% of the stock is owned by institutional investors.

OrganiGram Company Profile

Organigram Holdings Inc, through its subsidiaries, produces and sells cannabis and cannabis-derived products in Canada. It offers cannabis flowers, extracts, edibles and oils, beverages, and other cannabis products for adult recreational market under the Edison Reserve, Edison Cannabis Co, ANKR Organics, and Trailblazer brands; and medical cannabis products, including strains, cannabis oils, extracts, edibles, beverages, and vaporizers for the medical market.

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Analyst Recommendations for OrganiGram (NASDAQ:OGI)

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