Organigram Global (NASDAQ:OGI) Shares Down 1.7% – Here’s What Happened

Organigram Global Inc. (NASDAQ:OGI) shares were down 1.7% during mid-day trading on Tuesday . The company traded as low as $1.6750 and last traded at $1.69. Approximately 727,843 shares traded hands during mid-day trading, a decline of 58% from the average daily volume of 1,732,301 shares. The stock had previously closed at $1.72.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on OGI. Weiss Ratings reiterated a “sell (d-)” rating on shares of Organigram Global in a research note on Monday, December 29th. Wall Street Zen upgraded shares of Organigram Global from a “sell” rating to a “hold” rating in a research report on Saturday, December 13th. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat, Organigram Global presently has a consensus rating of “Sell”.

Organigram Global Stock Performance

The stock has a market capitalization of $228.17 million, a PE ratio of -15.36 and a beta of 1.52. The firm has a 50 day moving average of $1.68 and a 200-day moving average of $1.65.

Organigram Global (NASDAQ:OGI) last released its quarterly earnings data 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 net margin of 9.99% and a negative return on equity of 16.91%. The company had revenue of $57.53 million during the quarter, compared to analyst estimates of $73.02 million. On average, sell-side analysts predict that Organigram Global Inc. will post -0.19 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Tidal Investments LLC lifted its holdings in Organigram Global by 4.9% in the 2nd quarter. Tidal Investments LLC now owns 2,646,879 shares of the company’s stock worth $3,573,000 after purchasing an additional 124,356 shares during the last quarter. AdvisorShares Investments LLC increased its position in shares of Organigram Global by 31.2% during the third quarter. AdvisorShares Investments LLC now owns 1,052,394 shares of the company’s stock valued at $2,136,000 after purchasing an additional 250,000 shares during the period. Two Sigma Investments LP bought a new position in shares of Organigram Global during the 3rd quarter worth about $907,000. Baader Bank Aktiengesellschaft raised its holdings in shares of Organigram Global by 5.3% in the 3rd quarter. Baader Bank Aktiengesellschaft now owns 263,915 shares of the company’s stock worth $519,000 after buying an additional 13,271 shares in the last quarter. Finally, Vontobel Holding Ltd. lifted its holdings in shares of Organigram Global by 140.5% during the second quarter. Vontobel Holding Ltd. now owns 69,753 shares of the company’s stock valued at $94,000 after acquiring an additional 40,753 shares during the period. Institutional investors own 34.63% of the company’s stock.

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.