OrganiGram (NASDAQ:OGI) Stock Price Down 5.9%

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OrganiGram Holdings Inc (NASDAQ:OGI)’s stock price dropped 5.9% during trading on Friday . The stock traded as low as $4.59 and last traded at $4.65, approximately 1,494,131 shares changed hands during trading. An increase of 56% from the average daily volume of 957,565 shares. The stock had previously closed at $4.94.

OGI has been the subject of several research analyst reports. Pi Financial set a $12.00 target price on shares of OrganiGram and gave the company a “buy” rating in a research note on Monday, July 15th. Zacks Investment Research upgraded shares of OrganiGram from a “sell” rating to a “hold” rating in a research note on Tuesday, July 30th. Finally, Jefferies Financial Group cut shares of OrganiGram from a “buy” rating to a “hold” rating in a research note on Friday, May 3rd.

The stock’s 50 day simple moving average is $5.86.

OrganiGram (NASDAQ:OGI) last released its earnings results on Monday, July 15th. The company reported ($0.07) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.02 by ($0.09). The company had revenue of $30.36 million for the quarter, compared to analysts’ expectations of $30.81 million. The firm’s revenue was up 782.6% compared to the same quarter last year. On average, research analysts predict that OrganiGram Holdings Inc will post 0.06 earnings per share for the current fiscal year.

Hedge funds have recently made changes to their positions in the company. TRUE Private Wealth Advisors acquired a new position in shares of OrganiGram in the 2nd quarter valued at $25,000. Truvestments Capital LLC acquired a new position in shares of OrganiGram in the 2nd quarter valued at $29,000. Executive Wealth Management LLC acquired a new position in shares of OrganiGram in the 2nd quarter valued at $39,000. Tower Research Capital LLC TRC acquired a new position in shares of OrganiGram in the 2nd quarter valued at $45,000. Finally, QCI Asset Management Inc. NY bought a new stake in shares of OrganiGram in the 2nd quarter worth about $56,000. Institutional investors own 7.26% of the company’s stock.

OrganiGram Company Profile (NASDAQ:OGI)

OrganiGram Holdings Inc, through its subsidiaries, produces and sells dried cannabis and cannabis oil in Canada. It also offers wholesale shipping of cannabis plant cuttings, dried flowers, blends, pre-rolls, and cannabis oils to retailers and wholesalers. The company also exports its products. It sells its products online, as well as through phone orders.

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