OrganiGram (NASDAQ:OGI) Stock Price Down 6.7%
Shares of OrganiGram Holdings Inc. (NASDAQ:OGI) dropped 6.7% during mid-day trading on Tuesday . The company traded as low as $2.59 and last traded at $3.04. Approximately 22,506,785 shares changed hands during mid-day trading, a decline of 29% from the average daily volume of 31,898,977 shares. The stock had previously closed at $3.26.
OGI has been the subject of a number of recent research reports. Alliance Global Partners cut shares of OrganiGram from a “buy” rating to a “neutral” rating in a research note on Wednesday, January 13th. Canaccord Genuity cut shares of OrganiGram from a “buy” rating to a “hold” rating and dropped their price objective for the company from $2.50 to $2.00 in a research note on Tuesday, January 12th. Cantor Fitzgerald dropped their target price on shares of OrganiGram from $5.35 to $3.00 and set an “overweight” rating for the company in a research report on Friday, December 4th. Raymond James upgraded shares of OrganiGram from a “market perform” rating to an “outperform” rating in a research report on Tuesday, January 12th. Finally, CIBC increased their target price on shares of OrganiGram from $2.25 to $4.25 and gave the stock a “neutral” rating in a research report on Monday. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and four have assigned a buy rating to the company. OrganiGram currently has a consensus rating of “Hold” and an average target price of $2.81.
The business’s fifty day simple moving average is $2.40 and its 200 day simple moving average is $1.55. The company has a current ratio of 2.66, a quick ratio of 3.39 and a debt-to-equity ratio of 0.17. The stock has a market cap of $705.61 million, a P/E ratio of -4.29 and a beta of 0.30.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Paloma Partners Management Co bought a new position in OrganiGram during the 3rd quarter worth approximately $31,000. Marathon Capital Management bought a new position in OrganiGram during the 4th quarter worth approximately $33,000. Laidlaw Wealth Management LLC bought a new position in OrganiGram during the 4th quarter worth approximately $40,000. Creative Planning boosted its stake in OrganiGram by 20.7% during the 4th quarter. Creative Planning now owns 38,093 shares of the company’s stock worth $51,000 after acquiring an additional 6,522 shares during the last quarter. Finally, Kathmere Capital Management LLC bought a new position in OrganiGram during the 3rd quarter worth approximately $56,000. 10.84% of the stock is currently owned by institutional investors.
About OrganiGram (NASDAQ:OGI)
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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