CIBC Boosts OrganiGram (NASDAQ:OGI) Price Target to C$3.75

OrganiGram (NASDAQ:OGI) had its price target hoisted by investment analysts at CIBC from C$3.25 to C$3.75 in a research report issued on Friday, The Fly reports. The brokerage currently has a “neutral” rating on the stock.

Several other research firms have also commented on OGI. Cantor Fitzgerald reissued an “overweight” rating and issued a $6.00 price target (up from $3.50) on shares of OrganiGram in a research report on Thursday, March 11th. They noted that the move was a valuation call. Zacks Investment Research downgraded shares of OrganiGram from a “hold” rating to a “sell” rating in a report on Wednesday, May 12th. Canaccord Genuity boosted their target price on shares of OrganiGram from $2.00 to $3.50 and gave the stock a “hold” rating in a report on Wednesday, April 14th. Alliance Global Partners reduced their target price on shares of OrganiGram from $4.00 to $3.75 and set a “neutral” rating for the company in a report on Tuesday, April 13th. Finally, Raymond James reduced their target price on shares of OrganiGram from $6.00 to $5.00 and set an “outperform” rating for the company in a report on Wednesday, April 14th. One analyst has rated the stock with a sell rating, seven have given a hold rating and four have given a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $4.47.

NASDAQ:OGI traded up $0.07 during midday trading on Friday, hitting $3.23. The stock had a trading volume of 73,017 shares, compared to its average volume of 18,298,377. OrganiGram has a one year low of $1.01 and a one year high of $6.45. The stock has a market capitalization of $963.31 million, a P/E ratio of -3.71 and a beta of 0.10. The company’s 50-day simple moving average is $2.82. The company has a quick ratio of 4.48, a current ratio of 6.66 and a debt-to-equity ratio of 0.20.

OrganiGram (NASDAQ:OGI) last announced its quarterly earnings data on Monday, April 12th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.03) by ($0.26). OrganiGram had a negative return on equity of 19.11% and a negative net margin of 315.91%. The firm had revenue of $11.49 million during the quarter, compared to the consensus estimate of $15.70 million. As a group, research analysts predict that OrganiGram will post -0.28 EPS for the current year.

Institutional investors and hedge funds have recently bought and sold shares of the company. Penserra Capital Management LLC increased its holdings in shares of OrganiGram by 521.0% during the fourth quarter. Penserra Capital Management LLC now owns 629,040 shares of the company’s stock valued at $836,000 after acquiring an additional 527,740 shares in the last quarter. The Manufacturers Life Insurance Company purchased a new stake in OrganiGram in the first quarter valued at approximately $1,058,000. Vontobel Holding Ltd. purchased a new stake in OrganiGram in the fourth quarter valued at approximately $344,000. Marcum Wealth LLC purchased a new stake in OrganiGram in the first quarter valued at approximately $35,000. Finally, Sigma Planning Corp boosted its position in OrganiGram by 11.7% in the fourth quarter. Sigma Planning Corp now owns 103,675 shares of the company’s stock valued at $138,000 after buying an additional 10,873 shares during the last quarter. Hedge funds and other institutional investors own 11.67% of the company’s stock.

About OrganiGram

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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