OrganiGram (NASDAQ:OGI) Price Target Cut to C$3.00 by Analysts at Canaccord Genuity

OrganiGram (NASDAQ:OGI) had its price objective reduced by Canaccord Genuity from C$3.50 to C$3.00 in a research report released on Wednesday morning, The Fly reports. They currently have a hold rating on the stock.

Several other equities analysts have also issued reports on the stock. Zacks Investment Research upgraded shares of OrganiGram from a sell rating to a hold rating in a report on Thursday, November 4th. Alliance Global Partners lowered their target price on shares of OrganiGram from C$3.75 to C$3.00 and set a neutral rating for the company in a report on Tuesday. They noted that the move was a valuation call. Finally, CIBC lowered their target price on shares of OrganiGram from C$4.00 to C$3.50 and set a neutral rating for the company in a report on Thursday, September 23rd. Seven equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Hold and an average price target of $4.04.

OrganiGram stock opened at $2.16 on Wednesday. The stock’s 50 day simple moving average is $2.29 and its two-hundred day simple moving average is $2.58. The stock has a market cap of $647.66 million, a price-to-earnings ratio of -4.24 and a beta of 0.18. OrganiGram has a fifty-two week low of $1.15 and a fifty-two week high of $6.45.

A number of hedge funds and other institutional investors have recently made changes to their positions in OGI. Chartist Inc. CA purchased a new position in OrganiGram in the 2nd quarter worth approximately $29,000. SRS Capital Advisors Inc. purchased a new stake in OrganiGram during the 2nd quarter valued at $29,000. Bank of New York Mellon Corp purchased a new stake in OrganiGram during the 2nd quarter valued at $29,000. Advisor Resource Council purchased a new stake in OrganiGram during the 2nd quarter valued at $34,000. Finally, Lehman & Derafelo Financial Resources LLC purchased a new stake in OrganiGram during the 2nd quarter valued at $35,000. Institutional investors own 14.64% of the company’s stock.

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