Organigram Global (NASDAQ:OGI) Shares Down 0.6% – Here’s What Happened

Organigram Global Inc. (NASDAQ:OGI)’s stock price traded down 0.6% on Tuesday . The stock traded as low as $0.8548 and last traded at $0.8902. Approximately 725,469 shares traded hands during trading, an increase of 47% from the average daily volume of 492,005 shares. The stock had previously closed at $0.8958.

Analyst Upgrades and Downgrades

OGI has been the subject of a number of research analyst reports. Wall Street Zen lowered Organigram Global from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. Weiss Ratings reiterated a “sell (d)” rating on shares of Organigram Global in a research note on Tuesday, June 9th. Two investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold”.

Organigram Global Trading Down 2.0%

The firm has a fifty day simple moving average of $1.05 and a 200 day simple moving average of $1.33. The stock has a market cap of $122.38 million, a price-to-earnings ratio of -6.68 and a beta of 1.45.

Organigram Global (NASDAQ:OGI) last announced its quarterly earnings data on Tuesday, May 12th. The company reported ($0.01) earnings per share for the quarter, hitting the consensus estimate of ($0.01). The company had revenue of $42.99 million for the quarter, compared to analyst estimates of $50.56 million. Organigram Global had a negative return on equity of 13.41% and a negative net margin of 9.22%. On average, equities analysts expect that Organigram Global Inc. will post 0.09 earnings per share for the current year.

Institutional Investors Weigh In On Organigram Global

Several institutional investors and hedge funds have recently bought and sold shares of OGI. Walleye Capital LLC acquired a new position in shares of Organigram Global in the 4th quarter valued at $25,000. AXQ Capital LP bought a new stake in Organigram Global in the fourth quarter valued at about $27,000. StoneX Group Inc. acquired a new position in Organigram Global in the fourth quarter worth about $30,000. HRT Financial LP acquired a new position in shares of Organigram Global in the 4th quarter worth approximately $52,000. Finally, Bank of America Corp DE raised its stake in Organigram Global by 1,678.1% during the third quarter. Bank of America Corp DE now owns 37,357 shares of the company’s stock worth $76,000 after acquiring an additional 35,256 shares in the last quarter. Institutional investors own 34.63% of the company’s stock.

About Organigram Global

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.