Organigram Holdings Inc. (NASDAQ:OGI) Short Interest Down 19.6% in August

Organigram Holdings Inc. (NASDAQ:OGI) was the target of a significant decrease in short interest in the month of August. As of August 31st, there was short interest totalling 2,790,000 shares, a decrease of 19.6% from the August 15th total of 3,470,000 shares. Currently, 3.8% of the company’s stock are sold short. Based on an average trading volume of 622,200 shares, the days-to-cover ratio is currently 4.5 days.

Organigram Stock Performance

Shares of Organigram stock opened at $1.86 on Friday. The business has a 50-day simple moving average of $1.74 and a 200-day simple moving average of $1.84. The company has a market cap of $192.95 million, a PE ratio of -1.98 and a beta of 1.02. Organigram has a one year low of $0.97 and a one year high of $2.91.

Organigram (NASDAQ:OGI) last announced its quarterly earnings data on Tuesday, August 13th. The company reported $0.02 EPS for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.07. Organigram had a negative net margin of 45.57% and a negative return on equity of 16.76%. The company had revenue of $30.01 million for the quarter, compared to the consensus estimate of $28.67 million. On average, sell-side analysts predict that Organigram will post -0.21 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Separately, Canaccord Genuity Group started coverage on Organigram in a report on Wednesday, July 17th. They issued a “speculative buy” rating for the company.

Hedge Funds Weigh In On Organigram

Large investors have recently bought and sold shares of the business. Tidal Investments LLC purchased a new position in Organigram in the first quarter valued at approximately $3,736,000. Murchinson Ltd. purchased a new position in shares of Organigram in the 1st quarter valued at $1,737,000. CVI Holdings LLC acquired a new stake in Organigram during the 1st quarter worth $825,000. Renaissance Technologies LLC raised its stake in Organigram by 40.8% during the 2nd quarter. Renaissance Technologies LLC now owns 816,948 shares of the company’s stock worth $1,258,000 after acquiring an additional 236,700 shares in the last quarter. Finally, Virtu Financial LLC purchased a new stake in Organigram in the first quarter valued at $340,000. Hedge funds and other institutional investors own 34.63% of the company’s stock.

Organigram Company Profile

Organigram Holdings Inc, through its subsidiaries, engages in the production and sale of cannabis and cannabis-derived products in Canada. It offers medical cannabis products, including whole flower, milled flower, pre-rolls, infused pre-rolls, vapes, gummies, and concentrates for medical retailers; adult use recreational cannabis under the SHRED, Holy Mountain, Big Bag O' Buds, Monjour, Trailblazer, SHRED'ems, Edison Cannabis Co, Edison JOLTS, Tremblant, and Laurentian brands.