Organigram (NASDAQ:OGI) Trading 1.6% Higher – Should You Buy?

Organigram Holdings Inc. (NASDAQ:OGI)’s share price shot up 1.6% during mid-day trading on Monday . The stock traded as high as $1.90 and last traded at $1.88. 378,250 shares changed hands during trading, a decline of 61% from the average session volume of 967,091 shares. The stock had previously closed at $1.85.

Wall Street Analysts Forecast Growth

Separately, Canaccord Genuity Group assumed coverage on shares of Organigram in a research note on Wednesday, July 17th. They issued a “speculative buy” rating for the company.

Organigram Stock Performance

The firm has a market cap of $193.28 million, a price-to-earnings ratio of -1.89 and a beta of 1.03. The company has a 50 day moving average price of $1.81 and a 200 day moving average price of $1.75.

Organigram (NASDAQ:OGI) last posted its earnings results 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 analysts’ expectations of $28.67 million. On average, research analysts forecast that Organigram Holdings Inc. will post -0.21 earnings per share for the current year.

Institutional Investors Weigh In On Organigram

A number of institutional investors have recently modified their holdings of the company. Tidal Investments LLC purchased a new stake in Organigram during the 1st quarter worth approximately $3,736,000. Murchinson Ltd. purchased a new stake in shares of Organigram during the first quarter worth $1,737,000. CVI Holdings LLC acquired a new stake in shares of Organigram in the first quarter valued at $825,000. Renaissance Technologies LLC boosted its holdings in Organigram by 40.8% in the second quarter. Renaissance Technologies LLC now owns 816,948 shares of the company’s stock valued at $1,258,000 after purchasing an additional 236,700 shares during the period. Finally, Virtu Financial LLC acquired a new position in Organigram during the 1st quarter worth $340,000. 34.63% of the stock is owned by institutional investors and hedge funds.

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.