Organigram (NASDAQ:OGI) Upgraded to Buy by Alliance Global Partners

Alliance Global Partners upgraded shares of Organigram (NASDAQ:OGI) from a neutral rating to a buy rating in a report published on Monday, MarketBeat.com reports.

Organigram Price Performance

OGI opened at $1.87 on Monday. The stock has a market capitalization of $192.98 million, a PE ratio of -2.34 and a beta of 1.09. The firm’s fifty day moving average price is $2.10 and its 200 day moving average price is $1.62. Organigram has a 12-month low of $0.97 and a 12-month high of $2.91.

Organigram (NASDAQ:OGI) last issued its earnings results on Tuesday, February 13th. The company reported ($0.14) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.04). The business had revenue of $26.78 million for the quarter, compared to analyst estimates of $28.61 million. Organigram had a negative return on equity of 30.94% and a negative net margin of 173.48%. On average, equities research analysts forecast that Organigram will post -0.26 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Organigram

Several institutional investors have recently modified their holdings of the company. Renaissance Technologies LLC grew its position in shares of Organigram by 6.4% during the second quarter. Renaissance Technologies LLC now owns 1,505,500 shares of the company’s stock worth $587,000 after acquiring an additional 89,999 shares during the last quarter. Intact Investment Management Inc. grew its position in Organigram by 16.7% in the 4th quarter. Intact Investment Management Inc. now owns 1,308,000 shares of the company’s stock valued at $1,063,000 after buying an additional 187,500 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in Organigram by 4.1% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,163,033 shares of the company’s stock valued at $1,517,000 after buying an additional 46,071 shares in the last quarter. Goldman Sachs Group Inc. grew its position in Organigram by 137.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 884,586 shares of the company’s stock valued at $1,468,000 after buying an additional 512,625 shares in the last quarter. Finally, Swiss National Bank grew its position in Organigram by 6.8% in the 1st quarter. Swiss National Bank now owns 604,000 shares of the company’s stock valued at $1,004,000 after buying an additional 38,500 shares in the last quarter. Institutional investors own 34.63% of the company’s stock.

About Organigram

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.