Organigram Global (NASDAQ:OGI) Cut to Sell at Wall Street Zen

Key Points

• Organigram Global has been downgraded from a "hold" rating to a "sell" rating by analysts at Wall Street Zen.
• The company's stock dropped by 8.3%, opening at $1.43, with a 12-month trading range between $0.85 and $2.08.
• In the latest earnings report, Organigram reported a loss of ($0.03) EPS, missing estimates by ($0.02), alongside a revenue of $50.49 million against a consensus of $68.04 million.

Wall Street Zen cut shares of Organigram Global (NASDAQ:OGI - Free Report) from a hold rating to a sell rating in a research note released on Saturday morning.

Organigram Global Price Performance

Shares of NASDAQ OGI traded down $0.13 during midday trading on Friday, reaching $1.43. 1,072,349 shares of the stock were exchanged, compared to its average volume of 942,544. The business has a 50-day simple moving average of $1.43 and a two-hundred day simple moving average of $1.27. Organigram Global has a 12 month low of $0.85 and a 12 month high of $2.08. The company has a market capitalization of $191.66 million, a price-to-earnings ratio of 28.61 and a beta of 1.45.

Organigram Global (NASDAQ:OGI - Get Free Report) last announced its quarterly earnings data on Wednesday, August 13th. The company reported ($0.03) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.02). The company had revenue of $50.49 million during the quarter, compared to the consensus estimate of $68.04 million. Organigram Global had a negative return on equity of 8.19% and a net margin of 2.86%. Equities research analysts expect that Organigram Global will post -0.19 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Organigram Global

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Tidal Investments LLC grew its holdings in Organigram Global by 4.9% in the 2nd quarter. Tidal Investments LLC now owns 2,646,879 shares of the company's stock valued at $3,573,000 after buying an additional 124,356 shares during the last quarter. Cidel Asset Management Inc. boosted its holdings in shares of Organigram Global by 112.3% in the 2nd quarter. Cidel Asset Management Inc. now owns 37,103 shares of the company's stock valued at $50,000 after purchasing an additional 19,627 shares in the last quarter. Vontobel Holding Ltd. grew its holdings in Organigram Global by 140.5% during the 2nd quarter. Vontobel Holding Ltd. now owns 69,753 shares of the company's stock worth $94,000 after acquiring an additional 40,753 shares during the period. Clear Harbor Asset Management LLC acquired a new position in Organigram Global during the 2nd quarter valued at about $54,000. Finally, Baader Bank Aktiengesellschaft bought a new stake in shares of Organigram Global in the 2nd quarter worth approximately $338,000. 34.63% of the stock is owned by institutional investors and hedge funds.

Organigram Global 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.