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 downgraded shares of Organigram Global (NASDAQ:OGI - Free Report) from a hold rating to a sell rating in a report released on Saturday.

Organigram Global Stock Performance

Shares of NASDAQ:OGI traded down $0.02 during trading on Friday, hitting $1.50. 593,757 shares of the stock were exchanged, compared to its average volume of 937,273. Organigram Global has a 1-year low of $0.85 and a 1-year high of $2.0550. The company has a market capitalization of $201.08 million, a price-to-earnings ratio of 30.01 and a beta of 1.45. The company's fifty day simple moving average is $1.43 and its 200-day simple moving average is $1.27.

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

Institutional Investors Weigh In On Organigram Global

Institutional investors have recently made changes to their positions in the stock. Two Sigma Securities LLC bought a new position in shares of Organigram Global during the 4th quarter valued at about $26,000. Wealth Enhancement Advisory Services LLC acquired a new position in Organigram Global during the first quarter valued at approximately $30,000. Oxford Asset Management LLP acquired a new position in Organigram Global during the fourth quarter valued at approximately $50,000. Cidel Asset Management Inc. lifted its position in shares of Organigram Global by 112.3% in the second quarter. Cidel Asset Management Inc. now owns 37,103 shares of the company's stock valued at $50,000 after buying an additional 19,627 shares during the last quarter. Finally, Clear Harbor Asset Management LLC acquired a new stake in shares of Organigram Global in the second quarter valued at approximately $54,000. 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.