Organigram Global (NASDAQ:OGI) Stock Price Down 0.6% - Here's What Happened

Key Points

• Organigram Global's stock price fell by 0.6% during trading, reaching a low of $1.61 and last trading at $1.64 with significantly reduced trading volume.
• The company reported a loss of ($0.03) earnings per share for the last quarter, missing analysts' estimates, with revenues of $50.49 million compared to expectations of $68.04 million.
• Wall Street Zen downgraded Organigram Global's rating from "hold" to "sell", reflecting concerns about the company's financial performance.

Organigram Global Inc. (NASDAQ:OGI - Get Free Report) shares traded down 0.6% during trading on Monday . The stock traded as low as $1.61 and last traded at $1.64. 332,093 shares traded hands during mid-day trading, a decline of 70% from the average session volume of 1,110,225 shares. The stock had previously closed at $1.65.

Analyst Ratings Changes

Separately, Wall Street Zen cut shares of Organigram Global from a "hold" rating to a "sell" rating in a research report on Saturday, August 16th.

Organigram Global Stock Performance

The stock's fifty day moving average price is $1.53 and its 200-day moving average price is $1.30. The company has a market capitalization of $222.52 million, a P/E ratio of 33.21 and a beta of 1.49.

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

Institutional Investors Weigh In On Organigram Global

A number of institutional investors and hedge funds have recently modified their holdings of the company. Cidel Asset Management Inc. raised 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 during the period. Wealth Enhancement Advisory Services LLC acquired a new position in Organigram Global in the 1st quarter valued at about $30,000. Cubist Systematic Strategies LLC grew its stake in Organigram Global by 210.7% in the 4th quarter. Cubist Systematic Strategies LLC now owns 45,095 shares of the company's stock valued at $73,000 after buying an additional 30,583 shares during the last quarter. Clear Harbor Asset Management LLC acquired a new position in Organigram Global in the 2nd quarter valued at about $54,000. Finally, Vontobel Holding Ltd. grew its stake in Organigram Global by 140.5% in the 2nd quarter. Vontobel Holding Ltd. now owns 69,753 shares of the company's stock valued at $94,000 after buying an additional 40,753 shares during the last quarter. 34.63% of the stock is owned by institutional investors.

About Organigram Global

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.