Organigram Global (NASDAQ:OGI) Trading 3.2% Higher - Should You Buy?

Key Points

• Organigram Global Inc. (NASDAQ:OGI) saw its stock price increase by 3.2% on Wednesday, closing at $1.96, despite a 20% decline in trading volume from the average.
• Analysts have recently downgraded the stock, with Wall Street Zen reducing its rating from "hold" to "sell," contributing to an average rating of "sell" across analysts.
• In its latest earnings report, Organigram Global posted a loss of ($0.03) per share, missing expectations and reporting revenues significantly below estimates at $50.49 million.

Organigram Global Inc. (NASDAQ:OGI - Get Free Report)'s stock price traded up 3.2% during trading on Wednesday . The company traded as high as $2.05 and last traded at $1.96. 704,092 shares were traded during trading, a decline of 20% from the average session volume of 878,741 shares. The stock had previously closed at $1.90.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on OGI. Wall Street Zen cut Organigram Global from a "hold" rating to a "sell" rating in a research note on Saturday, August 16th. Weiss Ratings restated a "sell (d)" rating on shares of Organigram Global in a report on Wednesday, October 8th. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the company currently has an average rating of "Sell".

Organigram Global Stock Up 3.2%

The firm has a 50 day simple moving average of $1.72 and a 200-day simple moving average of $1.43. The company has a market cap of $263.31 million, a PE ratio of 39.21 and a beta of 1.48.

Organigram Global (NASDAQ:OGI - Get Free Report) last released its quarterly earnings results on Wednesday, August 13th. The company reported ($0.03) earnings per share for the quarter, missing analysts' consensus estimates 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 firm had revenue of $50.49 million during the quarter, compared to the consensus estimate of $68.04 million. As a group, equities analysts anticipate that Organigram Global Inc. will post -0.19 EPS for the current year.

Hedge Funds Weigh In On Organigram Global

A number of large investors have recently made changes to their positions in the business. Baader Bank Aktiengesellschaft purchased a new stake in shares of Organigram Global during the second quarter valued at $338,000. Tidal Investments LLC lifted its position in Organigram Global by 4.9% during the 2nd quarter. Tidal Investments LLC now owns 2,646,879 shares of the company's stock worth $3,573,000 after acquiring an additional 124,356 shares during the period. Vontobel Holding Ltd. lifted its position 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 stake in Organigram Global during the 2nd quarter worth about $54,000. Finally, Wealth Enhancement Advisory Services LLC purchased a new position in shares of Organigram Global in the first quarter worth about $30,000. 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.

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