Wall Street Zen Upgrades Organigram Global (NASDAQ:OGI) to Hold

Key Points

• Wall Street Zen upgraded Organigram Global from “Sell” to “Hold,” while Weiss Ratings maintained a “Sell (D)” rating. The overall analyst consensus is currently “Hold,” based on two Buy ratings and one Sell rating.
• Organigram opened Friday at $1.23, with a market capitalization of $173.4 million and a 12-month trading range of $0.85 to $2.24. Its balance sheet includes a low debt-to-equity ratio of 0.04.
• In its latest quarter, the company reported an adjusted loss of $0.01 per share, in line with estimates, but revenue of $42.99 million fell short of the $50.56 million analyst forecast. Institutional investors own 34.63% of the stock.

Organigram Global (NASDAQ:OGI - Get Free Report) was upgraded by research analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a report issued on Saturday.

Separately, Weiss Ratings reissued a "sell (d)" rating on shares of Organigram Global in a report on Tuesday, June 9th. Two analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of "Hold".

Organigram Global Price Performance

NASDAQ:OGI opened at $1.23 on Friday. The business's 50-day moving average is $1.00 and its 200 day moving average is $1.23. Organigram Global has a 12 month low of $0.85 and a 12 month high of $2.24. The company has a market capitalization of $173.40 million, a P/E ratio of 2.67 and a beta of 1.46. The company has a current ratio of 2.61, a quick ratio of 1.30 and a debt-to-equity ratio of 0.04.

Organigram Global (NASDAQ:OGI - Get Free Report) last released its quarterly earnings results on Tuesday, May 12th. The company reported ($0.01) earnings per share for the quarter, meeting the consensus estimate of ($0.01). The business had revenue of $42.99 million during the quarter, compared to analysts' expectations of $50.56 million. Organigram Global had a negative return on equity of 13.39% and a net margin of 28.14%. On average, equities research analysts forecast that Organigram Global will post -0.05 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Walleye Capital LLC bought a new stake in Organigram Global during the fourth quarter worth approximately $25,000. AXQ Capital LP bought a new stake in shares of Organigram Global in the 4th quarter valued at approximately $27,000. StoneX Group Inc. purchased a new position in shares of Organigram Global in the 4th quarter worth approximately $30,000. HRT Financial LP purchased a new position in shares of Organigram Global in the 4th quarter worth approximately $52,000. Finally, Bank of America Corp DE increased its position in shares of Organigram Global by 1,678.1% during the 3rd quarter. Bank of America Corp DE now owns 37,357 shares of the company's stock valued at $76,000 after purchasing an additional 35,256 shares during the last quarter. Hedge funds and other institutional investors own 34.63% of the company's stock.

About Organigram Global

Organigram Global Inc NASDAQ: OGI is a licensed producer of cannabis and hemp products headquartered in Moncton, New Brunswick, Canada. Founded in 2013, the company operates a state-of-the-art cultivation and manufacturing facility spanning more than one million square feet. Organigram holds licenses from Health Canada to produce and sell both medical and adult-use cannabis, and it pursues Good Manufacturing Practice (GMP) certification to support international exports.

The company's product portfolio encompasses dried flower, pre-rolled joints, cannabis oils, capsules and soft gels, as well as vapourizer cartridges and extracts.

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