Canaccord Genuity Group Cuts Organigram (TSE:OGI) Price Target to C$3.25

Organigram (TSE:OGI) had its price target cut by equities researchers at Canaccord Genuity Group from C$3.75 to C$3.25 in a report issued on Wednesday, BayStreet.CA reports. The brokerage currently has a “speculative buy” rating on the stock. Canaccord Genuity Group’s price objective would suggest a potential upside of 17.75% from the stock’s current price.

Several other research analysts have also commented on the stock. ATB Capital set a C$5.25 price target on shares of Organigram and gave the company an “outperform” rating in a report on Wednesday, April 3rd. Alliance Global Partners increased their price objective on shares of Organigram from C$2.00 to C$2.70 and gave the company a “neutral” rating in a research report on Wednesday, February 14th. Finally, Jefferies Financial Group lowered their price objective on shares of Organigram from C$4.95 to C$4.40 and set a “buy” rating for the company in a research report on Tuesday, February 27th.

Organigram Price Performance

Organigram stock opened at C$2.76 on Wednesday. The stock has a market capitalization of C$284.28 million, a P/E ratio of -1.10, a P/E/G ratio of 0.42 and a beta of 1.10. Organigram has a 12-month low of C$1.35 and a 12-month high of C$3.95. The company has a debt-to-equity ratio of 1.75, a current ratio of 6.95 and a quick ratio of 2.62. The firm’s 50-day moving average is C$2.78 and its two-hundred day moving average is C$2.34.

Organigram (TSE:OGI) last announced its quarterly earnings data on Tuesday, February 13th. The company reported C($0.19) earnings per share for the quarter, missing the consensus estimate of C($0.13) by C($0.06). The company had revenue of C$36.46 million for the quarter, compared to analysts’ expectations of C$38.13 million. Organigram had a negative return on equity of 54.53% and a negative net margin of 153.80%. Equities analysts predict that Organigram will post 0.08032 earnings per share for the current year.

Insider Buying and Selling at Organigram

In other Organigram news, Director Donald Geoffrey Machum sold 23,000 shares of the stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of C$2.74, for a total value of C$62,964.80. 27.32% of the stock is owned by corporate insiders.

About Organigram

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.