Canaccord Genuity Group Initiates Coverage on Organigram Global (NASDAQ:OGI)

Canaccord Genuity Group assumed coverage on shares of Organigram Global (NASDAQ:OGI) in a report issued on Tuesday, MarketBeat.com reports. The brokerage set a “buy” rating on the stock.

Several other equities research analysts have also issued reports on OGI. Wall Street Zen raised shares of Organigram Global from a “sell” rating to a “hold” rating in a research note on Saturday, December 13th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Organigram Global in a research report on Monday, December 29th. One analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Organigram Global currently has an average rating of “Hold”.

Organigram Global Price Performance

Shares of OGI stock opened at $1.60 on Tuesday. Organigram Global has a fifty-two week low of $0.85 and a fifty-two week high of $2.24. The stock’s 50-day moving average is $1.69 and its two-hundred day moving average is $1.66. The firm has a market cap of $216.21 million, a P/E ratio of -14.54 and a beta of 1.52.

Organigram Global (NASDAQ:OGI) last announced its quarterly earnings results on Tuesday, December 16th. The company reported ($0.20) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.19). Organigram Global had a negative net margin of 9.99% and a negative return on equity of 16.91%. The firm had revenue of $57.53 million during the quarter, compared to the consensus estimate of $73.02 million. As a group, research analysts expect that Organigram Global will post -0.19 EPS for the current year.

Institutional Investors Weigh In On Organigram Global

Hedge funds have recently bought and sold shares of the company. Cidel Asset Management Inc. increased its stake 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 worth $50,000 after purchasing an additional 19,627 shares during the period. PFS Partners LLC increased its position in Organigram Global by 31.6% in the 3rd quarter. PFS Partners LLC now owns 25,000 shares of the company’s stock worth $51,000 after buying an additional 6,000 shares during the period. Bank of America Corp DE lifted its holdings in shares of Organigram Global by 1,678.1% during the third quarter. Bank of America Corp DE now owns 37,357 shares of the company’s stock worth $76,000 after buying an additional 35,256 shares during the last quarter. Vontobel Holding Ltd. boosted its position in shares of Organigram Global by 140.5% in the second quarter. Vontobel Holding Ltd. now owns 69,753 shares of the company’s stock valued at $94,000 after acquiring an additional 40,753 shares during the period. Finally, Baader Bank Aktiengesellschaft grew its stake in shares of Organigram Global by 5.3% in the third quarter. Baader Bank Aktiengesellschaft now owns 263,915 shares of the company’s stock worth $519,000 after acquiring an additional 13,271 shares during the last quarter. 34.63% of the stock is currently owned by institutional investors.

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.