Wall Street Zen Downgrades Organigram Global (NASDAQ:OGI) to Sell

Organigram Global (NASDAQ:OGI) was downgraded by research analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a note issued to investors on Saturday.

Several other research analysts also recently issued reports on the company. Canaccord Genuity Group began coverage on Organigram Global in a report on Tuesday. They set a “buy” rating on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Organigram Global in a research report on Monday, December 29th. One research analyst has rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold”.

Organigram Global Stock Performance

Shares of NASDAQ:OGI opened at $1.50 on Friday. The company’s fifty day moving average is $1.70 and its 200-day moving average is $1.66. Organigram Global has a 52 week low of $0.85 and a 52 week high of $2.24. The company has a market capitalization of $202.70 million, a PE ratio of -13.64 and a beta of 1.52.

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

Institutional Investors Weigh In On Organigram Global

A number of hedge funds and other institutional investors have recently made changes to their positions in OGI. PFS Partners LLC lifted its position in Organigram Global by 31.6% during the third quarter. PFS Partners LLC now owns 25,000 shares of the company’s stock worth $51,000 after purchasing an additional 6,000 shares during the period. Cidel Asset Management Inc. raised its position 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 buying an additional 19,627 shares in the last quarter. Bank of America Corp DE lifted its holdings 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 worth $76,000 after acquiring an additional 35,256 shares during the period. Vontobel Holding Ltd. lifted its holdings in shares of 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. Finally, Baader Bank Aktiengesellschaft boosted its position in shares of Organigram Global by 5.3% during the 3rd quarter. Baader Bank Aktiengesellschaft now owns 263,915 shares of the company’s stock worth $519,000 after acquiring an additional 13,271 shares in the last quarter. 34.63% of the stock is currently owned by institutional investors and hedge funds.

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.