Organigram (NASDAQ:OGI) Lifted to Buy at Alliance Global Partners

Organigram (NASDAQ:OGIGet Free Report) was upgraded by analysts at Alliance Global Partners from a “neutral” rating to a “buy” rating in a report issued on Monday, MarketBeat Ratings reports.

Organigram Trading Up 2.1 %

NASDAQ:OGI opened at $1.98 on Monday. Organigram has a twelve month low of $0.97 and a twelve month high of $2.91. The company has a 50-day moving average of $2.11 and a 200-day moving average of $1.61. The firm has a market cap of $204.34 million, a price-to-earnings ratio of -2.54 and a beta of 1.09.

Organigram (NASDAQ:OGIGet Free Report) last announced its earnings results on Tuesday, February 13th. The company reported ($0.14) EPS for the quarter, missing the consensus estimate of ($0.10) by ($0.04). Organigram had a negative return on equity of 30.94% and a negative net margin of 173.48%. The firm had revenue of $26.78 million during the quarter, compared to analyst estimates of $28.61 million. On average, research analysts forecast that Organigram will post -0.26 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in OGI. LPL Financial LLC boosted its holdings in shares of Organigram by 54.8% during the fourth quarter. LPL Financial LLC now owns 45,531 shares of the company’s stock worth $36,000 after purchasing an additional 16,113 shares during the period. Marshall Wace LLP acquired a new stake in shares of Organigram during the third quarter worth approximately $38,000. Flow Traders U.S. LLC acquired a new stake in shares of Organigram during the first quarter worth approximately $48,000. ExodusPoint Capital Management LP acquired a new stake in shares of Organigram during the second quarter worth approximately $49,000. Finally, Canton Hathaway LLC acquired a new stake in shares of Organigram during the fourth quarter worth approximately $49,000. 34.63% of the stock is currently owned by institutional investors and hedge funds.

About Organigram

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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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