Organigram Global (NASDAQ:OGI) Shares Down 3.5% – Time to Sell?

Organigram Global Inc. (NASDAQ:OGI)’s share price dropped 3.5% on Tuesday . The company traded as low as $1.09 and last traded at $1.09. Approximately 479,154 shares traded hands during trading, a decline of 38% from the average daily volume of 770,314 shares. The stock had previously closed at $1.13.

Wall Street Analysts Forecast Growth

OGI has been the subject of a number of research analyst reports. Wall Street Zen lowered Organigram Global from a “hold” rating to a “sell” rating in a research report on Saturday, May 9th. ATB Cormark Capital Markets lowered Organigram Global from a “strong-buy” rating to a “moderate buy” rating in a research report on Wednesday, February 11th. Two investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold”.

Organigram Global Stock Down 3.5%

The firm has a market cap of $153.44 million, a P/E ratio of -8.38 and a beta of 1.43. The company’s 50 day simple moving average is $1.31 and its 200-day simple moving average is $1.48.

Organigram Global (NASDAQ:OGI) last announced its quarterly earnings data on Tuesday, May 12th. The company reported ($0.01) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.01). Organigram Global had a negative return on equity of 13.41% and a negative net margin of 9.22%.The company had revenue of $42.99 million for the quarter, compared to analysts’ expectations of $50.56 million. Equities research analysts predict that Organigram Global Inc. will post 0.09 EPS for the current year.

Institutional Investors Weigh In On Organigram Global

Hedge funds have recently modified their holdings of the business. Lazard Asset Management LLC increased its holdings in Organigram Global by 108.3% during the first quarter. Lazard Asset Management LLC now owns 346,796 shares of the company’s stock valued at $465,000 after buying an additional 180,327 shares during the period. Renaissance Technologies LLC increased its holdings in shares of Organigram Global by 16.7% in the 1st quarter. Renaissance Technologies LLC now owns 1,640,048 shares of the company’s stock valued at $2,198,000 after acquiring an additional 234,700 shares during the period. Formidable Asset Management LLC increased its holdings in shares of Organigram Global by 8.7% in the 1st quarter. Formidable Asset Management LLC now owns 156,749 shares of the company’s stock valued at $210,000 after acquiring an additional 12,600 shares during the period. Virtu Financial LLC bought a new position in shares of Organigram Global in the 4th quarter worth $188,000. Finally, Millennium Management LLC purchased a new stake in shares of Organigram Global during the 4th quarter worth $1,260,000. Hedge funds and other institutional investors own 34.63% of the company’s stock.

Organigram Global Company Profile

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.