Organigram Global (NASDAQ:OGI) Shares Down 0.9% – Here’s What Happened

Shares of Organigram Global Inc. (NASDAQ:OGI) fell 0.9% during mid-day trading on Tuesday . The stock traded as low as $0.9510 and last traded at $0.9510. Approximately 288,267 shares were traded during mid-day trading, a decline of 49% from the average daily volume of 568,710 shares. The stock had previously closed at $0.96.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Wall Street Zen downgraded Organigram Global from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. Weiss Ratings reissued a “sell (d)” rating on shares of Organigram Global in a research note on Tuesday, June 9th. Two research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold”.

Organigram Global Stock Up 1.6%

The firm has a market capitalization of $135.13 million, a P/E ratio of -7.38 and a beta of 1.43. The company’s 50 day moving average is $1.20 and its 200-day moving average is $1.42.

Organigram Global (NASDAQ:OGI) last posted its quarterly earnings results on Tuesday, May 12th. The company reported ($0.01) earnings per share for the quarter, meeting the consensus estimate of ($0.01). The firm had revenue of $42.99 million during the quarter, compared to the consensus estimate of $50.56 million. Organigram Global had a negative net margin of 9.22% and a negative return on equity of 13.41%. On average, analysts predict that Organigram Global Inc. will post 0.09 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Walleye Capital LLC bought a new position in Organigram Global in the fourth quarter worth approximately $25,000. AXQ Capital LP bought a new stake in shares of Organigram Global during the fourth quarter valued at approximately $27,000. StoneX Group Inc. acquired a new position in shares of Organigram Global during the fourth quarter worth approximately $30,000. HRT Financial LP acquired a new position in shares of Organigram Global during the fourth quarter worth approximately $52,000. Finally, Bank of America Corp DE lifted its holdings in shares of Organigram Global by 1,678.1% in the 3rd quarter. Bank of America Corp DE now owns 37,357 shares of the company’s stock worth $76,000 after purchasing an additional 35,256 shares in the last quarter. 34.63% of the stock is owned by institutional investors and hedge funds.

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.