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

Organigram Global Inc. (NASDAQ:OGI) shares were down 3.5% during mid-day trading 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.

Analysts Set New Price Targets

A number of analysts have recently issued reports on OGI shares. Wall Street Zen downgraded Organigram Global from a “hold” rating to a “sell” rating in a research report on Saturday, May 9th. ATB Cormark Capital Markets downgraded Organigram Global from a “strong-buy” rating to a “moderate buy” rating in a research report on Wednesday, February 11th. Two equities 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.com, the stock currently has an average rating of “Hold”.

Organigram Global Trading Down 2.8%

The stock has a 50 day simple moving average of $1.30 and a 200 day simple moving average of $1.48. The firm has a market capitalization of $149.22 million, a PE ratio of -8.15 and a beta of 1.43.

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

Hedge Funds Weigh In On Organigram Global

Several hedge funds have recently made changes to their positions in OGI. Walleye Capital LLC purchased a new position in shares of Organigram Global during the fourth quarter valued at approximately $25,000. AXQ Capital LP purchased a new position in shares of Organigram Global during the fourth quarter valued at approximately $27,000. StoneX Group Inc. purchased a new position in shares of Organigram Global during the fourth quarter valued at approximately $30,000. HRT Financial LP purchased a new position in shares of Organigram Global during the fourth quarter valued at approximately $52,000. Finally, Bank of America Corp DE boosted its position 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 valued at $76,000 after purchasing an additional 35,256 shares in the last quarter. 34.63% of the stock is owned by hedge funds and other institutional investors.

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.