OrganiGram (NASDAQ:OGI) Downgraded by Zacks Investment Research


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Zacks Investment Research downgraded shares of OrganiGram (NASDAQ:OGI) from a hold rating to a strong sell rating in a research note released on Saturday, Zacks.com reports.

According to Zacks, “Organigram Holdings Inc. is a licensed producer of cannabis and cannabis-derived products primarily in Canada, through a wholly owned subsidiary. Organigram Holdings Inc. is based in Moncton, Canada. “

A number of other equities analysts have also weighed in on the company. Cantor Fitzgerald reissued an overweight rating and issued a $6.00 target price (up previously from $3.50) on shares of OrganiGram in a research report on Thursday, March 11th. They noted that the move was a valuation call. BMO Capital Markets raised OrganiGram from an underperform rating to a market perform rating and set a $4.00 target price for the company in a research report on Thursday, April 8th. Canaccord Genuity boosted their target price on OrganiGram from $2.00 to $3.50 and gave the stock a hold rating in a research report on Wednesday, April 14th. CIBC lowered shares of OrganiGram from a neutral rating to a sector underperform rating and reduced their price target for the company from $5.00 to $3.25 in a research report on Wednesday, April 14th. Finally, Stifel Nicolaus upped their price target on shares of OrganiGram from $4.00 to $6.00 and gave the company a hold rating in a research report on Thursday, April 15th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the company. The company currently has an average rating of Hold and a consensus target price of $4.41.

Shares of OrganiGram stock opened at $2.34 on Friday. OrganiGram has a 1 year low of $1.01 and a 1 year high of $6.45. The firm’s 50-day moving average is $3.34 and its 200 day moving average is $2.15. The company has a debt-to-equity ratio of 0.17, a current ratio of 2.66 and a quick ratio of 3.39. The stock has a market cap of $543.51 million, a price-to-earnings ratio of -3.44 and a beta of 0.30.

OrganiGram (NASDAQ:OGI) last issued its earnings results on Monday, April 12th. The company reported ($0.29) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.03) by ($0.26). OrganiGram had a negative return on equity of 10.00% and a negative net margin of 207.26%. On average, equities analysts expect that OrganiGram will post -0.11 EPS for the current fiscal year.

A number of institutional investors have recently added to or reduced their stakes in the stock. International Assets Investment Management LLC boosted its stake in OrganiGram by 1,266.7% in the 1st quarter. International Assets Investment Management LLC now owns 12,300 shares of the company’s stock worth $41,000 after purchasing an additional 11,400 shares during the period. Telemus Capital LLC bought a new position in shares of OrganiGram during the 1st quarter valued at approximately $44,000. Marathon Capital Management bought a new position in shares of OrganiGram during the 4th quarter valued at approximately $33,000. Paloma Partners Management Co bought a new position in shares of OrganiGram during the 3rd quarter valued at approximately $31,000. Finally, Laidlaw Wealth Management LLC bought a new position in shares of OrganiGram during the 4th quarter valued at approximately $40,000. 10.84% of the stock is owned by institutional investors.

OrganiGram Company Profile

Organigram Holdings Inc, through its subsidiaries, produces and sells cannabis and cannabis-derived products in Canada. It offers cannabis flowers, extracts, edibles and oils, beverages, and other cannabis products for adult recreational market under the Edison Reserve, Edison Cannabis Co, ANKR Organics, and Trailblazer brands; and medical cannabis products, including strains, cannabis oils, extracts, edibles, beverages, and vaporizers for the medical market.

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