OrganiGram (NASDAQ:OGI) Downgraded by Zacks Investment Research

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Zacks Investment Research cut shares of OrganiGram (NASDAQ:OGI) from a hold rating to a sell rating in a report released on Tuesday, 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. “

OGI has been the subject of several other research reports. Jefferies Financial Group lifted their target price on Monster Beverage from $65.00 to $70.00 and gave the stock a buy rating in a research report on Friday, May 3rd. Paradigm Capital initiated coverage on OrganiGram in a research report on Wednesday, April 17th. They issued a buy rating for the company. Finally, Pi Financial set a $12.00 price target on OrganiGram and gave the stock a buy rating in a report on Monday, July 15th.

NASDAQ OGI traded up $0.07 during mid-day trading on Tuesday, reaching $5.90. 11,138 shares of the company’s stock traded hands, compared to its average volume of 1,253,248. OrganiGram has a 1-year low of $2.97 and a 1-year high of $8.44. The firm’s fifty day simple moving average is $6.49.

OrganiGram (NASDAQ:OGI) last issued its quarterly earnings data on Monday, July 15th. The company reported ($0.07) earnings per share for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.09). The business had revenue of $30.36 million during the quarter, compared to analysts’ expectations of $30.81 million. The firm’s revenue for the quarter was up 782.6% on a year-over-year basis. As a group, equities analysts anticipate that OrganiGram will post 0.06 EPS for the current year.

Several hedge funds and other institutional investors have recently made changes to their positions in OGI. Exane Derivatives bought a new stake in OrganiGram during the 2nd quarter valued at $258,000. Davis Rea LTD. bought a new stake in OrganiGram during the 2nd quarter valued at $73,000. Creative Planning bought a new stake in OrganiGram during the 2nd quarter valued at $191,000. Commonwealth Equity Services LLC bought a new stake in shares of OrganiGram in the 2nd quarter worth $569,000. Finally, Garrison Asset Management LLC bought a new stake in shares of OrganiGram in the 2nd quarter worth $80,000. 0.13% of the stock is currently owned by institutional investors and hedge funds.

About OrganiGram

OrganiGram Holdings Inc, through its subsidiaries, produces and sells dried cannabis and cannabis oil in Canada. It also offers wholesale shipping of cannabis plant cuttings, dried flowers, blends, pre-rolls, and cannabis oils to retailers and wholesalers. The company also exports its products. It sells its products online, as well as through phone orders.

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