Raymond James Downgrades OrganiGram (NASDAQ:OGI) to Market Perform

Raymond James lowered shares of OrganiGram (NASDAQ:OGI) from an outperform rating to a market perform rating in a report issued on Monday, The Fly reports.

Several other research analysts also recently commented on OGI. BidaskClub downgraded OrganiGram from a hold rating to a sell rating in a research note on Thursday, June 25th. Bank of America raised OrganiGram to a hold rating and set a $1.72 price objective for the company in a research note on Thursday, March 19th. Zacks Investment Research downgraded OrganiGram from a hold rating to a sell rating in a research note on Wednesday, June 17th. Cantor Fitzgerald dropped their target price on OrganiGram from $5.80 to $5.60 and set an overweight rating for the company in a report on Tuesday, April 14th. Finally, Oppenheimer assumed coverage on OrganiGram in a report on Tuesday, June 16th. They issued a hold rating for the company. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and six have issued a buy rating to the company’s stock. OrganiGram currently has a consensus rating of Hold and a consensus price target of $5.82.

Shares of OGI stock opened at $1.62 on Monday. The company has a market cap of $280.24 million, a price-to-earnings ratio of -8.10 and a beta of -0.02. The stock has a 50 day simple moving average of $1.75 and a 200-day simple moving average of $2.03. OrganiGram has a 1-year low of $1.09 and a 1-year high of $7.31.

OrganiGram (NASDAQ:OGI) last announced its earnings results on Tuesday, April 14th. The company reported ($0.02) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.01) by ($0.01). The business had revenue of $27.30 million for the quarter, compared to analyst estimates of $25.07 million. OrganiGram had a negative return on equity of 5.33% and a negative net margin of 45.14%. The firm’s revenue for the quarter was down 18.3% on a year-over-year basis. On average, research analysts forecast that OrganiGram will post -0.06 EPS for the current year.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Royal Bank of Canada raised its position in OrganiGram by 15.4% in the 1st quarter. Royal Bank of Canada now owns 101,998 shares of the company’s stock valued at $203,000 after purchasing an additional 13,574 shares in the last quarter. Advisor Group Holdings Inc. acquired a new stake in OrganiGram in the 1st quarter valued at about $100,000. Jane Street Group LLC raised its position in OrganiGram by 659.8% in the 1st quarter. Jane Street Group LLC now owns 144,193 shares of the company’s stock valued at $292,000 after purchasing an additional 125,214 shares in the last quarter. Intact Investment Management Inc. acquired a new stake in OrganiGram in the 1st quarter valued at about $1,630,000. Finally, ETF Managers Group LLC raised its position in OrganiGram by 22.5% in the 1st quarter. ETF Managers Group LLC now owns 11,632,162 shares of the company’s stock valued at $23,264,000 after purchasing an additional 2,140,107 shares in the last quarter. 11.50% of the stock is currently owned by hedge funds and other institutional investors.

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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Analyst Recommendations for OrganiGram (NASDAQ:OGI)

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