OrganiGram (NASDAQ:OGI) Shares Gap Down to $3.15

OrganiGram Holdings Inc (NASDAQ:OGI) shares gapped down before the market opened on Thursday . The stock had previously closed at $3.22, but opened at $3.15. OrganiGram shares last traded at $2.72, with a volume of 3,270,712 shares traded.

Several analysts have recently issued reports on the company. CIBC assumed coverage on OrganiGram in a report on Tuesday, September 24th. They set an “outperformer” rating and a $9.00 target price on the stock. Pi Financial set a $12.00 target price on OrganiGram and gave the stock a “buy” rating in a report on Monday, July 15th. Raymond James assumed coverage on OrganiGram in a report on Wednesday, September 18th. They set a “buy” rating on the stock. Oppenheimer assumed coverage on OrganiGram in a report on Thursday, September 5th. They set a “market perform” rating on the stock. Finally, Jefferies Financial Group raised OrganiGram from a “hold” rating to a “buy” rating in a report on Friday. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company. OrganiGram currently has an average rating of “Buy” and a consensus target price of $10.50.

The firm has a fifty day simple moving average of $4.09.

OrganiGram (NASDAQ:OGI) last released its earnings results on Monday, July 15th. The company reported ($0.07) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.02 by ($0.09). The firm had revenue of $30.36 million during the quarter, compared to the consensus estimate of $30.81 million. The company’s revenue for the quarter was up 782.6% compared to the same quarter last year. On average, equities research analysts expect that OrganiGram Holdings Inc will post 0.06 EPS for the current fiscal year.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. TRUE Private Wealth Advisors acquired a new stake in shares of OrganiGram during the 2nd quarter worth $25,000. Truvestments Capital LLC acquired a new stake in OrganiGram in the second quarter valued at about $29,000. Executive Wealth Management LLC acquired a new stake in OrganiGram in the second quarter valued at about $39,000. Tower Research Capital LLC TRC acquired a new stake in OrganiGram in the second quarter valued at about $45,000. Finally, QCI Asset Management Inc. NY acquired a new stake in OrganiGram in the second quarter valued at about $56,000. 13.74% of the stock is currently owned by institutional investors.

OrganiGram Company Profile (NASDAQ:OGI)

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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