OrganiGram Holdings Inc (NASDAQ:OGI) was the recipient of a large growth in short interest during the month of October. As of October 31st, there was short interest totalling 4,280,000 shares, a growth of 46.1% from the September 30th total of 2,930,000 shares. Based on an average daily volume of 1,300,000 shares, the days-to-cover ratio is currently 3.3 days. Approximately 2.9% of the company’s shares are sold short.
Several equities analysts have weighed in on OGI shares. Jefferies Financial Group raised OrganiGram from a “hold” rating to a “buy” rating and set a $8.20 target price for the company in a research report on Friday, October 11th. CIBC started coverage on OrganiGram in a research report on Tuesday, September 24th. They issued an “outperformer” rating and a $9.00 target price for the company. Pi Financial set a $12.00 target price on OrganiGram and gave the company a “buy” rating in a research report on Monday, July 15th. Zacks Investment Research raised OrganiGram from a “hold” rating to a “buy” rating and set a $4.00 target price for the company in a research report on Thursday, October 17th. Finally, Raymond James began coverage on OrganiGram in a research report on Wednesday, September 18th. They issued a “buy” rating for the company. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $9.80.
NASDAQ OGI traded down $0.27 on Monday, reaching $3.39. The stock had a trading volume of 3,035,732 shares, compared to its average volume of 1,108,176. The company has a current ratio of 9.05, a quick ratio of 4.61 and a debt-to-equity ratio of 0.14. OrganiGram has a 12-month low of $2.71 and a 12-month high of $8.44. The company’s 50-day moving average is $3.52.
OrganiGram Company Profile
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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