OrganiGram Holdings Inc (NASDAQ:OGI) Short Interest Up 18.7% in January

OrganiGram Holdings Inc (NASDAQ:OGI) was the recipient of a significant increase in short interest during the month of January. As of January 31st, there was short interest totalling 11,490,000 shares, an increase of 18.7% from the January 15th total of 9,680,000 shares. Currently, 7.4% of the shares of the company are sold short. Based on an average daily trading volume, of 3,720,000 shares, the short-interest ratio is currently 3.1 days.

OGI has been the topic of several recent research reports. Zacks Investment Research raised shares of OrganiGram from a “sell” rating to a “hold” rating in a report on Tuesday, January 14th. Cantor Fitzgerald began coverage on shares of OrganiGram in a report on Tuesday, November 5th. They set an “overweight” rating and a $17.10 target price for the company. AltaCorp Capital downgraded shares of OrganiGram from an “outperform” rating to a “sector perform” rating in a research report on Tuesday, November 26th. Paradigm Capital set a $8.50 price target on shares of OrganiGram and gave the company a “buy” rating in a report on Thursday, October 17th. Finally, Bank of America started coverage on OrganiGram in a research report on Monday, January 13th. They set an “underperform” rating on the stock. One investment analyst has rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the company. OrganiGram presently has an average rating of “Hold” and a consensus price target of $9.80.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. AdvisorShares Investments LLC purchased a new position in OrganiGram during the fourth quarter worth approximately $1,889,000. Ancora Advisors LLC increased its position in shares of OrganiGram by 4.2% in the fourth quarter. Ancora Advisors LLC now owns 344,216 shares of the company’s stock valued at $843,000 after buying an additional 13,969 shares in the last quarter. Royal Bank of Canada acquired a new position in shares of OrganiGram during the 2nd quarter worth approximately $2,116,000. Swiss National Bank acquired a new position in shares of OrganiGram during the 4th quarter worth approximately $736,000. Finally, Virtu Financial LLC lifted its position in shares of OrganiGram by 1,304.0% during the 4th quarter. Virtu Financial LLC now owns 206,949 shares of the company’s stock valued at $507,000 after buying an additional 192,209 shares in the last quarter. 11.67% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NASDAQ OGI traded up $0.32 during midday trading on Friday, reaching $2.72. 9,177,963 shares of the stock were exchanged, compared to its average volume of 4,774,721. The firm has a market cap of $392.12 million and a price-to-earnings ratio of -13.60. OrganiGram has a twelve month low of $1.89 and a twelve month high of $8.44. The firm has a 50-day simple moving average of $2.52 and a two-hundred day simple moving average of $3.46. The company has a quick ratio of 1.36, a current ratio of 3.92 and a debt-to-equity ratio of 0.24.

OrganiGram (NASDAQ:OGI) last posted its earnings results on Tuesday, November 26th. The company reported ($0.05) earnings per share for the quarter. OrganiGram had a negative net margin of 42.78% and a negative return on equity of 6.13%. The firm had revenue of $12.29 million for the quarter, compared to analysts’ expectations of $12.20 million. Research analysts expect that OrganiGram will post 0.01 EPS for the current fiscal year.

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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