OrganiGram (NASDAQ:OGI) Trading Up 10.7%

Shares of OrganiGram Holdings Inc (NASDAQ:OGI) were up 10.7% during trading on Thursday . The company traded as high as $4.80 and last traded at $4.77, approximately 1,308,102 shares were traded during mid-day trading. An increase of 36% from the average daily volume of 959,443 shares. The stock had previously closed at $4.31.

A number of research analysts have recently commented on OGI shares. Zacks Investment Research raised shares of OrganiGram from a “sell” rating to a “hold” rating in a report on Tuesday, July 30th. Oppenheimer started coverage on shares of OrganiGram in a report on Thursday. They issued a “market perform” rating for the company. Finally, Pi Financial set a $12.00 price objective on shares of OrganiGram and gave the company a “buy” rating in a report on Monday, July 15th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. OrganiGram has an average rating of “Hold” and a consensus price target of $12.00.

The business’s fifty day moving average is $5.32.

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

Hedge funds and other institutional investors have recently modified their holdings of the stock. TRUE Private Wealth Advisors bought a new position in OrganiGram during the 2nd quarter worth approximately $25,000. Truvestments Capital LLC bought a new position in OrganiGram during the 2nd quarter worth approximately $29,000. Executive Wealth Management LLC bought a new position in OrganiGram during the 2nd quarter worth approximately $39,000. Tower Research Capital LLC TRC bought a new position in OrganiGram during the 2nd quarter worth approximately $45,000. Finally, QCI Asset Management Inc. NY bought a new position in OrganiGram during the 2nd quarter worth approximately $56,000. Institutional investors and hedge funds own 7.26% of the company’s stock.

About OrganiGram (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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