OrganiGram (NASDAQ:OGI) Upgraded to “Buy” by Zacks Investment Research

Zacks Investment Research upgraded shares of OrganiGram (NASDAQ:OGI) from a hold rating to a buy rating in a report released on Thursday, Zacks.com reports. Zacks Investment Research currently has $4.00 price target on the stock.

According to Zacks, “Organigram Holdings Inc. is a licensed producer of cannabis and cannabis-derived products primarily in Canada, through a wholly owned subsidiary. Organigram Holdings Inc. is based in Moncton, Canada. “

A number of other equities research analysts have also weighed in on OGI. Jefferies Financial Group upgraded shares of OrganiGram from a hold rating to a buy rating and set a $8.20 price objective for the company in a report on Friday, October 11th. CIBC initiated coverage on shares of OrganiGram in a report on Tuesday, September 24th. They set an outperformer rating and a $9.00 price objective for the company. Raymond James initiated coverage on shares of OrganiGram in a report on Wednesday, September 18th. They set a buy rating for the company. Oppenheimer initiated coverage on shares of OrganiGram in a report on Thursday, September 5th. They set 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. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. The company currently has a consensus rating of Buy and a consensus price target of $8.34.

Shares of OGI opened at $3.60 on Thursday. OrganiGram has a 1-year low of $2.71 and a 1-year high of $8.44. The firm’s 50-day moving average is $3.93.

A number of hedge funds and other institutional investors have recently bought and sold shares of OGI. Davis Rea LTD. purchased a new position in OrganiGram during the 2nd quarter valued at about $73,000. Ingalls & Snyder LLC purchased a new position in shares of OrganiGram in the 2nd quarter worth approximately $113,000. Rothschild Investment Corp IL purchased a new position in shares of OrganiGram in the 2nd quarter worth approximately $175,000. Exane Derivatives purchased a new position in shares of OrganiGram in the 2nd quarter worth approximately $258,000. Finally, Truvestments Capital LLC purchased a new position in shares of OrganiGram in the 2nd quarter worth approximately $29,000. 13.76% of the stock is currently owned by institutional investors and hedge funds.

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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Analyst Recommendations for OrganiGram (NASDAQ:OGI)

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