Raymond James Downgrades OrganiGram (NASDAQ:OGI) to Market Perform

OrganiGram (NASDAQ:OGI) was downgraded by Raymond James from an “outperform” rating to a “market perform” rating in a research note issued to investors on Monday, The Fly reports.

Other equities research analysts have also issued reports about the company. BidaskClub lowered OrganiGram from a “hold” rating to a “sell” rating in a research report on Thursday, June 25th. Oppenheimer initiated coverage on OrganiGram in a report on Tuesday, June 16th. They issued a “hold” rating on the stock. ValuEngine raised OrganiGram from a “hold” rating to a “buy” rating in a report on Wednesday, March 18th. CIBC downgraded OrganiGram from an “outperform” rating to a “neutral” rating and dropped their target price for the stock from $5.00 to $2.75 in a report on Wednesday, April 15th. Finally, Cantor Fitzgerald dropped their target price on OrganiGram from $5.80 to $5.60 and set an “overweight” rating on the stock in a report on Tuesday, April 14th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $5.82.

NASDAQ OGI opened at $1.56 on Monday. OrganiGram has a twelve month low of $1.09 and a twelve month high of $7.31. The firm has a market capitalization of $286.39 million and a PE ratio of -7.80. The stock’s 50 day moving average is $1.74 and its 200 day moving average is $2.04.

OrganiGram (NASDAQ:OGI) last released its quarterly earnings results on Tuesday, April 14th. The company reported ($0.02) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.01) by ($0.01). OrganiGram had a negative net margin of 45.14% and a negative return on equity of 5.33%. The firm had revenue of $27.30 million for the quarter, compared to the consensus estimate of $25.07 million. The business’s revenue was down 18.3% compared to the same quarter last year. On average, research analysts predict that OrganiGram will post -0.06 EPS for the current year.

Several hedge funds have recently bought and sold shares of the company. Royal Bank of Canada raised its stake in shares of OrganiGram by 15.4% in the first quarter. Royal Bank of Canada now owns 101,998 shares of the company’s stock worth $203,000 after purchasing an additional 13,574 shares during the last quarter. Advisor Group Holdings Inc. purchased a new stake in OrganiGram during the first quarter valued at $100,000. Jane Street Group LLC increased its position in OrganiGram by 659.8% during the first quarter. Jane Street Group LLC now owns 144,193 shares of the company’s stock valued at $292,000 after acquiring an additional 125,214 shares during the last quarter. Intact Investment Management Inc. purchased a new stake in OrganiGram during the first quarter valued at $1,630,000. Finally, ETF Managers Group LLC increased its position in OrganiGram by 22.5% during the first quarter. ETF Managers Group LLC now owns 11,632,162 shares of the company’s stock valued at $23,264,000 after acquiring an additional 2,140,107 shares during the last quarter. Hedge funds and other institutional investors own 11.50% of the company’s stock.

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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