OrganiGram (NASDAQ:OGI) Lifted to Speculative Buy at Canaccord Genuity Group

Canaccord Genuity Group upgraded shares of OrganiGram (NASDAQ:OGI) from a hold rating to a speculative buy rating in a research note published on Wednesday morning, Price Targets.com reports. They currently have $3.25 price objective on the stock, up from their previous price objective of $3.00.

Several other brokerages have also recently weighed in on OGI. dropped their target price on OrganiGram from C$3.50 to C$3.00 and set a hold rating for the company in a report on Wednesday, November 24th. Cantor Fitzgerald dropped their price objective on OrganiGram from $5.70 to $5.30 and set an overweight rating for the company in a report on Wednesday. Zacks Investment Research raised OrganiGram from a sell rating to a hold rating in a research report on Thursday, November 4th. CIBC decreased their target price on OrganiGram from C$4.00 to C$3.50 and set a neutral rating for the company in a research report on Thursday, September 23rd. Finally, Alliance Global Partners reduced their price objective on OrganiGram from C$3.75 to C$3.00 and set a neutral rating for the company in a research report on Tuesday, November 23rd. They noted that the move was a valuation call. Seven investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Hold and a consensus price target of $3.62.

Shares of NASDAQ OGI opened at $1.64 on Wednesday. OrganiGram has a one year low of $1.58 and a one year high of $6.45. The business’s fifty day moving average price is $1.95 and its 200-day moving average price is $2.31.

OrganiGram (NASDAQ:OGI) last announced its earnings results on Tuesday, November 23rd. The company reported ($0.07) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.03). The business had revenue of $19.75 million during the quarter, compared to the consensus estimate of $19.13 million. OrganiGram had a negative return on equity of 18.09% and a negative net margin of 107.01%. As a group, research analysts expect that OrganiGram will post -0.09 EPS for the current fiscal year.

Hedge funds have recently modified their holdings of the company. Morgan Stanley increased its stake in OrganiGram by 61.5% during the second quarter. Morgan Stanley now owns 855,236 shares of the company’s stock worth $2,446,000 after acquiring an additional 325,737 shares during the last quarter. Bank of Montreal Can increased its stake in OrganiGram by 43.8% during the second quarter. Bank of Montreal Can now owns 820,392 shares of the company’s stock worth $2,642,000 after acquiring an additional 249,774 shares during the last quarter. Two Sigma Advisers LP increased its stake in OrganiGram by 88.2% during the third quarter. Two Sigma Advisers LP now owns 741,873 shares of the company’s stock worth $1,706,000 after acquiring an additional 347,673 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in OrganiGram by 1,713.9% during the third quarter. Dimensional Fund Advisors LP now owns 741,683 shares of the company’s stock worth $1,706,000 after acquiring an additional 700,795 shares during the last quarter. Finally, Public Sector Pension Investment Board increased its stake in OrganiGram by 3.1% during the third quarter. Public Sector Pension Investment Board now owns 640,415 shares of the company’s stock worth $1,476,000 after acquiring an additional 19,055 shares during the last quarter. 11.78% of the stock is currently owned by hedge funds and other institutional investors.

About OrganiGram

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Analyst Recommendations for OrganiGram (NASDAQ:OGI)

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