Organigram Holdings Inc. (NASDAQ:OGI) Short Interest Update

Organigram Holdings Inc. (NASDAQ:OGI) was the target of a large decrease in short interest in the month of August. As of August 31st, there was short interest totalling 2,790,000 shares, a decrease of 19.6% from the August 15th total of 3,470,000 shares. Based on an average daily trading volume, of 622,200 shares, the days-to-cover ratio is currently 4.5 days. Approximately 3.8% of the shares of the stock are short sold.

Wall Street Analyst Weigh In

Separately, Canaccord Genuity Group initiated coverage on Organigram in a research report on Wednesday, July 17th. They set a “speculative buy” rating on the stock.

Organigram Stock Up 1.1 %

Shares of NASDAQ OGI opened at $1.86 on Monday. The firm has a market cap of $192.95 million, a price-to-earnings ratio of -1.98 and a beta of 1.02. The company’s 50-day simple moving average is $1.74 and its 200-day simple moving average is $1.83. Organigram has a 52-week low of $0.97 and a 52-week high of $2.91.

Organigram (NASDAQ:OGI) last issued its quarterly earnings results on Tuesday, August 13th. The company reported $0.02 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.07. Organigram had a negative net margin of 45.57% and a negative return on equity of 16.76%. The firm had revenue of $30.01 million for the quarter, compared to analyst estimates of $28.67 million. Equities research analysts anticipate that Organigram will post -0.21 EPS for the current fiscal year.

Institutional Trading of Organigram

A number of institutional investors have recently made changes to their positions in OGI. Clear Harbor Asset Management LLC purchased a new position in shares of Organigram in the second quarter worth about $51,000. Canton Hathaway LLC raised its holdings in Organigram by 115.8% in the 2nd quarter. Canton Hathaway LLC now owns 41,000 shares of the company’s stock valued at $63,000 after acquiring an additional 22,000 shares during the last quarter. Virtu Financial LLC purchased a new position in Organigram in the 1st quarter worth approximately $340,000. Baader Bank Aktiengesellschaft boosted its holdings in shares of Organigram by 26.4% during the 2nd quarter. Baader Bank Aktiengesellschaft now owns 252,852 shares of the company’s stock worth $388,000 after purchasing an additional 52,852 shares during the last quarter. Finally, AXS Investments LLC grew its position in shares of Organigram by 26.1% in the fourth quarter. AXS Investments LLC now owns 483,586 shares of the company’s stock valued at $633,000 after purchasing an additional 100,140 shares in the last quarter. 34.63% of the stock is owned by institutional investors and hedge funds.

Organigram Company Profile

Organigram Holdings Inc, through its subsidiaries, engages in the production and sale of cannabis and cannabis-derived products in Canada. It offers medical cannabis products, including whole flower, milled flower, pre-rolls, infused pre-rolls, vapes, gummies, and concentrates for medical retailers; adult use recreational cannabis under the SHRED, Holy Mountain, Big Bag O' Buds, Monjour, Trailblazer, SHRED'ems, Edison Cannabis Co, Edison JOLTS, Tremblant, and Laurentian brands.