Organigram (NASDAQ:OGI) Stock Price Down 6.3%

Shares of Organigram Holdings Inc. (NASDAQ:OGI) were down 6.3% during mid-day trading on Friday . The stock traded as low as $2.14 and last traded at $2.15. Approximately 3,351,130 shares were traded during trading, an increase of 132% from the average daily volume of 1,445,739 shares. The stock had previously closed at $2.30.

Organigram Price Performance

The company has a 50 day simple moving average of $2.04 and a 200-day simple moving average of $1.58. The stock has a market cap of $202.75 million, a P/E ratio of -2.69 and a beta of 1.09.

Organigram (NASDAQ:OGI) last issued its quarterly earnings results on Tuesday, February 13th. The company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.10) by ($0.04). Organigram had a negative return on equity of 30.94% and a negative net margin of 173.48%. The firm had revenue of $26.78 million for the quarter, compared to the consensus estimate of $28.61 million. As a group, research analysts expect that Organigram Holdings Inc. will post -0.26 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Organigram by 20.4% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,189,709 shares of the company’s stock worth $1,205,000 after buying an additional 540,407 shares during the period. Royal Bank of Canada increased its holdings in Organigram by 27.4% during the 2nd quarter. Royal Bank of Canada now owns 231,485 shares of the company’s stock valued at $90,000 after purchasing an additional 49,755 shares during the period. Cibc World Market Inc. purchased a new position in Organigram during the 1st quarter valued at about $82,000. Two Sigma Securities LLC increased its holdings in Organigram by 330.8% during the 2nd quarter. Two Sigma Securities LLC now owns 172,942 shares of the company’s stock valued at $67,000 after purchasing an additional 132,799 shares during the period. Finally, Virtu Financial LLC purchased a new position in Organigram during the 2nd quarter valued at about $54,000. Hedge funds and other institutional investors own 34.63% of the company’s stock.

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.