Analysts Set $9.24 Target Price for OrganiGram Holdings Inc (NASDAQ:OGI)

Shares of OrganiGram Holdings Inc (NASDAQ:OGI) have earned an average broker rating score of 1.57 (Buy) from the seven analysts that cover the stock, Zacks Investment Research reports. One equities research analyst has rated the stock with a hold recommendation, two have issued a buy recommendation and four have given a strong buy recommendation to the company.

Brokerages have set a twelve-month consensus target price of $9.24 for the company and are anticipating that the company will post $0.02 EPS for the current quarter, according to Zacks. Zacks has also assigned OrganiGram an industry rank of 67 out of 256 based on the ratings given to related companies.

Several research firms have recently commented on OGI. Paradigm Capital started coverage on OrganiGram in a report on Wednesday, April 17th. They set a “buy” rating for the company. Pi Financial set a $12.00 price target on shares of OrganiGram and gave the stock a “buy” rating in a research report on Monday, July 15th. Zacks Investment Research raised shares of OrganiGram from a “sell” rating to a “hold” rating in a research report on Tuesday, July 30th. Finally, Jefferies Financial Group cut shares of OrganiGram from a “buy” rating to a “hold” rating in a research report on Friday, May 3rd.

A number of hedge funds have recently modified their holdings of OGI. JW Asset Management LLC bought a new position in OrganiGram during the 2nd quarter valued at $7,311,000. Hillsdale Investment Management Inc. bought a new stake in OrganiGram during the 2nd quarter worth about $6,095,000. Allianz Asset Management GmbH bought a new stake in OrganiGram during the 2nd quarter worth about $4,944,000. Ancora Advisors LLC bought a new stake in OrganiGram during the 2nd quarter worth about $2,326,000. Finally, Commonwealth Equity Services LLC bought a new stake in OrganiGram during the 2nd quarter worth about $569,000. 0.24% of the stock is owned by hedge funds and other institutional investors.

Shares of NASDAQ:OGI traded down $0.19 on Monday, reaching $5.47. 627,658 shares of the company traded hands, compared to its average volume of 957,622. OrganiGram has a fifty-two week low of $2.97 and a fifty-two week high of $8.44. The firm has a 50 day simple moving average of $6.14.

OrganiGram (NASDAQ:OGI) last announced its quarterly earnings data on Monday, July 15th. The company reported ($0.07) EPS for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.09). The firm had revenue of $30.36 million during the quarter, compared to the consensus estimate of $30.81 million. OrganiGram’s quarterly revenue was up 782.6% on a year-over-year basis. As a group, research analysts expect that OrganiGram will post 0.06 earnings per share for the current fiscal year.

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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