Organigram (NASDAQ:OGI) Trading Down 1.3% – Should You Sell?

Organigram Holdings Inc. (NASDAQ:OGI)’s share price traded down 1.3% on Friday . The stock traded as low as $1.53 and last traded at $1.55. 250,374 shares were traded during mid-day trading, a decline of 53% from the average session volume of 534,901 shares. The stock had previously closed at $1.57.

Organigram Stock Down 1.3 %

The business has a fifty day moving average of $1.55 and a two-hundred day moving average of $1.68.

Organigram (NASDAQ:OGI) last announced its earnings results on Wednesday, December 18th. The company reported ($0.04) earnings per share for the quarter, missing the consensus estimate of ($0.03) by ($0.01). Organigram had a negative return on equity of 11.68% and a negative net margin of 28.58%. Analysts forecast that Organigram Holdings Inc. will post -0.09 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Organigram

Hedge funds have recently made changes to their positions in the company. Renaissance Technologies LLC raised its stake in Organigram by 40.8% in the 2nd quarter. Renaissance Technologies LLC now owns 816,948 shares of the company’s stock valued at $1,258,000 after purchasing an additional 236,700 shares during the last quarter. Toronto Dominion Bank grew its holdings in shares of Organigram by 803.7% during the third quarter. Toronto Dominion Bank now owns 16,727 shares of the company’s stock worth $30,000 after buying an additional 14,876 shares in the last quarter. Tidal Investments LLC raised its position in shares of Organigram by 8.3% in the third quarter. Tidal Investments LLC now owns 1,948,188 shares of the company’s stock valued at $3,526,000 after buying an additional 149,171 shares during the last quarter. Finally, Clear Harbor Asset Management LLC lifted its stake in shares of Organigram by 37.4% in the fourth quarter. Clear Harbor Asset Management LLC now owns 45,000 shares of the company’s stock worth $72,000 after buying an additional 12,250 shares in the last quarter. Institutional investors and hedge funds own 34.63% of the company’s stock.

About Organigram

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.