Organigram Holdings Inc. (NASDAQ:OGI) Sees Significant Increase in Short Interest

Organigram Holdings Inc. (NASDAQ:OGI) was the target of a large increase in short interest during the month of February. As of February 15th, there was short interest totalling 4,300,000 shares, an increase of 58.1% from the January 31st total of 2,720,000 shares. Based on an average daily volume of 911,500 shares, the days-to-cover ratio is presently 4.7 days. Approximately 4.8% of the shares of the company are sold short.

Organigram Price Performance

Organigram stock traded up $0.03 during trading hours on Tuesday, hitting $1.10. 1,286,974 shares of the stock traded hands, compared to its average volume of 992,157. The firm’s 50 day moving average price is $1.49 and its 200-day moving average price is $1.63. The stock has a market capitalization of $138.84 million, a price-to-earnings ratio of -2.89 and a beta of 1.00. Organigram has a 1 year low of $1.02 and a 1 year high of $2.91.

Organigram (NASDAQ:OGI) last issued its earnings results on Tuesday, February 11th. The company reported ($0.05) EPS for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.02). Organigram had a negative return on equity of 8.59% and a negative net margin of 31.69%. Research analysts forecast that Organigram will post -0.19 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Organigram

A number of hedge funds have recently made changes to their positions in OGI. Two Sigma Securities LLC acquired a new position in shares of Organigram during the fourth quarter valued at approximately $26,000. Toronto Dominion Bank increased its holdings in shares of Organigram by 803.7% in the third quarter. Toronto Dominion Bank now owns 16,727 shares of the company’s stock valued at $30,000 after purchasing an additional 14,876 shares during the last quarter. Oxford Asset Management LLP acquired a new stake in shares of Organigram in the fourth quarter valued at approximately $50,000. Clear Harbor Asset Management LLC increased its holdings 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 valued at $72,000 after purchasing an additional 12,250 shares during the last quarter. Finally, Cubist Systematic Strategies LLC increased its holdings in shares of Organigram by 210.7% in the fourth quarter. Cubist Systematic Strategies LLC now owns 45,095 shares of the company’s stock valued at $73,000 after purchasing an additional 30,583 shares during the last quarter. Institutional investors and hedge funds 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.