Cidel Asset Management Inc. Raises Stock Holdings in Organigram Global Inc. $OGI

Cidel Asset Management Inc. boosted its holdings in Organigram Global Inc. (NASDAQ:OGI) by 112.3% in the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 37,103 shares of the company’s stock after purchasing an additional 19,627 shares during the period. Cidel Asset Management Inc.’s holdings in Organigram Global were worth $50,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of OGI. Wealth Enhancement Advisory Services LLC purchased a new position in Organigram Global in the first quarter valued at about $30,000. Baader Bank Aktiengesellschaft purchased a new position in Organigram Global in the second quarter valued at about $338,000. Clear Harbor Asset Management LLC purchased a new position in Organigram Global in the second quarter valued at about $54,000. Finally, Vontobel Holding Ltd. boosted its holdings in Organigram Global by 140.5% in the second quarter. Vontobel Holding Ltd. now owns 69,753 shares of the company’s stock valued at $94,000 after purchasing an additional 40,753 shares during the last quarter. Hedge funds and other institutional investors own 34.63% of the company’s stock.

Wall Street Analysts Forecast Growth

OGI has been the topic of a number of research analyst reports. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Organigram Global in a report on Wednesday, October 8th. Wall Street Zen downgraded Organigram Global from a “hold” rating to a “sell” rating in a report on Saturday, August 16th. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the company has an average rating of “Sell”.

Organigram Global Stock Performance

Shares of NASDAQ OGI opened at $1.82 on Tuesday. The company has a market cap of $244.72 million, a price-to-earnings ratio of 36.41 and a beta of 1.48. Organigram Global Inc. has a 12-month low of $0.85 and a 12-month high of $2.08. The stock’s 50 day simple moving average is $1.74 and its 200 day simple moving average is $1.45.

Organigram Global (NASDAQ:OGI) last announced its quarterly earnings results on Wednesday, August 13th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.02). The company had revenue of $50.49 million during the quarter, compared to the consensus estimate of $68.04 million. Organigram Global had a negative return on equity of 8.19% and a net margin of 2.86%. As a group, equities analysts forecast that Organigram Global Inc. will post -0.19 earnings per share for the current fiscal year.

Organigram Global 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.