OrganiGram Holdings Inc (NASDAQ:OGI) shares shot up 5.2% during mid-day trading on Tuesday . The stock traded as high as $2.87 and last traded at $2.83, 3,087,292 shares were traded during mid-day trading. An increase of 133% from the average session volume of 1,324,313 shares. The stock had previously closed at $2.69.

Several brokerages have commented on OGI. BMO Capital Markets downgraded shares of OrganiGram from an “outperform” rating to a “market perform” rating in a report on Tuesday, November 12th. CIBC began coverage on shares of OrganiGram in a report on Tuesday, September 24th. They issued an “outperformer” rating and a $9.00 price target for the company. Paradigm Capital set a $8.50 price target on shares of OrganiGram and gave the company a “buy” rating in a report on Thursday, October 17th. Oppenheimer initiated coverage on shares of OrganiGram in a research report on Thursday, September 5th. They set a “market perform” rating for the company. Finally, Beacon Securities lowered shares of OrganiGram from a “buy” rating to a “hold” rating in a report on Monday, November 25th. Five research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $9.80.

The company has a debt-to-equity ratio of 0.14, a current ratio of 4.47 and a quick ratio of 1.88. The stock has a market cap of $441.99 million and a price-to-earnings ratio of 20.21. The firm has a fifty day moving average price of $3.11.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. TRUE Private Wealth Advisors acquired a new position in OrganiGram during the 2nd quarter worth approximately $25,000. Sfmg LLC lifted its position in shares of OrganiGram by 17.4% in the third quarter. Sfmg LLC now owns 28,044 shares of the company’s stock worth $96,000 after purchasing an additional 4,159 shares in the last quarter. Traynor Capital Management Inc. boosted its holdings in OrganiGram by 19.2% during the third quarter. Traynor Capital Management Inc. now owns 31,055 shares of the company’s stock worth $106,000 after purchasing an additional 5,000 shares during the last quarter. Executive Wealth Management LLC acquired a new position in OrganiGram during the second quarter worth $39,000. Finally, Tower Research Capital LLC TRC acquired a new position in OrganiGram during the second quarter worth $45,000. Hedge funds and other institutional investors own 11.76% of the company’s stock.

About OrganiGram (NASDAQ:OGI)

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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