$23.67 Million in Sales Expected for OrganiGram Holdings Inc (NASDAQ:OGI) This Quarter
Posted by Brian Wu on Oct 26th, 2019
Wall Street analysts predict that OrganiGram Holdings Inc (NASDAQ:OGI) will post sales of $23.67 million for the current fiscal quarter, Zacks Investment Research reports. Six analysts have made estimates for OrganiGram’s earnings, with the highest sales estimate coming in at $30.11 million and the lowest estimate coming in at $19.83 million. The firm is scheduled to announce its next quarterly earnings report before the market opens on Monday, October 28th.
According to Zacks, analysts expect that OrganiGram will report full year sales of $71.19 million for the current year, with estimates ranging from $68.27 million to $79.54 million. For the next year, analysts expect that the firm will post sales of $153.21 million, with estimates ranging from $108.85 million to $171.73 million. Zacks’ sales averages are an average based on a survey of sell-side research firms that follow OrganiGram.
Several equities research analysts have recently commented on the stock. Oppenheimer assumed coverage on shares of OrganiGram in a research note on Thursday, September 5th. They issued a “market perform” rating on the stock. CIBC assumed coverage on shares of OrganiGram in a research note on Tuesday, September 24th. They issued an “outperformer” rating and a $9.00 target price on the stock. Zacks Investment Research upgraded shares of OrganiGram from a “hold” rating to a “buy” rating and set a $4.00 target price on the stock in a research note on Thursday, October 17th. Jefferies Financial Group upgraded shares of OrganiGram from a “hold” rating to a “buy” rating and set a $8.20 target price on the stock in a research note on Friday, October 11th. Finally, Paradigm Capital set a $8.50 target price on shares of OrganiGram and gave the company a “buy” rating in a research note on Thursday, October 17th. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. OrganiGram currently has a consensus rating of “Buy” and an average price target of $8.34.
Shares of NASDAQ:OGI traded up $0.21 during trading on Monday, reaching $3.77. The stock had a trading volume of 1,782,900 shares, compared to its average volume of 1,994,024. OrganiGram has a 52 week low of $2.71 and a 52 week high of $8.44. The firm’s fifty day moving average is $3.84.
A number of large investors have recently made changes to their positions in the business. ETF Managers Group LLC bought a new stake in OrganiGram during the 2nd quarter worth about $44,872,000. Polar Asset Management Partners Inc. bought a new stake in OrganiGram during the 2nd quarter worth about $10,144,000. JW Asset Management LLC bought a new stake in OrganiGram during the 2nd quarter worth about $7,311,000. Ardsley Advisory Partners LP bought a new stake in OrganiGram during the 2nd quarter worth about $6,437,000. Finally, Hillsdale Investment Management Inc. bought a new stake in OrganiGram during the 2nd quarter worth about $6,095,000. 13.76% of the stock is owned by hedge funds and other institutional investors.
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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