OrganiGram Holdings Inc.: Why Investors Shouldn’t Get Rid Of OGI Stock In 2024

In the last trading session, 2.91 million shares of the OrganiGram Holdings Inc. (NASDAQ:OGI) were traded, and its beta was 1.06. Most recently the company’s share price was $2.04, and it changed around -$0.02 or -0.97% from the last close, which brings the market valuation of the company to $191.96M. OGI currently trades at a discount to its 52-week high of $2.92, offering almost -43.14% off that amount. The share price’s 52-week low was $0.97, which indicates that the current value has risen by an impressive 52.45% since then. We note from OrganiGram Holdings Inc.’s average daily trading volume that its 10-day average is 2.72 million shares, with the 3-month average coming to 1.23 million.

OrganiGram Holdings Inc. (NASDAQ:OGI) trade information

Instantly OGI has showed a red trend with a performance of -0.97% at the end of last trading. The performance over the last five days has remained in the red territory. The company’s shares are currently up 55.73% year-to-date, but still down -19.05% over the last five days. On the other hand, OrganiGram Holdings Inc. (NASDAQ:OGI) is -5.56% down in the 30-day period. We can see from the shorts that 3.56 million shares have been sold at a short interest cover period of 4.74 day(s).

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OrganiGram Holdings Inc. (OGI) estimates and forecasts

Moreover, analysts have decided to roll up on their fiscal year 2024 revenue estimates. The rating firms predict that it will loss -280.00% in revenue this quarter, and will report a decrease of -14.30% in the next quarter.

Consensus estimates provided by 3 financial analysts predict the company will bring in an average of $120.29 million in revenue for the current quarter. 3 analysts expect OrganiGram Holdings Inc. to make $120.29 million in revenue for the quarter ending Feb 2024.

OGI Dividends

OrganiGram Holdings Inc.’s next quarterly earnings report is expected to be released around April 09 and April 15.

OrganiGram Holdings Inc. (NASDAQ:OGI)’s Major holders

Upon looking at major shareholders, it appears that insiders hold 34.74% of OrganiGram Holdings Inc. shares, and 11.20% of them are in the hands of institutional investors. The stock currently has a share float of 17.17%. OrganiGram Holdings Inc. stock is held by 97 institutions, with ETF Managers Group, LLC being the largest institutional investor. By Mar 30, 2023, it held 2.28% of the shares, which is about 1.84 million shares worth $4.71 million.

Mirae Asset Global Investments Co., Ltd., with 0.99% or 0.8 million shares worth $1.24 million as of Jun 29, 2023, holds the second largest percentage of outstanding shares.

ETF Managers Tr-EFTMG Alternative Harvest ETF and Global X Fds-The Global X Cannabis ETF were the top two Mutual Funds as of Jun 29, 2023. The former held 2.02 million shares worth $3.15 million, making up 2.51% of all outstanding shares. On the other hand, Global X Fds-The Global X Cannabis ETF held roughly 1.12 million shares worth around $1.47 million, which represents about 1.39% of the total shares outstanding.