The stock of OrganiGram Holdings Inc. (NASDAQ:OGI) is now priced at $1.23 and the shares are -0.03 points down or -2.38% lower compared to its previous closing price of $1.26. The stock had 1.742 million contracts set over the past session. OGI shares’ daily volume is compared to its average trading volume at 4.615 million shares. However, it has a float of 194 million and although its performance was -4.65% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the OGI share price recently placing at $1.21 to $1.26. However, some brokerage firms have priced the stock below the average, including one that has called $1.3.
The shorts are running away from the OrganiGram Holdings Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the OGI shares have declined. Short interest in the stock represents just 7.74% of its float, but the volume has dropped by -201821. The volume of shorted shares dropped to 15.027 million from 15.229 million shares over the last two weeks. The average intraday trading volume has been 2.3 million shares, which means that days to cover moved to roughly 6.53232.
In the last trading session, OrganiGram Holdings Inc. (NASDAQ:OGI) dropped by -$0.06 over the week and lost -$0.07 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $5.18. The stock recorded its established 52-week high on 09/06/19.
Since 05/14/20, the stock has traded to a low of $1.09 at 12.84%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge.
Looking at current readings, OrganiGram Holdings Inc.’s two-week RSI is 36.19. This suggests that the stock is neutral at the moment and that OGI shares’ price movement remains stable. The stochastic readings are equally revealing at 10.01% meaning the OGI share price is currently in overbought territory.
The technical chart shows that the OGI stock will likely settle at between $1.2567 and $1.2833 per share. However, if the stock dips below $1.2067, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $1.1833.
Currently, the stock is trading in the red of MACD, with a reading of -0.02. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Maxim Group assigned OGI a rating of Buy in their intiating review released on July 07. Raymond James analysts upgraded their recommendation of the stock from Mkt Perform to Outperform in a flash note released to investors on January 15. BofA/Merrill analysts see the stock as Underperform when the analysts initiated the share price coverage on January 13.
The average rating for the OGI equity is 2 and is currently gathering a bullish momentum. Of 2 analysts tracking OrganiGram Holdings Inc. polled by Reuters, 1 rated OGI as a hold. The remaining 1 analysts were split evenly. However, the split wasn’t equal as a majority (1) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.