Organigram Holdings (NASDAQ:OGI) Stock Makes a Big Move: Here is Why
In recent times, many cannabis companies seem to have made a comeback in the markets and on Tuesday, it was Organigram Holdings (NASDAQ:OGI) which managed to come into sharp focus among investors.
Market Stats
On Tuesday, OGI stock surged 9.14% at $2.03 with more than 14.30 million shares, compared to its average volume of 6.69 million shares. The stock has moved within a range of $1.9400 – 2.1400 after opening trading at $1.94.
Major Trigger
Yesterday, the Organigram stock was in sharp focus after the announcement of its financial results for the fourth fiscal quarter and it seems investors liked what they saw. Consequently, the stock ended the day with gains of as much as 9%. In this situation, it may be a good idea to take a bit of a closer look into the company’s fourth quarter results that ended on August 31, 2021.
The company managed to show improvement in key metrics on a sequential basis and on top of that, Organigram also managed to have a market share of as much as 7% in recreational cannabis during the quarter.
More importantly, Organigram has projected that the trend is expected to continue and pointed out that in October, it had managed to grow its market share to as much as 7.9%. The gains in the market share are significant since it helped Organigram in growing its revenues by as much as 22% on a sequential basis. It might be a good time to add the stock to your watch lists.
Traders Corner
OGI stock is trading below the 20-Day and 50-Day Moving averages of $2.20 and $2.29 respectively. Moreover, the stock is trading below the 200-Day moving average of $2.77. The stock is down 13% in the past month.
