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Data from the Hyfire retail platform suggests OrganiGram Holdings Inc.’s (NASDAQ:OGI) sales trends improved during the fiscal fourth quarter, with a significant acceleration last month.
The OrganiGram Analyst: Cantor Fitzgerald's Pablo Zuanic maintained an overweight rating for OrganiGram, while raising the price target from C$5.00 to C$5.35.
The OrganiGram Thesis: The Hyfire data implies the company’s recreational sales grew 12% sequentially in the August quarter, after a 7% decline in the May quarter, Zuanic said in the note.
“In terms of monthly trends, the same data shows sales accelerated in Aug to ~30% MoM growth compared with low single-digits growth in Jun/Jul,” he wrote.
The analyst further noted, “If we compare Aug sales with May, we see total OGI sales were up nearly 40%, with flower +70% and pre-rolls +100%, but in that same period sales for both vapes and edibles fell 33% and oil sales fell 15%. So, by Aug the sales mix was 56% flower, 25% pre-roll, 13% vape, 3% edibles, and 3% oil.”
He raised the earnings estimates for fiscal 2020 and 2021 from C$88.9 to C$91.2E per share and from C$108.9 to C$119.8 per share, respectively.
OGI Price Action: Shares of OrganiGram had risen by 3.26% to $1.11 at the time of publication Wednesday.
Courtesy image
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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