5 Hot Penny Stocks On the Rise

3. Organigram Holdings Inc. (NASDAQ:OGI)

Number of Hedge Fund Holders: 7

Share Price as of January 19: $0.9423

Organigram Holdings Inc. (NASDAQ:OGI) was incorporated in 2010 and is headquartered in Toronto, Canada. The company engages in the production and sale of cannabis and cannabis-derived products in Canada, including medical cannabis products, cannabis flowers, gummies, cannabis oils, vaporizers, cannabis edibles products, and concentrates. It is one of the top penny stocks to buy now. 

On January 12, Organigram Holdings Inc. (NASDAQ:OGI) reported FQ1 net income of $5.33 million and a revenue of $43.3 million, up 42.4% year-over-year, beating market estimates by $10.89 million. The company also expects FQ2 2023 revenue to be higher than the same period last year.

Stifel analyst Andrew Partheniou on January 13 upgraded Organigram Holdings Inc. (NASDAQ:OGI) to Buy from Hold, with an unchanged price target of C$1.50. This upgrade comes after the company reported “strong” Q1 results. According to the analyst, the company’s profitability exceeded expectations and it generated significant cash. He also noted that Organigram Holdings Inc. (NASDAQ:OGI)’s production expansion and innovation initiatives are “bearing fruit.”

According to Insider Monkey’s Q3 database, Organigram Holdings Inc. (NASDAQ:OGI) was part of 7 hedge fund portfolios, and D E Shaw held the biggest position in the company, with 2.4 million shares worth $2.15 million.