Origin Materials (NASDAQ:ORGN) Lowered to Underperform Rating by Bank of America

Origin Materials (NASDAQ:ORGN - Get Free Report) was downgraded by investment analysts at Bank of America from a "buy" rating to an "underperform" rating in a report released on Tuesday, MarketBeat.com reports. They currently have a $1.50 price objective on the financial services provider's stock, down from their prior price objective of $2.50. Bank of America's target price would suggest a potential upside of 47.06% from the stock's current price.

Origin Materials Trading Down 8.1 %

NASDAQ ORGN traded down $0.09 on Tuesday, hitting $1.02. 2,328,858 shares of the company were exchanged, compared to its average volume of 1,238,557. The company has a market cap of $149.18 million, a PE ratio of -1.79 and a beta of 0.92. The stock has a fifty day moving average of $1.17 and a 200-day moving average of $1.23. Origin Materials has a 12 month low of $0.44 and a 12 month high of $1.90.

Insider Activity at Origin Materials

In other Origin Materials news, CEO John Bissell sold 36,000 shares of the business's stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $1.14, for a total transaction of $41,040.00. Following the completion of the sale, the chief executive officer now directly owns 1,581,230 shares of the company's stock, valued at approximately $1,802,602.20. The trade was a 2.23 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Matthew T. Plavan sold 120,000 shares of the firm's stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $1.32, for a total value of $158,400.00. Following the completion of the transaction, the chief financial officer now owns 1,223,088 shares in the company, valued at $1,614,476.16. This represents a 8.93 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 309,525 shares of company stock valued at $358,045 in the last three months. Corporate insiders own 17.49% of the company's stock.

Hedge Funds Weigh In On Origin Materials

Several large investors have recently bought and sold shares of ORGN. FNY Investment Advisers LLC bought a new position in shares of Origin Materials in the fourth quarter valued at approximately $67,000. Virtu Financial LLC bought a new position in Origin Materials in the 3rd quarter valued at $159,000. Geode Capital Management LLC increased its position in shares of Origin Materials by 6.3% during the 3rd quarter. Geode Capital Management LLC now owns 1,486,519 shares of the financial services provider's stock valued at $2,290,000 after purchasing an additional 87,751 shares during the last quarter. Public Employees Retirement System of Ohio increased its position in shares of Origin Materials by 20.8% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 154,331 shares of the financial services provider's stock valued at $238,000 after purchasing an additional 26,600 shares during the last quarter. Finally, XTX Topco Ltd raised its stake in shares of Origin Materials by 461.7% during the 3rd quarter. XTX Topco Ltd now owns 109,610 shares of the financial services provider's stock worth $169,000 after purchasing an additional 90,096 shares during the period. 29.91% of the stock is currently owned by institutional investors.

About Origin Materials

Origin Materials, Inc, together with its subsidiaries, operates as a carbon-negative materials company. The company develops a proprietary biomass conversion platform to convert biomass, or plant-based carbon into building block chemicals chloromethylfurfural and hydrothermal carbon, as well as other oils and extractives and other co-products.