Origin Materials (NASDAQ:ORGN) Stock Price Passes Below 200-Day Moving Average - Time to Sell?

Origin Materials, Inc. (NASDAQ:ORGN - Get Free Report)'s share price passed below its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $1.18 and traded as low as $0.73. Origin Materials shares last traded at $0.78, with a volume of 772,583 shares.

Wall Street Analysts Forecast Growth

Separately, Bank of America cut Origin Materials from a "buy" rating to an "underperform" rating and cut their price objective for the stock from $2.50 to $1.50 in a research report on Tuesday, January 14th.

Origin Materials Stock Down 2.5 %

The firm has a 50-day moving average price of $0.91 and a two-hundred day moving average price of $1.17. The company has a market capitalization of $109.63 million, a P/E ratio of -1.29 and a beta of 0.88.

Origin Materials (NASDAQ:ORGN - Get Free Report) last issued its quarterly earnings results on Thursday, March 13th. The financial services provider reported ($0.09) earnings per share for the quarter, beating analysts' consensus estimates of ($0.11) by $0.02. Origin Materials had a negative net margin of 229.52% and a negative return on equity of 21.26%. The firm had revenue of $9.22 million during the quarter, compared to the consensus estimate of $9.08 million. On average, analysts predict that Origin Materials, Inc. will post -0.6 EPS for the current fiscal year.

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Insider Buying and Selling

In related news, CEO John Bissell sold 55,000 shares of the firm's stock in a transaction on Friday, December 27th. The stock was sold at an average price of $1.00, for a total value of $55,000.00. Following the completion of the transaction, the chief executive officer now directly owns 1,976,230 shares of the company's stock, valued at $1,976,230. This trade represents a 2.71 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, General Counsel Joshua C. Lee sold 25,000 shares of Origin Materials stock in a transaction on Friday, December 27th. The stock was sold at an average price of $1.02, for a total transaction of $25,500.00. Following the sale, the general counsel now owns 629,785 shares in the company, valued at $642,380.70. This represents a 3.82 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 105,900 shares of company stock valued at $107,170 over the last three months. 17.49% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Jacobs Levy Equity Management Inc. lifted its position in shares of Origin Materials by 337.1% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 2,350,863 shares of the financial services provider's stock worth $3,620,000 after buying an additional 1,813,047 shares during the period. Millennium Management LLC grew its holdings in shares of Origin Materials by 59.2% in the 4th quarter. Millennium Management LLC now owns 2,021,132 shares of the financial services provider's stock worth $2,587,000 after purchasing an additional 751,632 shares during the last quarter. Geode Capital Management LLC lifted its holdings in 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. Renaissance Technologies LLC boosted its position in Origin Materials by 193.8% in the fourth quarter. Renaissance Technologies LLC now owns 1,153,200 shares of the financial services provider's stock valued at $1,476,000 after buying an additional 760,700 shares in the last quarter. Finally, Cresset Asset Management LLC increased its holdings in shares of Origin Materials by 11.0% during the fourth quarter. Cresset Asset Management LLC now owns 1,095,141 shares of the financial services provider's stock worth $1,402,000 after buying an additional 108,480 shares in the last quarter. Institutional investors and hedge funds own 29.91% of the company's stock.

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.