Origin Materials (NASDAQ:ORGN) Stock Passes Below 200 Day Moving Average - Here's Why

Origin Materials, Inc. (NASDAQ:ORGN - Get Free Report) shares crossed below its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $1.24 and traded as low as $0.83. Origin Materials shares last traded at $0.84, with a volume of 803,451 shares.

Wall Street Analyst Weigh In

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

Origin Materials Stock Down 7.0 %

The business's 50 day moving average is $1.02 and its two-hundred day moving average is $1.24. The firm has a market cap of $141.41 million, a P/E ratio of -1.70 and a beta of 0.89.

Insider Transactions at Origin Materials

In other Origin Materials news, CEO John Bissell sold 36,000 shares of Origin Materials stock in a transaction on Friday, December 13th. The shares were sold at an average price of $1.14, for a total value 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, General Counsel Joshua C. Lee sold 47,625 shares of Origin Materials stock in a transaction on Friday, December 13th. The shares were sold at an average price of $1.08, for a total transaction of $51,435.00. Following the completion of the sale, the general counsel now directly owns 429,785 shares of the company's stock, valued at approximately $464,167.80. This trade represents a 9.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 189,525 shares of company stock valued at $199,645. Corporate insiders own 17.49% of the company's stock.

Institutional Trading of Origin Materials

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Jacobs Levy Equity Management Inc. increased its position in Origin Materials by 337.1% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 2,350,863 shares of the financial services provider's stock valued at $3,620,000 after buying an additional 1,813,047 shares in the last quarter. Millennium Management LLC increased its holdings in shares of Origin Materials by 59.2% during the fourth quarter. Millennium Management LLC now owns 2,021,132 shares of the financial services provider's stock valued at $2,587,000 after acquiring an additional 751,632 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Origin Materials by 6.3% during the third quarter. Geode Capital Management LLC now owns 1,486,519 shares of the financial services provider's stock valued at $2,290,000 after acquiring an additional 87,751 shares in the last quarter. Renaissance Technologies LLC increased its holdings in shares of Origin Materials by 193.8% during 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 acquiring an additional 760,700 shares in the last quarter. Finally, Cresset Asset Management LLC increased its stake in Origin Materials by 11.0% during the 4th quarter. Cresset Asset Management LLC now owns 1,095,141 shares of the financial services provider's stock valued at $1,402,000 after purchasing an additional 108,480 shares in the last quarter. 29.91% of the stock is 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.