Origin Materials (NASDAQ:ORGN) Stock Price Crosses Below 200-Day Moving Average - Here's What Happened

Shares of Origin Materials, Inc. (NASDAQ:ORGN - Get Free Report) passed below its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $1.19 and traded as low as $1.05. Origin Materials shares last traded at $1.09, with a volume of 3,053,670 shares.

Analysts Set New Price Targets

Separately, Bank of America upgraded Origin Materials from a "neutral" rating to a "buy" rating and upped their price objective for the company from $1.35 to $3.00 in a research report on Friday, August 16th.

Origin Materials Stock Down 12.8 %

The company has a debt-to-equity ratio of 0.01, a quick ratio of 13.48 and a current ratio of 13.57. The firm has a market capitalization of $158.87 million, a PE ratio of -12.11 and a beta of 1.00. The company has a fifty day moving average price of $1.45 and a 200-day moving average price of $1.19.

Origin Materials (NASDAQ:ORGN - Get Free Report) last announced its quarterly earnings results on Wednesday, August 14th. The financial services provider reported ($0.14) earnings per share for the quarter, missing the consensus estimate of ($0.12) by ($0.02). The business had revenue of $7.03 million during the quarter. Origin Materials had a negative return on equity of 14.10% and a negative net margin of 37.93%. As a group, analysts expect that Origin Materials, Inc. will post -0.45 earnings per share for the current year.

Insiders Place Their Bets

In other Origin Materials news, CFO Matthew T. Plavan sold 120,000 shares of the company's stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $1.32, for a total transaction of $158,400.00. Following the sale, the chief financial officer now directly owns 1,223,088 shares in the company, valued at $1,614,476.16. This represents a 8.93 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Insiders sold 120,400 shares of company stock valued at $159,006 in the last three months. Corporate insiders own 17.49% of the company's stock.

Hedge Funds Weigh In On Origin Materials

A number of large investors have recently made changes to their positions in ORGN. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its stake in shares of Origin Materials by 12.3% during the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,853,083 shares of the financial services provider's stock valued at $945,000 after acquiring an additional 203,099 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Origin Materials by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 5,899,099 shares of the financial services provider's stock worth $3,009,000 after buying an additional 48,889 shares during the period. Acadian Asset Management LLC grew its position in shares of Origin Materials by 92.5% during the 1st quarter. Acadian Asset Management LLC now owns 823,455 shares of the financial services provider's stock worth $418,000 after buying an additional 395,588 shares in the last quarter. Janus Henderson Group PLC grew its position in shares of Origin Materials by 28.1% during the 1st quarter. Janus Henderson Group PLC now owns 240,378 shares of the financial services provider's stock worth $123,000 after buying an additional 52,701 shares in the last quarter. Finally, Moss Adams Wealth Advisors LLC purchased a new position in shares of Origin Materials during the second quarter valued at $45,000. 29.91% of the stock is owned by hedge funds and other 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.