Origin Materials (NASDAQ:ORGN) Stock Price Crosses Below Two Hundred Day Moving Average - Here's Why

Origin Materials, Inc. (NASDAQ:ORGN - Get Free Report) passed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $1.24 and traded as low as $0.80. Origin Materials shares last traded at $0.84, with a volume of 2,015,879 shares.

Wall Street Analyst Weigh In

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

Origin Materials Stock Down 9.0 %

The firm has a 50 day moving average of $1.01 and a 200-day moving average of $1.24. The company has a market cap of $121.58 million, a P/E ratio of -1.46 and a beta of 0.89.

Insider Activity at Origin Materials

In related news, CEO John Bissell sold 55,000 shares of the company's stock in a transaction on Friday, December 27th. The stock was sold at an average price of $1.00, for a total transaction of $55,000.00. Following the completion of the sale, the chief executive officer now directly owns 1,976,230 shares in the company, valued at $1,976,230. This represents a 2.71 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, General Counsel Joshua C. Lee sold 25,000 shares of Origin Materials stock in a transaction dated Friday, December 27th. The shares were sold at an average price of $1.02, for a total value of $25,500.00. Following the completion of the transaction, the general counsel now owns 629,785 shares in the company, valued at $642,380.70. This trade represents a 3.82 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 189,525 shares of company stock worth $199,645 over the last three months. 17.49% of the stock is owned by corporate insiders.

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Institutional Investors Weigh In On Origin Materials

Several institutional investors have recently bought and sold shares of the company. Jacobs Levy Equity Management Inc. boosted its position in shares of 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 worth $3,620,000 after purchasing an additional 1,813,047 shares in the last quarter. Renaissance Technologies LLC grew its stake 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 worth $1,476,000 after acquiring an additional 760,700 shares during the last quarter. Millennium Management LLC raised its position 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 valued at $2,587,000 after purchasing an additional 751,632 shares during the last quarter. Marshall Wace LLP acquired a new stake in Origin Materials in the 4th quarter worth approximately $783,000. Finally, Janus Henderson Group PLC purchased a new stake in Origin Materials during the 4th quarter worth approximately $335,000. 29.91% of the stock is currently owned by institutional investors and hedge funds.

Origin Materials Company Profile

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.