ARK Investment Management LLC trimmed its holdings in shares of Desktop Metal, Inc. (NYSE:DM – Get Rating) by 22.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,926,947 shares of the pipeline company’s stock after selling 573,440 shares during the period. ARK Investment Management LLC owned about 0.61% of Desktop Metal worth $3,950,000 at the end of the most recent reporting period.
A number of other hedge funds also recently made changes to their positions in the business. Renaissance Technologies LLC purchased a new position in shares of Desktop Metal during the fourth quarter worth about $7,410,000. J. Goldman & Co LP bought a new position in shares of Desktop Metal during the first quarter valued at approximately $4,279,000. Vanguard Group Inc. grew its stake in Desktop Metal by 2.0% in the first quarter. Vanguard Group Inc. now owns 19,586,639 shares of the pipeline company’s stock worth $92,840,000 after purchasing an additional 376,362 shares during the period. Robeco Schweiz AG grew its stake in Desktop Metal by 33.0% in the first quarter. Robeco Schweiz AG now owns 1,330,000 shares of the pipeline company’s stock worth $6,304,000 after purchasing an additional 330,000 shares during the period. Finally, State Street Corp grew its stake in shares of Desktop Metal by 5.9% in the first quarter. State Street Corp now owns 4,192,751 shares of the pipeline company’s stock worth $19,874,000 after acquiring an additional 232,111 shares during the last quarter. 36.62% of the stock is currently owned by institutional investors.
Wall Street Analysts Forecast Growth
Several research firms recently commented on DM. Craig Hallum increased their price objective on Desktop Metal to $2.50 in a research report on Monday, August 15th. Credit Suisse Group initiated coverage on Desktop Metal in a report on Tuesday, August 16th. They issued a “neutral” rating and a $2.80 target price on the stock. Finally, Benchmark lowered their target price on Desktop Metal to $6.00 in a report on Monday, August 15th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, Desktop Metal presently has a consensus rating of “Hold” and an average target price of $4.46.
Desktop Metal Stock Down 5.6 %
Desktop Metal (NYSE:DM – Get Rating) last issued its earnings results on Monday, August 8th. The pipeline company reported ($0.16) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.07). The business had revenue of $57.67 million for the quarter, compared to the consensus estimate of $55.70 million. Desktop Metal had a negative net margin of 275.35% and a negative return on equity of 17.56%. On average, equities research analysts predict that Desktop Metal, Inc. will post -0.47 earnings per share for the current year.
Insider Activity at Desktop Metal
In other Desktop Metal news, CEO Ric Fulop bought 30,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 11th. The shares were bought at an average price of $3.09 per share, with a total value of $92,700.00. Following the purchase, the chief executive officer now owns 20,253,999 shares of the company’s stock, valued at $62,584,856.91. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In the last 90 days, insiders have acquired 41,000 shares of company stock valued at $127,960. 16.78% of the stock is owned by company insiders.
About Desktop Metal
Desktop Metal, Inc engages in manufacture and sale of additive manufacturing technologies for engineers, designers, and manufacturers in the Americas, Europe, the Middle East, Africa, and the Asia- Pacific. The company offers Production System, an industrial manufacturing solution; Shop System, a mid-volume binder jetting platform; X-series platform for serial production binder jet 3D printed metal, ceramic, or composite parts, balancing speed, and quality; and Studio System, an office metal 3D printing system; and Fiber platform that offers a desktop 3D printer.
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