Desktop Metal, Inc. (NYSE:DM – Get Rating) shares shot up 6.4% during mid-day trading on Monday after Morgan Stanley raised their price target on the stock from $1.75 to $1.90. Morgan Stanley currently has an overweight rating on the stock. Desktop Metal traded as high as $2.47 and last traded at $2.40. 3,467,423 shares changed hands during trading, a decline of 20% from the average session volume of 4,338,783 shares. The stock had previously closed at $2.25.
A number of other research firms have also recently issued reports on DM. JPMorgan Chase & Co. initiated coverage on shares of Desktop Metal in a research note on Friday, December 16th. They issued a “neutral” rating on the stock. Benchmark reduced their price target on Desktop Metal to $5.00 in a report on Tuesday, November 15th. Craig Hallum reduced their price target on Desktop Metal to $2.00 in a report on Tuesday, November 15th. Credit Suisse Group reduced their price target on Desktop Metal from $2.70 to $2.30 and set a “neutral” rating on the stock in a report on Thursday, November 10th. Finally, StockNews.com upgraded Desktop Metal to a “sell” rating in a report on Friday, February 10th.
Institutional Trading of Desktop Metal
Several institutional investors and hedge funds have recently bought and sold shares of DM. Alphabet Inc. purchased a new stake in Desktop Metal in the 3rd quarter valued at about $28,616,000. State Street Corp grew its position in Desktop Metal by 60.8% in the 2nd quarter. State Street Corp now owns 6,742,775 shares of the pipeline company’s stock valued at $14,834,000 after acquiring an additional 2,550,024 shares in the last quarter. Norges Bank acquired a new position in Desktop Metal in the 4th quarter valued at about $2,933,000. Segall Bryant & Hamill LLC acquired a new position in Desktop Metal in the 3rd quarter valued at about $2,449,000. Finally, Discovery Capital Management LLC CT acquired a new position in Desktop Metal in the 2nd quarter valued at about $1,721,000. 42.58% of the stock is currently owned by hedge funds and other institutional investors.
Desktop Metal Stock Performance
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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