Desktop Metal (NYSE:DM) Trading 6.4% Higher After Analyst Upgrade

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

The company has a market capitalization of $765.14 million, a price-to-earnings ratio of -1.02 and a beta of 0.54. The company has a debt-to-equity ratio of 0.21, a quick ratio of 2.93 and a current ratio of 4.03. The firm has a 50-day simple moving average of $1.71 and a two-hundred day simple moving average of $2.19.

About Desktop Metal

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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.