Origin Materials (NASDAQ:ORGN) Shares Cross Below Two Hundred Day Moving Average – Time to Sell?

Origin Materials, Inc. (NASDAQ:ORGN)’s stock price crossed below its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $1.07 and traded as low as $0.53. Origin Materials shares last traded at $0.56, with a volume of 678,000 shares traded.

Analysts Set New Price Targets

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

Origin Materials Price Performance

The firm has a market cap of $82.97 million, a P/E ratio of -0.97 and a beta of 0.99. The firm’s 50-day moving average price is $0.77 and its 200 day moving average price is $1.07.

Origin Materials (NASDAQ:ORGN) last released its earnings results on Thursday, March 13th. The financial services provider reported ($0.09) EPS for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.02. Origin Materials had a negative return on equity of 21.26% and a negative net margin of 229.52%. The company had revenue of $9.22 million for the quarter, compared to the consensus estimate of $9.08 million. Analysts forecast that Origin Materials, Inc. will post -0.6 earnings per share for the current year.

Institutional Trading of Origin Materials

Several institutional investors have recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. bought a new position in shares of Origin Materials in the 3rd quarter worth about $92,000. HighTower Advisors LLC lifted its holdings in Origin Materials by 1.3% in the third quarter. HighTower Advisors LLC now owns 1,045,038 shares of the financial services provider’s stock worth $1,608,000 after acquiring an additional 12,985 shares during the last quarter. State Street Corp lifted its holdings in Origin Materials by 2.1% in the third quarter. State Street Corp now owns 480,194 shares of the financial services provider’s stock worth $739,000 after acquiring an additional 10,000 shares during the last quarter. XTX Topco Ltd boosted its stake in Origin Materials by 461.7% in the third quarter. XTX Topco Ltd now owns 109,610 shares of the financial services provider’s stock valued at $169,000 after acquiring an additional 90,096 shares during the period. Finally, Public Employees Retirement System of Ohio grew its holdings in shares of Origin Materials by 20.8% during the third quarter. Public Employees Retirement System of Ohio now owns 154,331 shares of the financial services provider’s stock valued at $238,000 after purchasing an additional 26,600 shares during the last quarter. Institutional investors own 29.91% of the company’s stock.

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.