Origin Materials (NASDAQ:ORGN) Share Price Passes Below Two Hundred Day Moving Average – Here’s What Happened

Origin Materials, Inc. (NASDAQ:ORGN) shares passed below its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $1.03 and traded as low as $0.60. Origin Materials shares last traded at $0.65, with a volume of 492,991 shares trading hands.

Wall Street Analysts Forecast Growth

Separately, Bank of America lowered Origin Materials from a “buy” rating to an “underperform” rating and dropped their price target for the stock from $2.50 to $1.50 in a research note on Tuesday, January 14th.

Origin Materials Price Performance

The stock’s 50 day moving average is $0.74 and its 200-day moving average is $1.03. The company has a market capitalization of $96.33 million, a P/E ratio of -1.13 and a beta of 0.99.

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

Institutional Investors Weigh In On Origin Materials

Several hedge funds have recently bought and sold shares of the business. State Street Corp increased its stake in shares of Origin Materials by 2.1% during the third quarter. State Street Corp now owns 480,194 shares of the financial services provider’s stock valued at $739,000 after purchasing an additional 10,000 shares in the last quarter. Geode Capital Management LLC increased its position in Origin Materials by 6.3% during the 3rd quarter. Geode Capital Management LLC now owns 1,486,519 shares of the financial services provider’s stock valued at $2,290,000 after buying an additional 87,751 shares in the last quarter. Virtu Financial LLC purchased a new position in Origin Materials during the third quarter valued at $159,000. FNY Investment Advisers LLC bought a new stake in Origin Materials in the fourth quarter worth $67,000. Finally, Capstone Wealth Management LLC purchased a new stake in shares of Origin Materials in the fourth quarter worth $50,000. Institutional investors own 29.91% of the company’s stock.

About Origin Materials

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.