Origin Materials (NASDAQ:ORGN) Stock Passes Below 200-Day Moving Average – Here’s Why

Origin Materials, Inc. (NASDAQ:ORGN) shares passed 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 trading hands.

Analyst Upgrades and Downgrades

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

Origin Materials Stock Up 4.8 %

The company has a 50 day moving average price of $0.77 and a 200-day moving average price of $1.07. The company has a market cap of $82.97 million, a P/E ratio of -0.97 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, beating analysts’ consensus estimates of ($0.11) by $0.02. Origin Materials had a negative net margin of 229.52% and a negative return on equity of 21.26%. The firm had revenue of $9.22 million during the quarter, compared to analyst estimates of $9.08 million. On average, research analysts expect that Origin Materials, Inc. will post -0.6 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Millennium Management LLC boosted its stake in Origin Materials by 59.2% during the 4th quarter. Millennium Management LLC now owns 2,021,132 shares of the financial services provider’s stock valued at $2,587,000 after purchasing an additional 751,632 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Origin Materials by 6.3% in the third 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 during the period. Renaissance Technologies LLC boosted its stake in Origin Materials by 193.8% during the fourth quarter. Renaissance Technologies LLC now owns 1,153,200 shares of the financial services provider’s stock valued at $1,476,000 after buying an additional 760,700 shares in the last quarter. Cresset Asset Management LLC grew its holdings in Origin Materials by 11.0% during the fourth quarter. Cresset Asset Management LLC now owns 1,095,141 shares of the financial services provider’s stock worth $1,402,000 after acquiring an additional 108,480 shares during the period. Finally, HighTower Advisors LLC grew its holdings in Origin Materials by 1.3% during 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 period. Institutional investors and hedge funds 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.