Source Materials (OTCMKTS:ORGN – Get Assessment) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Thursday, Zacks.com reports.
According to Zacks, “Origin Materials Inc. is a carbon negative materials company. It has developed a platform to turn the carbon found in non-food biomass into useful materials, while capturing the carbon in the process. Origin Materials Inc ., formerly known as Artius Acquisition Inc., is headquartered in West Sacramento.”
Several other research companies have also published reports on the ORGN. HSBC began covering Origin Materials in a research report on Tuesday, November 23. They set a “buy” rating on the stock. Bank of America upgraded Origin Materials from a “neutral” rating to a “buy” rating in a Thursday, Jan. 6 research report. They noted that the move was a review call. Finally, Goldman Sachs Group lowered its price target on Origin Materials from $10.00 to $7.00 and set a “neutral” rating on the stock in a research report on Tuesday. Three research analysts gave the stock a hold rating and two gave the company’s stock a buy rating. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $7.33.
Shares of OTCMKTS ORGN opened at $5.57 on Thursday. The company has a debt ratio of 0.02, a quick ratio of 158.98 and a current ratio of 158.99. The company’s 50-day moving average price is $5.69 and its 200-day moving average price is $6.36. Origin Materials has a 52 week low of $4.65 and a 52 week high of $11.00.
Origin Materials (OTCMKTS:ORGN – Get Rating) last released its results on Thursday, February 24. The financial services provider reported ($0.04) EPS for the quarter, beating Thomson Reuters consensus estimate of ($0.07) by $0.03. On average, analysts predict Origin Materials will post -0.27 earnings per share for the current fiscal year.
In related news, Director Boon Sim acquired 25,000 shares of the company in a transaction that took place on Monday, February 28. The shares were purchased at an average cost of $5.11 per share, for a total transaction of $127,750.00. The acquisition was disclosed in a filing with the SEC, which is available via this hyperlink. 30.00% of the shares are currently held by insiders.
Several hedge funds and other institutional investors have recently changed their ORGN holdings. Blue Bell Private Wealth Management LLC bought a new stock position in Origin Materials during Q4, valued at approximately $25,000. Wolverine Asset Management LLC raised its position in Origin Materials shares by 623.7% in the third quarter. Wolverine Asset Management LLC now owns 6,926 shares of the financial services provider valued at $47,000 after purchasing an additional 5,969 shares in the last quarter. LPL Financial LLC increased its position in Origin Materials by 25.0% during the fourth quarter. LPL Financial LLC now owns 45,040 shares of the financial services provider worth $291,000 after acquiring an additional 9,000 shares in the last quarter. Walleye Trading LLC bought a new stake in shares of Origin Materials in the second quarter worth about $89,000. Finally, Goldman Sachs Group Inc. bought a new position in Origin Materials during the third quarter worth about $78,000. 36.24% of the shares are currently held by institutional investors and hedge funds.
Origin Materials Company Profile (Get a rating)
Origin Materials, Inc operates as a carbon negative materials company. Its platform converts the carbon present in biomass into useful materials. The company was founded in 2008 and is based in West Sacramento, California.
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