Original materials (OTCMKTS:ORGN) raised to “buy” from Bank of America

Source Materials (OTCMKTS:ORGN) was upgraded by analysts at Bank of America from a “neutral” rating to a “buy” rating in a research report released Thursday to clients and investors, Price Targets.com reports. Analysts noted that the move was a valuation call.

ORGN has been the subject of several other reports. Zacks Investment Research upgraded Origin Materials from a “sell” rating to a “hold” rating in a Wednesday, Dec. 8 research note. Goldman Sachs Group began covering Origin Materials in a research note on Thursday, September 9. They set a “neutral” rating and a price target of $10.00 for the company. Finally, HSBC launched coverage on original materials in a research note on Tuesday, November 23. They set a “buy” rating for the company. Three research analysts rated the stock with a hold rating and two gave the company’s stock a buy rating. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $8.75.

Shares of OTCMKTS ORGN opened at $6.11 on Thursday. The company has a fifty-day simple moving average of $6.73 and a 200-day simple moving average of $6.88. The company has a debt ratio of 0.02, a quick ratio of 158.98 and a current ratio of 158.99. Origin Materials has a 1-year low of $5.12 and a 1-year high of $14.01.

Origin Materials (OTCMKTS:ORGN) last released its quarterly earnings data on Thursday, November 11. The financial services provider reported ($0.05) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.01.

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In other news, Director Boon Sim bought 25,000 shares of the company in a deal that took place on Tuesday, November 16. The shares were acquired at an average price of $7.00 per share, for a total transaction of $175,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, accessible via this hyperlink.

A number of institutional investors have been buying and selling stocks recently. Apollo Management Holdings LP increased its holdings in Origin Materials by 6,055.8% during the third quarter. Apollo Management Holdings LP now owns 3,557,796 shares of the financial services provider worth $24,229,000 after buying an additional 3,500,000 shares in the last quarter. Millennium Management LLC bought a new position in Origin Materials during the second quarter worth approximately $16,680,000. Alyeska Investment Group LP bought a new position in Origin Materials during the second quarter worth approximately $14,660,000. BlackRock Inc. bought a new position in Origin Materials during the third quarter for a value of approximately $11,943,000. Finally, Sylebra Capital Ltd bought a new position in Origin Materials during the second quarter worth approximately $12,300,000. Institutional investors and hedge funds own 22.55% of the company’s shares.

Origin Materials Company Profile

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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