Origin Materials (NASDAQ:ORGN) Downgraded to “Underperform” Rating by Bank of America

Origin Materials (NASDAQ:ORGN) was downgraded by equities research analysts at Bank of America from a “buy” rating to an “underperform” rating in a report released on Tuesday, Marketbeat Ratings reports. They currently have a $1.50 target price on the financial services provider’s stock, down from their previous target price of $2.50. Bank of America‘s price objective would suggest a potential upside of 41.51% from the company’s previous close.

Origin Materials Stock Performance

Origin Materials stock opened at $1.06 on Tuesday. The firm has a market capitalization of $155.03 million, a PE ratio of -1.86 and a beta of 0.92. Origin Materials has a one year low of $0.44 and a one year high of $1.90. The stock’s 50 day moving average price is $1.16 and its 200 day moving average price is $1.23.

Insider Activity

In other news, General Counsel Joshua C. Lee sold 25,000 shares of Origin Materials stock in a transaction dated Friday, December 27th. The stock was sold at an average price of $1.02, for a total transaction of $25,500.00. Following the sale, the general counsel now directly owns 629,785 shares of the company’s stock, valued at approximately $642,380.70. The trade was a 3.82 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Richard J. Riley purchased 300,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 20th. The stock was acquired at an average price of $1.00 per share, for a total transaction of $300,000.00. Following the purchase, the chief executive officer now owns 749,083 shares of the company’s stock, valued at approximately $749,083. This represents a 66.80 % increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders sold 309,525 shares of company stock worth $358,045. 17.49% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Origin Materials

A number of hedge funds have recently bought and sold shares of the business. Jacobs Levy Equity Management Inc. boosted its stake in shares of Origin Materials by 337.1% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 2,350,863 shares of the financial services provider’s stock valued at $3,620,000 after buying an additional 1,813,047 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Origin Materials in the second quarter valued at $155,000. Sanctuary Advisors LLC bought a new position in Origin Materials during the 2nd quarter valued at $136,000. Virtu Financial LLC acquired a new position in Origin Materials during the 3rd quarter worth $159,000. Finally, XTX Topco Ltd increased its position in shares of Origin Materials by 461.7% in the 3rd quarter. XTX Topco Ltd now owns 109,610 shares of the financial services provider’s stock worth $169,000 after purchasing an additional 90,096 shares during the last quarter. 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.