Origin Materials (NASDAQ:ORGN) Rating Lowered to Underperform at Bank of America

Origin Materials (NASDAQ:ORGN) was downgraded by research analysts at Bank of America from a “buy” rating to an “underperform” rating in a research report issued to clients and investors on Tuesday, MarketBeat reports. They presently have a $1.50 price target on the financial services provider’s stock, down from their previous price target of $2.50. Bank of America‘s target price points to a potential upside of 41.51% from the stock’s current price.

Origin Materials Trading Up 3.9 %

Origin Materials stock opened at $1.06 on Tuesday. The stock has a fifty day moving average price of $1.16 and a 200 day moving average price of $1.23. Origin Materials has a 52 week low of $0.44 and a 52 week high of $1.90. The firm has a market capitalization of $155.03 million, a P/E ratio of -1.86 and a beta of 0.92.

Insider Transactions at Origin Materials

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

Institutional Investors Weigh In On Origin Materials

A number of institutional investors have recently added to or reduced their stakes in the company. PBMares Wealth Management LLC raised its holdings in shares of Origin Materials by 14.0% in the 3rd quarter. PBMares Wealth Management LLC now owns 65,000 shares of the financial services provider’s stock worth $100,000 after purchasing an additional 8,000 shares during the period. State Street Corp increased its position in Origin Materials by 2.1% during the 3rd quarter. State Street Corp now owns 480,194 shares of the financial services provider’s stock worth $739,000 after purchasing an additional 10,000 shares in the last quarter. HighTower Advisors LLC raised its holdings in Origin Materials by 1.3% in the third quarter. HighTower Advisors LLC now owns 1,045,038 shares of the financial services provider’s stock valued at $1,608,000 after buying an additional 12,985 shares during the period. RBF Capital LLC lifted its position in Origin Materials by 10.2% during the third quarter. RBF Capital LLC now owns 176,314 shares of the financial services provider’s stock valued at $272,000 after buying an additional 16,314 shares in the last quarter. Finally, US Bancorp DE grew its stake in Origin Materials by 464.0% during the third quarter. US Bancorp DE now owns 28,200 shares of the financial services provider’s stock worth $43,000 after buying an additional 23,200 shares during the period. Hedge funds and other 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.