Short Interest in Origin Materials, Inc. (NASDAQ:ORGN) Drops By 24.6%

Origin Materials, Inc. (NASDAQ:ORGN) was the target of a large drop in short interest in the month of August. As of August 31st, there was short interest totalling 3,160,000 shares, a drop of 24.6% from the August 15th total of 4,190,000 shares. Currently, 2.5% of the shares of the stock are sold short. Based on an average daily volume of 1,770,000 shares, the days-to-cover ratio is presently 1.8 days.

Origin Materials Stock Performance

NASDAQ ORGN opened at $1.55 on Monday. The company’s 50 day simple moving average is $1.15 and its two-hundred day simple moving average is $0.92. The company has a debt-to-equity ratio of 0.01, a current ratio of 13.57 and a quick ratio of 13.48. Origin Materials has a 1 year low of $0.44 and a 1 year high of $1.73. The stock has a market capitalization of $225.91 million, a PE ratio of -155,000.00 and a beta of 0.99.

Origin Materials (NASDAQ:ORGN) last issued its quarterly earnings data on Wednesday, August 14th. The financial services provider reported ($0.14) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.02). The business had revenue of $7.03 million during the quarter. Origin Materials had a negative return on equity of 14.10% and a negative net margin of 37.93%. Analysts predict that Origin Materials will post -0.45 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Origin Materials

Several hedge funds have recently bought and sold shares of the stock. Sanctuary Advisors LLC purchased a new position in Origin Materials in the second quarter worth $136,000. AQR Capital Management LLC lifted its position in Origin Materials by 352.9% in the 2nd quarter. AQR Capital Management LLC now owns 98,969 shares of the financial services provider’s stock worth $89,000 after buying an additional 77,119 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new position in Origin Materials during the second quarter valued at approximately $155,000. Point72 DIFC Ltd bought a new position in shares of Origin Materials during the 2nd quarter valued at $50,000. Finally, Vanguard Personalized Indexing Management LLC purchased a new position in Origin Materials in the 2nd quarter worth $31,000. 29.91% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Separately, Bank of America raised shares of Origin Materials from a “neutral” rating to a “buy” rating and increased their price target for the stock from $1.35 to $3.00 in a report on Friday, August 16th.

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.