Origin Materials (NASDAQ:ORGN) Share Price Crosses Below 200 Day Moving Average – Here’s What Happened

Origin Materials, Inc. (NASDAQ:ORGN)’s stock price passed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $4.64 and traded as low as $1.06. Origin Materials shares last traded at $1.12, with a volume of 80,976 shares traded.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on ORGN. Wall Street Zen upgraded shares of Origin Materials from a “strong sell” rating to a “sell” rating in a report on Saturday, May 23rd. Weiss Ratings restated a “sell (e+)” rating on shares of Origin Materials in a research report on Friday, March 27th. One research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the stock currently has a consensus rating of “Sell”.

Origin Materials Stock Performance

The stock has a 50-day simple moving average of $1.66 and a 200 day simple moving average of $4.55. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.66 and a quick ratio of 2.62. The company has a market capitalization of $6.00 million, a PE ratio of -0.02 and a beta of 1.12.

Origin Materials (NASDAQ:ORGN) last posted its earnings results on Thursday, May 14th. The financial services provider reported ($3.28) earnings per share for the quarter, missing the consensus estimate of ($2.40) by ($0.88). The firm had revenue of $0.48 million during the quarter, compared to analyst estimates of $29.10 million. Origin Materials had a negative net margin of 1,742.04% and a negative return on equity of 120.66%.

Hedge Funds Weigh In On Origin Materials

Several hedge funds have recently added to or reduced their stakes in the business. Virtu Financial LLC purchased a new stake in shares of Origin Materials in the third quarter valued at about $39,000. Ameriprise Financial Inc. raised its position in shares of Origin Materials by 112.2% during the 2nd quarter. Ameriprise Financial Inc. now owns 75,387 shares of the financial services provider’s stock worth $36,000 after purchasing an additional 39,856 shares during the last quarter. Osaic Holdings Inc. raised its position in shares of Origin Materials by 21.7% during the 2nd quarter. Osaic Holdings Inc. now owns 111,823 shares of the financial services provider’s stock worth $54,000 after purchasing an additional 19,950 shares during the last quarter. XTX Topco Ltd purchased a new stake in Origin Materials in the 4th quarter valued at approximately $26,000. Finally, Goldman Sachs Group Inc. grew its holdings in Origin Materials by 157.3% during the 4th quarter. Goldman Sachs Group Inc. now owns 279,903 shares of the financial services provider’s stock valued at $59,000 after buying an additional 171,105 shares during the last quarter. 29.91% of the stock is currently owned by hedge funds and other institutional investors.

Origin Materials Company Profile

Origin Materials, Inc is a cleantech company focused on producing sustainable chemicals and materials from renewable biomass rather than fossil feedstocks. The company’s core technology platform converts wood chips and other lignocellulosic feedstocks into a versatile intermediate called CMF (chloromethylfurfural), which can be further processed into a range of building‐block chemicals used in applications such as packaging, coatings and performance fibers. By offering a drop‐in alternative to petrochemical precursors, Origin Materials aims to reduce carbon emissions and environmental impact across multiple industries.

The company operates a demonstration facility in Sarnia, Ontario, where it validates its conversion process at scale and produces sample volumes of bio‐based intermediates.