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

Origin Materials (NASDAQ:ORGN) was downgraded by Bank of America from a “buy” rating to an “underperform” rating in a research report issued on Tuesday,Finviz reports. They currently have a $1.50 target price on the financial services provider’s stock, down from their prior target price of $2.50. Bank of America‘s price objective suggests a potential upside of 35.14% from the company’s current price.

Origin Materials Stock Down 3.5 %

Shares of NASDAQ ORGN opened at $1.11 on Tuesday. The firm has a market cap of $162.34 million, a PE ratio of -1.95 and a beta of 0.92. The company’s fifty day simple moving average is $1.17 and its 200 day simple moving average is $1.23. Origin Materials has a 12-month low of $0.44 and a 12-month high of $1.90.

Insider Activity

In other Origin Materials news, CFO Matthew T. Plavan sold 120,000 shares of the stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $1.32, for a total value of $158,400.00. Following the transaction, the chief financial officer now owns 1,223,088 shares in the company, valued at approximately $1,614,476.16. This represents a 8.93 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Richard J. Riley acquired 300,000 shares of Origin Materials stock in a transaction on Wednesday, November 20th. The stock was purchased at an average cost of $1.00 per share, with a total value of $300,000.00. Following the purchase, the chief executive officer now directly 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 disclosure for this purchase can be found here. Insiders 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 Trading of Origin Materials

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Jacobs Levy Equity Management Inc. grew its holdings in shares of Origin Materials by 337.1% during the third 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. Geode Capital Management LLC lifted its position in Origin Materials by 6.3% in the 3rd quarter. Geode Capital Management LLC now owns 1,486,519 shares of the financial services provider’s stock valued at $2,290,000 after acquiring an additional 87,751 shares in the last quarter. Charles Schwab Investment Management Inc. acquired a new position in Origin Materials during the 3rd quarter valued at about $92,000. State Street Corp increased its holdings 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. Finally, AQR Capital Management LLC raised its stake in shares of Origin Materials by 352.9% in the second quarter. AQR Capital Management LLC now owns 98,969 shares of the financial services provider’s stock worth $89,000 after purchasing an additional 77,119 shares during the last quarter. 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.