Origin Materials (NASDAQ:ORGN) Shares Pass Below 200 Day Moving Average – Here’s Why

Origin Materials, Inc. (NASDAQ:ORGN) shares passed below its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $1.24 and traded as low as $0.83. Origin Materials shares last traded at $0.84, with a volume of 803,451 shares changing hands.

Wall Street Analyst Weigh In

Separately, Bank of America cut Origin Materials from a “buy” rating to an “underperform” rating and decreased their target price for the stock from $2.50 to $1.50 in a research note on Tuesday, January 14th.

Origin Materials Stock Performance

The stock has a market cap of $123.24 million, a PE ratio of -1.48 and a beta of 0.89. The firm’s 50-day moving average is $1.04 and its 200 day moving average is $1.24.

Insider Activity

In related news, CEO John Bissell sold 36,000 shares of Origin Materials stock in a transaction on Friday, December 13th. The shares were sold at an average price of $1.14, for a total value of $41,040.00. Following the transaction, the chief executive officer now directly owns 1,581,230 shares in the company, valued at $1,802,602.20. This trade represents a 2.23 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, General Counsel Joshua C. Lee sold 25,000 shares of the 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 transaction, the general counsel now directly owns 629,785 shares of the company’s stock, valued at $642,380.70. This represents a 3.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 189,525 shares of company stock valued at $199,645. Insiders own 17.49% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Two Sigma Advisers LP acquired a new stake in Origin Materials in the fourth quarter valued at $85,000. Two Sigma Investments LP raised its stake in Origin Materials by 8.7% in the 4th quarter. Two Sigma Investments LP now owns 317,844 shares of the financial services provider’s stock valued at $407,000 after purchasing an additional 25,412 shares during the last quarter. OMERS ADMINISTRATION Corp purchased a new position in Origin Materials in the 4th quarter valued at about $330,000. Millennium Management LLC boosted its stake in shares of Origin Materials by 59.2% during the 4th quarter. Millennium Management LLC now owns 2,021,132 shares of the financial services provider’s stock worth $2,587,000 after purchasing an additional 751,632 shares during the last quarter. Finally, Janus Henderson Group PLC purchased a new stake in shares of Origin Materials during the fourth quarter worth about $335,000. 29.91% of the stock is owned by hedge funds and other institutional investors.

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.