Origin Materials (OTCMKTS:ORGN) was upgraded by Zacks Investment Research from a "sell" rating to a "hold" rating in a research note issued to investors on Wednesday, Zacks.com reports.
According to Zacks, "Origin Materials Inc. is a carbon negative materials company. It developed a platform for turning the carbon found in non-food biomass into useful materials, while capturing carbon in the process. Origin Materials Inc., formerly known as Artius Acquisition Inc., is headquartered in West Sacramento. "
Other analysts have also issued research reports about the stock. The Goldman Sachs Group began coverage on shares of Origin Materials in a report on Thursday, September 9th. They set a "neutral" rating and a $10.00 price objective for the company. HSBC began coverage on shares of Origin Materials in a report on Tuesday, November 23rd. They set a "buy" rating for the company. Finally, Bank of America began coverage on shares of Origin Materials in a report on Tuesday, October 5th. They set a "neutral" rating and a $8.00 price objective for the company. Four investment analysts have rated the stock with a hold rating and one has given a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $8.75.
OTCMKTS:ORGN opened at $6.65 on Wednesday. Origin Materials has a 12-month low of $5.12 and a 12-month high of $14.01. The company has a debt-to-equity ratio of 0.02, a current ratio of 158.99 and a quick ratio of 158.98. The firm has a 50-day moving average price of $6.70 and a 200 day moving average price of $5.74.
In related news, Director Boon Sim purchased 25,000 shares of the stock in a transaction that occurred on Tuesday, November 16th. The stock was acquired at an average price of $7.00 per share, with a total value of $175,000.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 30.00% of the company's stock.
A number of hedge funds have recently made changes to their positions in the business. Apollo Management Holdings L.P. boosted its stake in Origin Materials by 6,055.8% in the third quarter. Apollo Management Holdings L.P. now owns 3,557,796 shares of the financial services provider's stock valued at $24,229,000 after acquiring an additional 3,500,000 shares during the last quarter. Bank of New York Mellon Corp bought a new position in Origin Materials in the third quarter valued at approximately $315,000. Verition Fund Management LLC bought a new position in Origin Materials in the third quarter valued at approximately $136,000. LPL Financial LLC bought a new position in Origin Materials in the third quarter valued at approximately $245,000. Finally, Cubist Systematic Strategies LLC bought a new position in Origin Materials in the third quarter valued at approximately $1,057,000. 22.55% of the stock is currently owned by hedge funds and other institutional investors.
About Origin Materials
Origin Materials, Inc operates as a carbon negative materials company. Its platform converts the carbon found in biomass into useful materials. The company was founded in 2008 and is headquartered in West Sacramento, California.
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