Desktop Metal, Inc. (NYSE:DM) Sees Significant Drop in Short Interest

Desktop Metal, Inc. (NYSE:DM) saw a significant decrease in short interest in the month of May. As of May 31st, there was short interest totalling 5,780,000 shares, a decrease of 90.3% from the May 15th total of 59,880,000 shares. Based on an average daily volume of 302,400 shares, the short-interest ratio is presently 19.1 days. Approximately 28.2% of the shares of the company are short sold.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. StockNews.com began coverage on shares of Desktop Metal in a report on Saturday, March 2nd. They issued a “sell” rating for the company. Cantor Fitzgerald lifted their price target on shares of Desktop Metal from $1.25 to $12.50 and gave the stock an “overweight” rating in a research report on Tuesday.

Insiders Place Their Bets

In other news, CFO Jason M. Cole sold 18,000 shares of the stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $6.20, for a total transaction of $111,600.00. Following the sale, the chief financial officer now directly owns 87,168 shares in the company, valued at approximately $540,441.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 14.22% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Desktop Metal

A number of hedge funds have recently made changes to their positions in the business. Levin Capital Strategies L.P. bought a new position in shares of Desktop Metal during the 1st quarter worth approximately $35,000. Empowered Funds LLC bought a new position in shares of Desktop Metal during the first quarter valued at $45,000. Principal Financial Group Inc. boosted its stake in shares of Desktop Metal by 39.2% in the 3rd quarter. Principal Financial Group Inc. now owns 41,466 shares of the pipeline company’s stock valued at $61,000 after purchasing an additional 11,676 shares in the last quarter. Pathstone Family Office LLC bought a new stake in shares of Desktop Metal in the 3rd quarter worth about $63,000. Finally, Keating Investment Counselors Inc. acquired a new stake in shares of Desktop Metal during the 1st quarter worth about $72,000. Institutional investors and hedge funds own 56.31% of the company’s stock.

Desktop Metal Stock Down 4.7 %

Shares of NYSE:DM traded down $0.21 on Wednesday, reaching $4.25. The company had a trading volume of 826,232 shares, compared to its average volume of 335,076. The company has a quick ratio of 1.64, a current ratio of 2.83 and a debt-to-equity ratio of 0.57. The stock has a market capitalization of $1.40 billion, a P/E ratio of -4.32 and a beta of 0.64. The stock has a 50-day moving average price of $7.30 and a 200 day moving average price of $6.95. Desktop Metal has a twelve month low of $4.03 and a twelve month high of $23.00.

Desktop Metal (NYSE:DM) last posted its quarterly earnings data on Thursday, May 9th. The pipeline company reported ($0.50) earnings per share for the quarter. Desktop Metal had a negative return on equity of 29.78% and a negative net margin of 170.77%. The business had revenue of $40.60 million for the quarter. During the same period in the previous year, the company earned ($1.10) earnings per share. On average, equities analysts expect that Desktop Metal will post -0.15 EPS for the current year.

Desktop Metal Company Profile

Desktop Metal, Inc manufactures and sells additive manufacturing technologies for engineers, designers, and manufacturers in the Americas, Europe, the Middle East, Africa, and the Asia- Pacific. The company offers Shop System, an entry-level metal 3D printing using binder jetting; X-series platform that provides binder jet 3D printing of specialty materials, including metals and ceramics, and tools; and P-Series offers high-speed metal 3D printing.