Origin Materials (NASDAQ:ORGN) Raised to Buy at Bank of America

Bank of America upgraded shares of Origin Materials (NASDAQ:ORGN) from a neutral rating to a buy rating in a research note issued to investors on Friday, Marketbeat reports. They currently have $3.00 price target on the financial services provider’s stock, up from their prior price target of $1.35.

Origin Materials Stock Up 30.0 %

NASDAQ ORGN opened at $1.43 on Friday. Origin Materials has a 52 week low of $0.44 and a 52 week high of $1.58. The company has a quick ratio of 12.54, a current ratio of 12.60 and a debt-to-equity ratio of 0.01. The company has a market capitalization of $210.24 million, a P/E ratio of -143,000.00 and a beta of 0.92. The stock’s 50-day moving average price is $0.93 and its 200-day moving average price is $0.79.

Hedge Funds Weigh In On Origin Materials

A number of hedge funds have recently modified their holdings of the company. Vanguard Personalized Indexing Management LLC bought a new stake in shares of Origin Materials during the 2nd quarter valued at $31,000. Moss Adams Wealth Advisors LLC bought a new stake in Origin Materials during the second quarter valued at about $45,000. Point72 DIFC Ltd bought a new stake in Origin Materials during the second quarter valued at about $50,000. AQR Capital Management LLC lifted its position 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 valued at $89,000 after acquiring an additional 77,119 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Origin Materials in the second quarter worth about $155,000. 29.91% of the stock is currently owned by 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.