Origin Materials (NASDAQ:ORGN) Downgraded to Underperform Rating by Bank of America

Bank of America lowered shares of Origin Materials (NASDAQ:ORGN) from a buy rating to an underperform rating in a research report released on Tuesday, MarketBeat reports. The firm currently has $1.50 price target on the financial services provider’s stock, down from their previous price target of $2.50.

Origin Materials Trading Down 8.1 %

Shares of ORGN opened at $1.02 on Tuesday. The firm has a fifty day simple moving average of $1.17 and a two-hundred day simple moving average of $1.23. The firm has a market cap of $149.18 million, a PE ratio of -1.79 and a beta of 0.92. Origin Materials has a 1-year low of $0.44 and a 1-year high of $1.90.

Insiders Place Their Bets

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 shares were sold at an average price of $1.32, for a total value of $158,400.00. Following the transaction, the chief financial officer now directly owns 1,223,088 shares in the company, valued at approximately $1,614,476.16. This trade represents a 8.93 % decrease in their ownership of the stock. The transaction 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 the business’s stock in a transaction dated Wednesday, November 20th. The shares were acquired at an average cost of $1.00 per share, with a total value of $300,000.00. Following the transaction, the chief executive officer now owns 749,083 shares in the company, valued at approximately $749,083. This trade represents a 66.80 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 309,525 shares of company stock valued at $358,045. Insiders own 17.49% of the company’s stock.

Hedge Funds Weigh In On Origin Materials

Institutional investors and hedge funds have recently bought and sold shares of the stock. PBMares Wealth Management LLC raised its stake in shares of Origin Materials by 14.0% in the third quarter. PBMares Wealth Management LLC now owns 65,000 shares of the financial services provider’s stock worth $100,000 after buying an additional 8,000 shares during the period. State Street Corp increased its holdings in Origin Materials by 2.1% in the 3rd quarter. State Street Corp now owns 480,194 shares of the financial services provider’s stock worth $739,000 after acquiring an additional 10,000 shares in the last quarter. HighTower Advisors LLC raised its stake in Origin Materials by 1.3% during the 3rd quarter. HighTower Advisors LLC now owns 1,045,038 shares of the financial services provider’s stock worth $1,608,000 after acquiring an additional 12,985 shares during the period. RBF Capital LLC lifted its holdings in Origin Materials by 10.2% during the third quarter. RBF Capital LLC now owns 176,314 shares of the financial services provider’s stock valued at $272,000 after purchasing an additional 16,314 shares in the last quarter. Finally, US Bancorp DE boosted its position in shares of Origin Materials by 464.0% in the third quarter. US Bancorp DE now owns 28,200 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 23,200 shares during the period. 29.91% of the stock is currently owned by hedge funds and other institutional investors.

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.