Pinnacle Associates Ltd. Buys 1,916,783 Shares of 3D Systems Corporation $DDD

Key Points

• Pinnacle Associates increased its 3D Systems stake by 561.7% in the third quarter, purchasing 1,916,783 additional shares to own 2,258,048 shares worth approximately $8.13 million, or 1.36% of the company.
• CEO Jeffrey Graves sold 115,500 shares at an average price of $3.26, reducing his ownership by 8.08%; institutional investors and hedge funds collectively own 64.49% of 3D Systems.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $5.50. In its latest quarter, 3D Systems reported a smaller-than-expected loss of $0.04 per share and revenue of $94.6 million.

Pinnacle Associates Ltd. grew its stake in 3D Systems Corporation (NYSE:DDD - Free Report) by 561.7% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,258,048 shares of the 3D printing company's stock after buying an additional 1,916,783 shares during the period. Pinnacle Associates Ltd. owned approximately 1.36% of 3D Systems worth $8,129,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. CWA Asset Management Group LLC increased its holdings in shares of 3D Systems by 14.1% during the 3rd quarter. CWA Asset Management Group LLC now owns 28,292 shares of the 3D printing company's stock valued at $102,000 after acquiring an additional 3,500 shares during the last quarter. NewEdge Advisors LLC raised its stake in shares of 3D Systems by 87.4% in the 2nd quarter. NewEdge Advisors LLC now owns 11,873 shares of the 3D printing company's stock valued at $36,000 after acquiring an additional 5,538 shares in the last quarter. Patriot Financial Group Insurance Agency LLC raised its stake in shares of 3D Systems by 130.8% in the 1st quarter. Patriot Financial Group Insurance Agency LLC now owns 30,000 shares of the 3D printing company's stock valued at $56,000 after acquiring an additional 17,000 shares in the last quarter. WINTON GROUP Ltd bought a new position in shares of 3D Systems in the 2nd quarter valued at approximately $56,000. Finally, Headlands Technologies LLC lifted its holdings in 3D Systems by 217.7% in the 2nd quarter. Headlands Technologies LLC now owns 47,786 shares of the 3D printing company's stock worth $144,000 after purchasing an additional 32,744 shares during the last quarter. Institutional investors and hedge funds own 64.49% of the company's stock.

Insider Activity at 3D Systems

In other news, CEO Jeffrey Graves sold 115,500 shares of 3D Systems stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $3.26, for a total value of $376,530.00. Following the transaction, the chief executive officer directly owned 1,314,241 shares in the company, valued at approximately $4,284,425.66. The trade was a 8.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 3.99% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on DDD. Craig Hallum raised 3D Systems from a "hold" rating to a "buy" rating and set a $6.00 target price for the company in a research report on Tuesday, August 4th. Weiss Ratings downgraded 3D Systems from a "sell (d+)" rating to a "sell (d-)" rating in a report on Tuesday, August 4th. Three research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $5.50.

3D Systems Stock Performance

Shares of DDD opened at $3.01 on Thursday. The company has a market capitalization of $500.11 million, a PE ratio of -7.34 and a beta of 2.77. 3D Systems Corporation has a one year low of $1.70 and a one year high of $4.12. The company has a debt-to-equity ratio of 0.32, a current ratio of 3.40 and a quick ratio of 2.27. The company's fifty day moving average price is $3.35 and its 200 day moving average price is $3.02.

3D Systems (NYSE:DDD - Get Free Report) last released its earnings results on Monday, August 3rd. The 3D printing company reported ($0.04) earnings per share for the quarter, topping analysts' consensus estimates of ($0.06) by $0.02. 3D Systems had a negative net margin of 14.15% and a negative return on equity of 19.56%. The firm had revenue of $94.60 million during the quarter, compared to analyst estimates of $94.01 million. As a group, analysts expect that 3D Systems Corporation will post -0.23 earnings per share for the current year.

3D Systems Company Profile

3D Systems Corporation NYSE: DDD develops and provides additive manufacturing technologies, commonly known as 3D printing. The company serves industrial and healthcare customers with systems designed to produce prototypes, production parts, models, and customized components.

Its offerings include 3D printers, printing materials, software, and related services. The company supports multiple additive manufacturing processes and materials, including polymer and metal-based technologies, and provides design, engineering, production, and healthcare solutions for applications such as aerospace, automotive, medical devices, dental products, and industrial manufacturing.

Founded in 1986 by Chuck Hull, the inventor of stereolithography, 3D Systems is widely recognized as one of the pioneers of commercial 3D printing.

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