Origin Materials (NASDAQ:ORGN) Stock Crosses Below Two Hundred Day Moving Average - What's Next?

Origin Materials, Inc. (NASDAQ:ORGN - Get Free Report) crossed below its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $1.03 and traded as low as $0.60. Origin Materials shares last traded at $0.65, with a volume of 492,991 shares traded.

Wall Street Analysts Forecast Growth

Separately, Bank of America cut shares of Origin Materials from a "buy" rating to an "underperform" rating and reduced their price objective for the stock from $2.50 to $1.50 in a research note on Tuesday, January 14th.

Origin Materials Stock Down 10.6 %

The stock's 50 day moving average price is $0.74 and its 200-day moving average price is $1.01. The stock has a market capitalization of $113.21 million, a PE ratio of -1.33 and a beta of 0.99.

Origin Materials (NASDAQ:ORGN - Get Free Report) last posted its earnings results on Thursday, March 13th. The financial services provider reported ($0.09) earnings per share for the quarter, beating the consensus estimate of ($0.11) by $0.02. The company had revenue of $9.22 million during the quarter, compared to analysts' expectations of $9.08 million. Origin Materials had a negative net margin of 229.52% and a negative return on equity of 21.26%. On average, analysts forecast that Origin Materials, Inc. will post -0.6 earnings per share for the current year.

Hedge Funds Weigh In On Origin Materials

Several institutional investors have recently bought and sold shares of ORGN. Renaissance Technologies LLC grew its stake in Origin Materials by 193.8% during the fourth quarter. Renaissance Technologies LLC now owns 1,153,200 shares of the financial services provider's stock valued at $1,476,000 after acquiring an additional 760,700 shares in the last quarter. Millennium Management LLC grew its stake in Origin Materials by 59.2% during the fourth quarter. Millennium Management LLC now owns 2,021,132 shares of the financial services provider's stock valued at $2,587,000 after acquiring an additional 751,632 shares in the last quarter. Marshall Wace LLP purchased a new position in Origin Materials during the fourth quarter valued at $783,000. Janus Henderson Group PLC purchased a new position in Origin Materials during the fourth quarter valued at $335,000. Finally, OMERS ADMINISTRATION Corp purchased a new position in Origin Materials during the fourth quarter valued at $330,000. 29.91% of the stock is 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.