Origin Materials, Inc. (NASDAQ:ORGN) Sees Large Drop in Short Interest

Origin Materials, Inc. (NASDAQ:ORGN - Get Free Report) was the recipient of a significant drop in short interest in the month of April. As of April 15th, there was short interest totalling 3,300,000 shares, a drop of 40.2% from the March 31st total of 5,520,000 shares. Based on an average daily trading volume, of 1,340,000 shares, the short-interest ratio is currently 2.5 days. Currently, 2.4% of the company's stock are short sold.

Wall Street Analyst Weigh In

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

Origin Materials Stock Up 3.4 %

Shares of NASDAQ ORGN traded up $0.02 during midday trading on Friday, reaching $0.70. 778,284 shares of the company's stock traded hands, compared to its average volume of 1,489,027. The company has a market cap of $104.80 million, a price-to-earnings ratio of -1.23 and a beta of 0.98. The stock's 50 day simple moving average is $0.72 and its 200-day simple moving average is $0.98. Origin Materials has a one year low of $0.42 and a one year high of $1.90.

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

Hedge Funds Weigh In On Origin Materials

A number of large investors have recently added to or reduced their stakes in ORGN. Rehmann Capital Advisory Group purchased a new position in shares of Origin Materials in the 1st quarter worth approximately $406,000. Two Sigma Advisers LP acquired a new stake in Origin Materials in the fourth quarter valued at approximately $85,000. Two Sigma Investments LP boosted its stake in Origin Materials by 8.7% in the fourth quarter. Two Sigma Investments LP now owns 317,844 shares of the financial services provider's stock valued at $407,000 after acquiring an additional 25,412 shares in the last quarter. OMERS ADMINISTRATION Corp purchased a new position in Origin Materials in the fourth quarter worth $330,000. Finally, Millennium Management LLC increased its position in shares of 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 worth $2,587,000 after purchasing an additional 751,632 shares in the last quarter. 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.