Origin Materials (NASDAQ:ORGN) Stock Passes Below 200 Day Moving Average After Earnings Miss

Origin Materials, Inc. (NASDAQ:ORGN)’s share price passed below its 200-day moving average during trading on Thursday following a dissappointing earnings announcement. The stock has a 200-day moving average of $7.06 and traded as low as $1.23. Origin Materials shares last traded at $1.23, with a volume of 537,951 shares changing hands.

The financial services provider reported ($3.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($2.40) by ($0.88). Origin Materials had a negative net margin of 1,319.62% and a negative return on equity of 97.45%.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Weiss Ratings restated a “sell (e+)” rating on shares of Origin Materials in a report on Friday, March 27th. Wall Street Zen upgraded shares of Origin Materials to a “sell” rating in a report on Saturday, March 21st. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, Origin Materials presently has an average rating of “Sell”.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings in shares of Origin Materials by 4.1% in the third quarter. Vanguard Group Inc. now owns 5,552,860 shares of the financial services provider’s stock valued at $2,882,000 after buying an additional 220,421 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Origin Materials by 13.0% in the second quarter. Geode Capital Management LLC now owns 1,705,663 shares of the financial services provider’s stock valued at $824,000 after buying an additional 196,050 shares during the period. Renaissance Technologies LLC boosted its holdings in shares of Origin Materials by 756.3% in the fourth quarter. Renaissance Technologies LLC now owns 1,215,063 shares of the financial services provider’s stock valued at $257,000 after buying an additional 1,073,163 shares during the period. Jacobs Levy Equity Management Inc. boosted its holdings in shares of Origin Materials by 848.8% in the third quarter. Jacobs Levy Equity Management Inc. now owns 623,460 shares of the financial services provider’s stock valued at $323,000 after buying an additional 557,747 shares during the period. Finally, Goldman Sachs Group Inc. boosted its holdings in shares of Origin Materials by 157.3% in the fourth quarter. Goldman Sachs Group Inc. now owns 279,903 shares of the financial services provider’s stock valued at $59,000 after buying an additional 171,105 shares during the period. Institutional investors and hedge funds own 29.91% of the company’s stock.

Origin Materials Price Performance

The company has a market cap of $6.68 million, a price-to-earnings ratio of -0.02 and a beta of 1.26. The company has a quick ratio of 2.81, a current ratio of 2.83 and a debt-to-equity ratio of 0.04. The company’s fifty day moving average price is $2.65 and its two-hundred day moving average price is $7.06.

About Origin Materials

Origin Materials, Inc is a cleantech company focused on producing sustainable chemicals and materials from renewable biomass rather than fossil feedstocks. The company’s core technology platform converts wood chips and other lignocellulosic feedstocks into a versatile intermediate called CMF (chloromethylfurfural), which can be further processed into a range of building?block chemicals used in applications such as packaging, coatings and performance fibers. By offering a drop?in alternative to petrochemical precursors, Origin Materials aims to reduce carbon emissions and environmental impact across multiple industries.

The company operates a demonstration facility in Sarnia, Ontario, where it validates its conversion process at scale and produces sample volumes of bio?based intermediates.