Origin Materials (NASDAQ:ORGN) Announces Earnings Results

Origin Materials (NASDAQ:ORGN) released its earnings results on Thursday. The financial services provider reported ($3.28) earnings per share for the quarter, missing the consensus estimate of ($2.40) by ($0.88), Zacks reports. Origin Materials had a negative net margin of 1,319.62% and a negative return on equity of 97.45%. The firm had revenue of $0.48 million during the quarter, compared to the consensus estimate of $29.10 million.

Origin Materials Stock Up 19.5%

Shares of NASDAQ:ORGN traded up $0.24 on Friday, hitting $1.47. 18,717,448 shares of the company’s stock were exchanged, compared to its average volume of 321,202. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.81 and a current ratio of 2.83. Origin Materials has a 1-year low of $1.22 and a 1-year high of $28.49. The company has a market capitalization of $7.98 million, a PE ratio of -0.03 and a beta of 1.26. The firm’s 50-day moving average is $2.65 and its 200 day moving average is $7.06.

Analysts Set New Price Targets

A number of brokerages have recently commented on ORGN. Wall Street Zen raised Origin Materials to a “sell” rating in a research report on Saturday, March 21st. Weiss Ratings reiterated a “sell (e+)” rating on shares of Origin Materials in a research report on Friday, March 27th. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Sell”.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of ORGN. Geode Capital Management LLC raised its stake in shares of Origin Materials by 13.0% in the 2nd quarter. Geode Capital Management LLC now owns 1,705,663 shares of the financial services provider’s stock valued at $824,000 after purchasing an additional 196,050 shares in the last quarter. Ameriprise Financial Inc. grew its holdings in Origin Materials by 112.2% during the second quarter. Ameriprise Financial Inc. now owns 75,387 shares of the financial services provider’s stock worth $36,000 after acquiring an additional 39,856 shares during the period. Osaic Holdings Inc. lifted its holdings in Origin Materials by 21.7% in the 2nd quarter. Osaic Holdings Inc. now owns 111,823 shares of the financial services provider’s stock valued at $54,000 after acquiring an additional 19,950 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Origin Materials by 4.1% during the 3rd quarter. Vanguard Group Inc. now owns 5,552,860 shares of the financial services provider’s stock valued at $2,882,000 after purchasing an additional 220,421 shares in the last quarter. Finally, Virtu Financial LLC bought a new position in shares of Origin Materials in the third quarter valued at $39,000. Institutional investors and hedge funds own 29.91% of the company’s stock.

Origin Materials Company Profile

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.