Desktop Metal, Inc. (NYSE:DM)’s share price was down 5.1% during mid-day trading on Thursday . The stock traded as low as $9.06 and last traded at $9.07. Approximately 44,652 shares were traded during mid-day trading, a decline of 99% from the average daily volume of 5,746,540 shares. The stock had previously closed at $9.56.
Several equities research analysts recently commented on the stock. Zacks Investment Research upgraded shares of Desktop Metal from a “sell” rating to a “hold” rating in a research note on Tuesday, June 15th. Credit Suisse Group began coverage on Desktop Metal in a research report on Friday, June 25th. They issued a “neutral” rating and a $14.00 target price for the company. Finally, Lake Street Capital cut their price target on Desktop Metal from $11.00 to $9.00 and set a “sell” rating on the stock in a research report on Monday, July 12th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $20.80.
The company has a fifty day moving average price of $12.13.
In other news, Director Wen Hsuan Hsieh sold 125,000 shares of the business’s stock in a transaction dated Monday, June 14th. The shares were sold at an average price of $12.60, for a total transaction of $1,575,000.00. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 19.25% of the company’s stock.
Hedge funds have recently modified their holdings of the company. BlackRock Inc. acquired a new stake in shares of Desktop Metal in the 1st quarter valued at approximately $31,831,000. Zevenbergen Capital Investments LLC acquired a new stake in Desktop Metal in the first quarter valued at $18,367,000. ARK Investment Management LLC acquired a new stake in Desktop Metal in the first quarter valued at $15,355,000. Morgan Stanley boosted its position in shares of Desktop Metal by 255.6% during the 1st quarter. Morgan Stanley now owns 1,015,412 shares of the pipeline company’s stock worth $15,130,000 after purchasing an additional 729,827 shares in the last quarter. Finally, Geode Capital Management LLC grew its stake in shares of Desktop Metal by 6,144.4% during the 1st quarter. Geode Capital Management LLC now owns 936,654 shares of the pipeline company’s stock worth $13,956,000 after purchasing an additional 921,654 shares during the period. 38.60% of the stock is owned by institutional investors and hedge funds.
Desktop Metal Company Profile (NYSE:DM)
Desktop Metal, Inc manufactures and sells additive manufacturing solutions for engineers, designers, and manufacturers in the Americas, Europe, the Middle East, Africa, and the Asia- Pacific. The company offers Production System, an industrial manufacturing solution; Shop System, a turnkey binder jetting platform for machine and job shops; Studio System, an office metal 3D printing system; and Fiber, a desktop 3D printer.
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