Desktop Metal (NYSE:DM) Hits New 12-Month Low at $4.23

Desktop Metal, Inc. (NYSE:DM)’s share price reached a new 52-week low on Friday . The stock traded as low as $4.23 and last traded at $4.26, with a volume of 175809 shares traded. The stock had previously closed at $4.35.

Several research analysts have recently weighed in on DM shares. Cross Research downgraded shares of Desktop Metal from a “buy” rating to a “hold” rating in a research report on Tuesday, November 16th. Zacks Investment Research cut shares of Desktop Metal from a “hold” rating to a “sell” rating in a research note on Friday, November 19th. Credit Suisse Group initiated coverage on shares of Desktop Metal in a research note on Wednesday, November 17th. They issued a “neutral” rating for the company. Lake Street Capital upgraded shares of Desktop Metal from a “hold” rating to a “buy” rating and set a $5.00 target price for the company in a research note on Monday. Finally, Stifel Nicolaus reduced their target price on shares of Desktop Metal from $14.00 to $11.00 and set a “buy” rating for the company in a research note on Tuesday, November 16th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $12.79.

The stock’s 50-day moving average is $6.03 and its 200-day moving average is $7.62. The company has a debt-to-equity ratio of 0.01, a quick ratio of 9.12 and a current ratio of 9.78.

Desktop Metal (NYSE:DM) last announced its earnings results on Monday, November 15th. The pipeline company reported ($0.14) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.08) by ($0.06). Desktop Metal had a negative return on equity of 2.76% and a negative net margin of 215.54%. The company had revenue of $25.44 million for the quarter, compared to the consensus estimate of $28.05 million. On average, analysts expect that Desktop Metal, Inc. will post -0.35 EPS for the current fiscal year.

In related news, Director Leo J. Jr. Hindery sold 300,000 shares of the business’s stock in a transaction on Monday, December 27th. The shares were sold at an average price of $5.06, for a total transaction of $1,518,000.00. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 19.25% of the company’s stock.

A number of institutional investors have recently made changes to their positions in the business. BlackRock Inc. lifted its position in Desktop Metal by 199.3% during the 2nd quarter. BlackRock Inc. now owns 6,394,499 shares of the pipeline company’s stock worth $73,535,000 after buying an additional 4,258,133 shares in the last quarter. Vanguard Group Inc. lifted its position in Desktop Metal by 37.4% during the 2nd quarter. Vanguard Group Inc. now owns 13,465,705 shares of the pipeline company’s stock valued at $154,855,000 after purchasing an additional 3,663,875 shares during the period. Morgan Stanley lifted its position in Desktop Metal by 302.7% during the 2nd quarter. Morgan Stanley now owns 4,089,552 shares of the pipeline company’s stock valued at $47,030,000 after purchasing an additional 3,074,140 shares during the period. State Street Corp lifted its position in Desktop Metal by 2,930.3% during the 2nd quarter. State Street Corp now owns 2,212,127 shares of the pipeline company’s stock valued at $25,439,000 after purchasing an additional 2,139,127 shares during the period. Finally, Two Sigma Investments LP acquired a new position in Desktop Metal during the 3rd quarter valued at about $14,253,000. 39.11% of the stock is currently owned by hedge funds and other institutional investors.

About Desktop Metal (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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