Origin Materials, Inc. (NASDAQ:ORGN) Sees Significant Increase in Short Interest

Origin Materials, Inc. (NASDAQ:ORGN) was the recipient of a large increase in short interest during the month of November. As of November 15th, there was short interest totalling 6,030,000 shares, an increase of 54.6% from the October 31st total of 3,900,000 shares. Currently, 4.8% of the company’s shares are sold short. Based on an average daily trading volume, of 1,210,000 shares, the days-to-cover ratio is presently 5.0 days.

Insider Transactions at Origin Materials

In other news, CEO Richard J. Riley purchased 300,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 20th. The shares were bought at an average cost of $1.00 per share, for a total transaction of $300,000.00. Following the completion of the transaction, the chief executive officer now directly owns 749,083 shares of the company’s stock, valued at $749,083. This trade represents a 66.80 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Matthew T. Plavan sold 120,000 shares of Origin Materials stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $1.32, for a total value of $158,400.00. Following the sale, the chief financial officer now owns 1,223,088 shares in the company, valued at $1,614,476.16. This represents a 8.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 17.49% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of ORGN. Vanguard Personalized Indexing Management LLC purchased a new position in shares of Origin Materials in the second quarter worth $31,000. US Bancorp DE raised its stake in shares of Origin Materials by 464.0% in the third quarter. US Bancorp DE now owns 28,200 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 23,200 shares during the last quarter. Moss Adams Wealth Advisors LLC purchased a new position in shares of Origin Materials in the second quarter worth $45,000. Point72 DIFC Ltd purchased a new position in shares of Origin Materials in the second quarter worth $50,000. Finally, AQR Capital Management LLC increased its position in Origin Materials by 352.9% during the second quarter. AQR Capital Management LLC now owns 98,969 shares of the financial services provider’s stock valued at $89,000 after acquiring an additional 77,119 shares during the last quarter. Hedge funds and other institutional investors own 29.91% of the company’s stock.

Origin Materials Stock Up 1.6 %

NASDAQ:ORGN traded up $0.02 during trading hours on Friday, reaching $1.24. 578,430 shares of the company traded hands, compared to its average volume of 1,697,038. The business’s 50-day moving average price is $1.37 and its two-hundred day moving average price is $1.20. Origin Materials has a 1 year low of $0.44 and a 1 year high of $1.90.

Wall Street Analyst Weigh In

Separately, Bank of America upgraded Origin Materials from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $1.35 to $3.00 in a research note on Friday, August 16th.

About Origin Materials

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.