Desktop Metal, Inc. (NYSE:DM – Get Rating)’s share price gapped down before the market opened on Thursday after Credit Suisse Group lowered their price target on the stock from $2.70 to $2.30. The stock had previously closed at $2.19, but opened at $1.94. Credit Suisse Group currently has a neutral rating on the stock. Desktop Metal shares last traded at $2.00, with a volume of 49,195 shares.
Several other research firms also recently issued reports on DM. Benchmark dropped their price objective on Desktop Metal to $6.00 in a report on Monday, August 15th. Craig Hallum boosted their price target on Desktop Metal to $2.50 in a report on Monday, August 15th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, Desktop Metal currently has an average rating of “Hold” and an average target price of $4.36.
Institutional Investors Weigh In On Desktop Metal
Institutional investors and hedge funds have recently modified their holdings of the stock. B & T Capital Management DBA Alpha Capital Management raised its position in Desktop Metal by 545.7% during the first quarter. B & T Capital Management DBA Alpha Capital Management now owns 72,743 shares of the pipeline company’s stock valued at $345,000 after buying an additional 61,478 shares during the period. Daiwa Securities Group Inc. increased its position in Desktop Metal by 45.7% in the 1st quarter. Daiwa Securities Group Inc. now owns 21,580 shares of the pipeline company’s stock worth $102,000 after purchasing an additional 6,773 shares during the last quarter. SG Americas Securities LLC increased its position in Desktop Metal by 557.1% in the 1st quarter. SG Americas Securities LLC now owns 77,002 shares of the pipeline company’s stock worth $365,000 after purchasing an additional 65,283 shares during the last quarter. Steward Partners Investment Advisory LLC increased its position in Desktop Metal by 32.1% in the 1st quarter. Steward Partners Investment Advisory LLC now owns 28,819 shares of the pipeline company’s stock worth $137,000 after purchasing an additional 7,004 shares during the last quarter. Finally, CENTRAL TRUST Co acquired a new position in Desktop Metal in the 1st quarter worth about $95,000. 36.62% of the stock is owned by institutional investors and hedge funds.
Desktop Metal Stock Performance
The company has a current ratio of 4.32, a quick ratio of 3.37 and a debt-to-equity ratio of 0.13. The firm has a 50-day simple moving average of $2.74 and a two-hundred day simple moving average of $2.62. The company has a market capitalization of $646.92 million, a price-to-earnings ratio of -1.21 and a beta of 0.35.
Desktop Metal (NYSE:DM – Get Rating) last released its quarterly earnings results on Monday, August 8th. The pipeline company reported ($0.16) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.07). The company had revenue of $57.67 million for the quarter, compared to the consensus estimate of $55.70 million. Desktop Metal had a negative return on equity of 17.56% and a negative net margin of 275.35%. As a group, sell-side analysts forecast that Desktop Metal, Inc. will post -0.47 earnings per share for the current fiscal year.
Desktop Metal Company Profile
Desktop Metal, Inc engages in manufacture and sale of additive manufacturing technologies 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 mid-volume binder jetting platform; X-series platform for serial production binder jet 3D printed metal, ceramic, or composite parts, balancing speed, and quality; and Studio System, an office metal 3D printing system; and Fiber platform that offers a desktop 3D printer.