The buying and selling of stock by a company’s insider give investors a sense that the stock will rise or fall in the future. Desktop Metal Inc. shares valued at $525,231 were purchased by Fulop Ric on Mar 16. At $4.08 per share, Fulop Ric acquired 128,850 shares. The insider’s holdings grew to 20,223,999 shares worth approximately $48.94 million following the completion of this transaction.
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Also, Hindery Leo J. Jr. sold 300,000 shares, netting a total of over 1,517,490 in proceeds. Following the sale of shares at $5.06 each, the insider now holds 2,597,317 shares.
As published in a research note from Lake Street on January 10, 2022, Desktop Metal Inc. [DM] has been rated up from a Hold to a Buy and the price target has been revised to $5. This represents a 51.6% premium over Thursday’s closing price. Analysts at Lake Street upgraded the stock from ‘”a Hold”‘ to ‘”a Buy”‘ outlook in a report released in early January. As of November 16, 2021, Cross Research has decreased its “Buy” rating to a “Hold” for DM. Earlier on October 08, 2021, Oppenheimer initiated its rating. Their recommendation was “a Perform” for DM stock.
Analyzing DM’s Price Performance
On Thursday, Desktop Metal Inc. [NYSE: DM] rose 3.42% to $2.42. The stock’s lowest price that day was $2.33, but it reached a high of $2.50 in the same session. During the last five days, there has been a surge of approximately 13.08%. Over the course of the year, Desktop Metal Inc. shares have dropped approximately -51.11%. Shares of the company reached a 52-week high of $5.39 on 01/04/22 and a 52-week low of $1.26 on 05/10/22. A 50-day SMA is recorded $2.24, while a 200-day SMA reached $4.23. Nevertheless, trading volume fell to 3.43 million shares from 6.1 million shares the previous day.
Support And Resistance Levels for Desktop Metal Inc. (DM)
According to the 24-hour chart, there is a support level at 2.33, which, if violated, would cause prices to drop to 2.25. In the upper region, resistance lies at 2.50. The next price resistance is at 2.59. RSI (Relative Strength Index) is 54.19 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 0.01, which suggests the price will decrease in the coming days. Percent R is at 42.03%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.
Is Desktop Metal Inc. subject to short interest?
Stocks of Desktop Metal Inc. saw a sharp rise in short interest on Jul 14, 2022 jumping by 6.19 million shares to 62.34 million. Data from Yahoo Finance shows that the short interest on Jun 14, 2022 was 56.15 million shares. A jump of 9.93% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 9.62 of the overall float, the days-to-cover ratio (short ratio) jumped to 9.62.
Which companies own the most shares of Desktop Metal Inc. (DM)?
According to The Vanguard Group, Inc. filings, the company currently owns 19,157,369 shares, which is about 6.11% of the total DM shares outstanding. The investor’s shares have appreciated by 407,024 from its previous 13-F filing of 18750345.0 shares. With the completion of the sale transaction, BlackRock Fund Advisors’s stake is now worth $26,692,578. Koch Industries, Inc. reduced a 0.00% interest valued at $20.65 million while SSgA Funds Management, Inc. purchased a 232,111 stake. A total of 498,869 shares of Desktop Metal Inc. were bought by Group One Trading LP during the quarter, and 325,680 were bought by Geode Capital Management LLC. In its current portfolio, Susquehanna Financial Group LLLP holds 2,301,955 shares valued at $5.06 million.
In terms of Desktop Metal Inc. share price expectations, FactSet research, analysts set an average price target of $4.38 in the next 12 months, up nearly 81.62% from the previous closing price of $2.34. Analysts anticipate Desktop Metal Inc. stock to reach $7.00 by 2022, with the lowest price target being $2.00. In spite of this, 4 analysts ranked Desktop Metal Inc. stock as an Overweight at the end of 2022. On June 25, 2021, Credit Suisse assigned a price target of “a Neutral” to the stock and initiated coverage with a $14.