Desktop Metal, Inc. (NYSE:DM) Sees Significant Decrease in Short Interest

Desktop Metal, Inc. (NYSE:DM) was the target of a significant decrease in short interest in July. As of July 15th, there was short interest totalling 3,900,000 shares, a decrease of 36.0% from the June 30th total of 6,090,000 shares. Currently, 14.8% of the shares of the stock are sold short. Based on an average daily trading volume, of 666,400 shares, the days-to-cover ratio is currently 5.9 days.

Desktop Metal Stock Performance

Shares of NYSE:DM remained flat at $4.85 during trading on Monday. The stock had a trading volume of 147,790 shares, compared to its average volume of 495,281. The firm’s 50-day simple moving average is $4.91 and its two-hundred day simple moving average is $6.35. Desktop Metal has a 52-week low of $3.62 and a 52-week high of $19.90. The stock has a market capitalization of $160.24 million, a price-to-earnings ratio of -0.49 and a beta of 0.61. The company has a quick ratio of 1.64, a current ratio of 2.83 and a debt-to-equity ratio of 0.57.

Desktop Metal (NYSE:DM) last announced its quarterly earnings results on Thursday, May 9th. The pipeline company reported ($0.50) EPS for the quarter. Desktop Metal had a negative return on equity of 29.78% and a negative net margin of 170.77%. The business had revenue of $40.60 million during the quarter. During the same period last year, the firm earned ($1.10) earnings per share. On average, sell-side analysts predict that Desktop Metal will post -1.46 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Desktop Metal news, CFO Jason M. Cole sold 18,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $6.20, for a total value of $111,600.00. Following the completion of the sale, the chief financial officer now owns 87,168 shares of the company’s stock, valued at $540,441.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 14.22% of the stock is owned by insiders.

Institutional Trading of Desktop Metal

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. SG Americas Securities LLC raised its holdings in Desktop Metal by 4,740.2% in the first quarter. SG Americas Securities LLC now owns 954,349 shares of the pipeline company’s stock worth $840,000 after purchasing an additional 934,632 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in Desktop Metal by 66.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 397,277 shares of the pipeline company’s stock worth $350,000 after purchasing an additional 158,872 shares in the last quarter. Summit Financial LLC raised its holdings in Desktop Metal by 8.8% in the first quarter. Summit Financial LLC now owns 344,574 shares of the pipeline company’s stock worth $303,000 after purchasing an additional 27,754 shares in the last quarter. Cetera Advisors LLC bought a new position in Desktop Metal in the first quarter worth $281,000. Finally, Keating Investment Counselors Inc. bought a new position in Desktop Metal in the first quarter worth $72,000. Hedge funds and other institutional investors own 56.31% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. Craig Hallum reissued a “hold” rating on shares of Desktop Metal in a research note on Monday, July 1st. Cantor Fitzgerald reissued a “neutral” rating and set a $5.50 price objective (down previously from $12.50) on shares of Desktop Metal in a research note on Monday, July 8th. Finally, StockNews.com assumed coverage on Desktop Metal in a research note on Tuesday, June 18th. They set a “sell” rating for the company.

Desktop Metal Company Profile

Desktop Metal, Inc manufactures and sells additive manufacturing technologies for engineers, designers, and manufacturers in the Americas, Europe, the Middle East, Africa, and the Asia- Pacific. The company offers Shop System, an entry-level metal 3D printing using binder jetting; X-series platform that provides binder jet 3D printing of specialty materials, including metals and ceramics, and tools; and P-Series offers high-speed metal 3D printing.