Desktop Metal (NYSE:DM) Share Price Crosses Above 50-Day Moving Average of $0.73

Desktop Metal, Inc. (NYSE:DM) shares crossed above its 50 day moving average during trading on Friday . The stock has a 50 day moving average of $0.73 and traded as high as $0.87. Desktop Metal shares last traded at $0.85, with a volume of 3,638,826 shares changing hands.

Analysts Set New Price Targets

A number of research firms recently weighed in on DM. StockNews.com began coverage on shares of Desktop Metal in a research report on Saturday, March 2nd. They set a “sell” rating on the stock. Cantor Fitzgerald began coverage on shares of Desktop Metal in a report on Wednesday, February 28th. They set an “overweight” rating and a $1.25 price objective for the company.

Desktop Metal Price Performance

The business’s fifty day moving average is $0.73 and its 200-day moving average is $0.79. The company has a debt-to-equity ratio of 0.47, a current ratio of 3.08 and a quick ratio of 1.90. The firm has a market cap of $280.74 million, a PE ratio of -0.86 and a beta of 0.68.

Desktop Metal (NYSE:DM) last posted its quarterly earnings data on Friday, March 15th. The pipeline company reported ($0.05) earnings per share (EPS) for the quarter. Desktop Metal had a negative return on equity of 29.25% and a negative net margin of 170.41%. The company had revenue of $52.35 million for the quarter. During the same period in the previous year, the business earned ($0.11) EPS. On average, research analysts predict that Desktop Metal, Inc. will post -0.15 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Desktop Metal

Several large investors have recently modified their holdings of the business. Prudential Financial Inc. increased its stake in shares of Desktop Metal by 29.8% in the second quarter. Prudential Financial Inc. now owns 16,244 shares of the pipeline company’s stock worth $36,000 after purchasing an additional 3,730 shares in the last quarter. Envestnet Asset Management Inc. boosted its position in shares of Desktop Metal by 25.5% in the second quarter. Envestnet Asset Management Inc. now owns 23,749 shares of the pipeline company’s stock valued at $52,000 after acquiring an additional 4,832 shares during the period. Rockefeller Capital Management L.P. boosted its position in shares of Desktop Metal by 25.6% in the fourth quarter. Rockefeller Capital Management L.P. now owns 24,500 shares of the pipeline company’s stock valued at $33,000 after acquiring an additional 5,000 shares during the period. The Manufacturers Life Insurance Company boosted its position in shares of Desktop Metal by 7.8% in the fourth quarter. The Manufacturers Life Insurance Company now owns 107,265 shares of the pipeline company’s stock valued at $146,000 after acquiring an additional 7,757 shares during the period. Finally, Price T Rowe Associates Inc. MD boosted its position in shares of Desktop Metal by 4.3% in the second quarter. Price T Rowe Associates Inc. MD now owns 204,744 shares of the pipeline company’s stock valued at $450,000 after acquiring an additional 8,411 shares during the period. Hedge funds and other institutional investors own 56.31% of the company’s stock.

About Desktop Metal

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.