Desktop Metal (NYSE:DM) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Thursday, Zacks.com reports. The firm presently has a $8.50 target price on the pipeline company’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 9.40% from the company’s current price.
According to Zacks, “Desktop Metal Inc. provides mass production and turnkey additive manufacturing solutions. It offers metal 3D printing technology. Desktop Metal Inc., formerly known as Trine Acquisition Corp., is based in New York, United States. “
Several other equities analysts also recently weighed in on the stock. Credit Suisse Group began coverage on shares of Desktop Metal in a report on Friday, June 25th. They set a “neutral” rating and a $14.00 target price for the company. Lake Street Capital dropped their target price on shares of Desktop Metal from $11.00 to $9.00 and set a “sell” rating for the company in a report on Monday, July 12th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Desktop Metal presently has a consensus rating of “Hold” and an average target price of $18.75.
Desktop Metal (NYSE:DM) last announced its quarterly earnings data on Wednesday, August 11th. The pipeline company reported ($0.08) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.10) by $0.02. Research analysts forecast that Desktop Metal will post -0.18 earnings per share for the current fiscal year.
Hedge funds and other institutional investors have recently modified their holdings of the company. Edmond DE Rothschild Holding S.A. purchased a new stake in shares of Desktop Metal during the second quarter worth about $29,000. Rockefeller Capital Management L.P. grew its holdings in shares of Desktop Metal by 269.4% during the second quarter. Rockefeller Capital Management L.P. now owns 2,933 shares of the pipeline company’s stock worth $33,000 after buying an additional 2,139 shares in the last quarter. Itau Unibanco Holding S.A. purchased a new stake in shares of Desktop Metal during the second quarter worth about $35,000. Sterling Investment Advisors Ltd. grew its holdings in shares of Desktop Metal by 3,200.0% during the second quarter. Sterling Investment Advisors Ltd. now owns 3,300 shares of the pipeline company’s stock worth $38,000 after buying an additional 3,200 shares in the last quarter. Finally, Ameritas Investment Partners Inc. purchased a new stake in shares of Desktop Metal during the second quarter worth about $75,000. Institutional investors and hedge funds own 44.50% of the company’s stock.
Desktop Metal Company Profile
Desktop Metal, Inc manufactures and sells additive manufacturing solutions 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 turnkey binder jetting platform for machine and job shops; Studio System, an office metal 3D printing system; and Fiber, a desktop 3D printer.
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