The Vanguard Group, Inc. recently announced the acquisition of new stake in Desktop Metal Inc. (NYSE:DM). The institutional investor has increased its shareholding in the Technology company by 1.69% to 21.66 million shares with purchase of 0.36 million shares. This fresh investment now brings its stake to 6.80% valued currently at $47.66 million. In addition, BlackRock Fund Advisors raised its holdings by 0.15 million to 16.95 million shares. And Janus Henderson Investors US LLC has lifted its position by 0.01% or 891.0 shares – to 6.73 million shares.
With over 3.31 million Desktop Metal Inc. (DM) shares trading Friday and a closing price of $1.71 on the day, the dollar volume was approximately $5.67 million. The shares have shown a negative half year performance of -26.61% and its price on 05/19/23 lost nearly -2.84%. Currently, there are 319.10M common shares owned by the public and among those 283.70M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 5 analysts who have offered their price forecasts for DM have a consensus price objective of $1.88. The analysts have set the share’s price value over the next 12 months at a high of $2.00 and a low of $1.60. The average price target is 31.6% above its recent price level and a downside to the estimated low will see the stock lose -6.87% over that period. But an upside of 14.5% will see the stock hit the forecast high price target while median target price for the stock is $1.95.
The top 3 mutual fund holders in Desktop Metal Inc. are Vanguard Total Stock Market ETF, Vanguard Small Cap Index Fund, and Janus Henderson Triton Fund. Vanguard Total Stock Market ETF owns 7.35 million shares of the company’s stock, all valued at over $16.17 million. The company bought an additional 0.35 million shares recently to bring their total holdings to about 2.31% of the shares outstanding. Vanguard Small Cap Index Fund bought 22998.0 shares to see its total holdings expand to 6.23 million shares valued at over $13.71 million and representing 1.96% of the shares outstanding. Janus Henderson Triton Fund now owns shares totaling to 1.95% of the shares outstanding.
Shares of Desktop Metal Inc. (NYSE: DM) opened at $1.77, up $0.01 from a prior closing price of $1.76. However, the script later moved the day high at 1.8000, down -2.84%. The company’s stock has a 5-day price change of 0.00% and -3.93% over the past three months. DM shares are trading 25.74% year to date (YTD), with the 12-month market performance down to -14.93% lower. It has a 12-month low price of $1.13 and touched a high of $3.65 over the same period. DM has an average intraday trading volume of 4.10 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -11.56%, -17.63%, and -22.92% respectively.
Institutional ownership of Desktop Metal Inc. (NYSE: DM) shares accounts for 49.80% of the company’s 319.10M shares outstanding. Mutual fund holders own 19.74%, while other institutional holders and individual stakeholders account for 22.25% and 15.58% respectively.
It has a market capitalization of $565.80M and a beta (3y monthly) value of 0.66. The earnings-per-share (ttm) stands at -$2.29. Price movements for the stock have been influenced by the stock’s volatility, which stands at 5.40% over the week and 6.39% over the month.
Analysts forecast that Desktop Metal Inc. (DM) will achieve an EPS of -$0.05 for the current quarter, -$0.04 for the next quarter and -$0.08 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.06 while analysts give the company a high EPS estimate of -$0.04. Comparatively, EPS for the current quarter was -$0.1 a year ago. Earnings per share for the fiscal year are expected to decrease by -155.20%, and 60.00% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 5 brokerage firm advisors rate Desktop Metal Inc. (DM) as a “Moderate Buy” at a consensus score of 2.80. Specifically, 0 Wall Street analysts polled rate the stock as a buy, while 5 of the 5 advise that investors “hold,” and 0 rated it as a “Sell.”
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