Summit Financial LLC Decreases Stake in Desktop Metal, Inc. (NYSE:DM)

Summit Financial LLC lessened its stake in Desktop Metal, Inc. (NYSE:DM) by 15.6% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 316,820 shares of the pipeline company’s stock after selling 58,474 shares during the quarter. Summit Financial LLC owned 0.10% of Desktop Metal worth $238,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Principal Financial Group Inc. raised its holdings in Desktop Metal by 39.2% during the third quarter. Principal Financial Group Inc. now owns 41,466 shares of the pipeline company’s stock worth $61,000 after purchasing an additional 11,676 shares during the last quarter. Park Avenue Securities LLC acquired a new position in Desktop Metal in the 3rd quarter valued at $29,000. Keating Investment Counselors Inc. lifted its stake in shares of Desktop Metal by 28.4% during the 3rd quarter. Keating Investment Counselors Inc. now owns 113,000 shares of the pipeline company’s stock worth $165,000 after purchasing an additional 25,000 shares during the period. Private Advisor Group LLC boosted its holdings in shares of Desktop Metal by 171.6% during the third quarter. Private Advisor Group LLC now owns 63,286 shares of the pipeline company’s stock worth $92,000 after purchasing an additional 39,985 shares during the last quarter. Finally, Pathstone Family Office LLC purchased a new stake in shares of Desktop Metal in the third quarter valued at $63,000. Institutional investors and hedge funds own 56.31% of the company’s stock.

Desktop Metal Price Performance

Shares of Desktop Metal stock opened at $0.86 on Friday. The business’s fifty day moving average price is $0.79 and its 200 day moving average price is $0.75. Desktop Metal, Inc. has a twelve month low of $0.46 and a twelve month high of $2.30. The company has a current ratio of 3.08, a quick ratio of 1.90 and a debt-to-equity ratio of 0.47. The stock has a market capitalization of $282.36 million, a P/E ratio of -0.86 and a beta of 0.70.

Desktop Metal (NYSE:DM) last released its quarterly earnings data on Friday, March 15th. The pipeline company reported ($0.05) earnings per share for the quarter. The firm had revenue of $52.35 million during the quarter. Desktop Metal had a negative net margin of 170.41% and a negative return on equity of 29.25%. During the same quarter in the prior year, the company earned ($0.11) earnings per share. As a group, research analysts anticipate that Desktop Metal, Inc. will post -0.15 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the company. StockNews.com assumed coverage on 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 research report on Wednesday, February 28th. They issued an “overweight” rating and a $1.25 target price on the stock.

Desktop Metal 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.