Desktop Metal, Inc. (NYSE:DM) Sees Large Growth in Short Interest

Desktop Metal, Inc. (NYSE:DM) saw a large increase in short interest in December. As of December 31st, there was short interest totalling 2,380,000 shares, an increase of 8.2% from the December 15th total of 2,200,000 shares. Based on an average trading volume of 283,200 shares, the days-to-cover ratio is currently 8.4 days. Approximately 12.7% of the shares of the company are short sold.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Murchinson Ltd. purchased a new position in Desktop Metal during the 3rd quarter valued at about $972,000. ARK Investment Management LLC boosted its stake in shares of Desktop Metal by 49.1% during the 3rd quarter. ARK Investment Management LLC now owns 762,165 shares of the pipeline company’s stock valued at $3,559,000 after buying an additional 251,156 shares during the period. Clearline Capital LP acquired a new position in shares of Desktop Metal in the second quarter worth $381,000. Susquehanna Fundamental Investments LLC acquired a new stake in Desktop Metal during the second quarter valued at $208,000. Finally, Cubist Systematic Strategies LLC bought a new position in Desktop Metal during the second quarter valued at approximately $150,000. Institutional investors and hedge funds own 56.31% of the company’s stock.

Wall Street Analyst Weigh In

Separately, StockNews.com upgraded Desktop Metal from a “sell” rating to a “hold” rating in a research report on Thursday, December 12th.

Desktop Metal Stock Performance

Shares of NYSE DM traded down $0.24 during midday trading on Monday, reaching $2.20. 545,380 shares of the company traded hands, compared to its average volume of 326,641. The company has a market cap of $73.18 million, a price-to-earnings ratio of -0.20 and a beta of 0.64. The company has a debt-to-equity ratio of 1.56, a current ratio of 2.34 and a quick ratio of 1.02. The stock has a 50-day moving average price of $3.41 and a 200 day moving average price of $4.24. Desktop Metal has a 52 week low of $2.18 and a 52 week high of $11.80.

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.