Desktop Metal Inc Up 12.38% To $0.69 After Earnings

Desktop Metal Inc (DM) said before open Friday that it broke even in quarter four 2023.

In the same quarter a year ago, the company lost $0.08 per share on revenue of $60.6 million.

The stock is up 12.38% to $0.69 after the report.

The firm's lower revenue growth to earnings signals that the firm has been able to reduce costs and improve its profit margin overall.

The average recommendation from Wall Street analysts was a Buy which may get revised based on this new data.

InvestorsObserver gives the stock a Neutral Sentiment score at the moment based on recent trading.

Desktop Metal Inc has performed poorly during the past few months, garnering a low Long-Term Technical Rank by InvestorsObserver of 6, putting Desktop Metal Inc in the bottom 25% of stocks. The firm was recently trading at a 52-week low of $0.46 on February 22, 2024 and set a 52-week high on March 30, 2023 at $2.41.

Desktop Metal Inc manufactures 3-dimensional printers to make metal and carbon fiber 3D printing accessible to all engineers, designers, and manufacturers. 3D metal printing helps in the design and development of automotive parts, consumer goods, manufacture of industrial equipment, and design of mechanical systems. The company ships its product to markets in the Americas, Europe Middle East and Africa (EMEA), and Asia Pacific (APAC).