3D Systems Corporation Price Target Cut

3D Systems Corporation Price Target Cut
Image Credit: 3D Systems Corporation

3D Systems Corporation (NYSE:DDD) has received another price target cut, this time from Brean Capital analysts. They slashed their price target from $84 to $75 per share, although they maintained their Buy rating on the company. Their new price target still represents significant upside potential of more than 50%.

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Brean Capital sees a buying opportunity

In their latest report, analysts at Brean Capital said yesterday’s decline in 3D Systems Corporation (NYSE:DDD)’s share price offers a buying opportunity. They haven’t really changed their thesis all that much just yet, in spite of the price target cut. The analysts believe that 3D Systems might actually increase its guidance, possibly in June.

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They think it’s possible that the company’s gross margins will expand and expect that a short squeeze is in the company’s near future. As of mid-May, more than 33.3 million shares of 3D Systems Corporation (NYSE:DDD) were sold short, which was a 10.8% increase from the end of April when closer to 30 million shares were sold short. With such a high ratio for short interest, it will take investors nearly 10 days to cover all of it as, the company’s current average daily trading volume is only around 3.4 million shares.

3D Systems to hold investor meeting next week

The Fly on the Wall reports that volatility on 3D Systems Corporation (NYSE:DDD) is quite low heading into next week’s investor and analyst meeting. Implied volatility for June call options is at 46, while it’s at 45 for August. November call options volatility is at 44. That’s compared to the stock’s 26-week average of 53.

3D Systems Corporation (NYSE:DDD) will hold its investor meeting on June 10.

3D Systems marks major milestone

On a side note, 3D Systems Corporation (NYSE:DDD) announced today in a press release that it has delivered a 3D printed whale fossil to the Smithsonian Institution. The museum will use the piece in its 3D digitation program. To create the whale fossil, 3D Systems scanned and then printed it using its technology. The company said it is currently in a multi-year partnership with the Smithsonian to show off 3D printing technology at the National Museum of Natural History.

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Michelle Jones is editor-in-chief for ValueWalk.com and has been with the site since 2012. Previously, she was a television news producer for eight years. She produced the morning news programs for the NBC affiliates in Evansville, Indiana and Huntsville, Alabama and spent a short time at the CBS affiliate in Huntsville. She has experience as a writer and public relations expert for a wide variety of businesses. Email her at Mjones@valuewalk.com.
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