Benzinga | Nov 1, 2021 03:23PM EDT

Why Desktop Metal Stock Is Trading Higher Today

Desktop Metal (NYSE:DM) shares are trading higher after the company announced it tripled manufacturing capacity for Production System P-50.

"After a significant development cycle, we are experiencing growing, pent-up demand for our Production System P-50 solution. As we continue to convert these opportunities, expanding our in-house final assembly capabilities has become a critical step to scaling deployment of our Single Pass Jetting technology," said Ric Fulop, Founder and CEO of Desktop Metal.

Desktop Metal Inc manufactures 3-dimensional printers to make metal and carbon fiber 3D printing accessible to all engineers, designers, and manufacturers.

Desktop Metal has a 52-week high of $34.94 and a 52-week low of $6.7.

The stock was trading 23.4% higher at $8.63 per share at the time of publication.