Ginkgo Bioworks (NYSE:DNA) Downgraded to Sell Rating by Wall Street Zen

Wall Street Zen downgraded shares of Ginkgo Bioworks (NYSE:DNA) from a hold rating to a sell rating in a report published on Saturday morning.

Other analysts have also issued reports about the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Ginkgo Bioworks in a research note on Wednesday, January 21st. BTIG Research dropped their price objective on shares of Ginkgo Bioworks from $9.00 to $5.00 and set a “sell” rating for the company in a report on Thursday, March 12th. Finally, TD Cowen cut their target price on shares of Ginkgo Bioworks from $14.00 to $12.00 and set a “buy” rating on the stock in a research note on Thursday, January 8th. One analyst has rated the stock with a Buy rating and two have given a Sell rating to the company. According to data from MarketBeat.com, Ginkgo Bioworks presently has an average rating of “Reduce” and an average target price of $8.50.

Ginkgo Bioworks Stock Performance

Ginkgo Bioworks stock opened at $5.98 on Friday. The company has a market capitalization of $369.97 million, a PE ratio of -1.06 and a beta of 1.58. Ginkgo Bioworks has a fifty-two week low of $5.00 and a fifty-two week high of $17.58. The firm has a 50 day moving average price of $8.24 and a 200 day moving average price of $9.80.

Ginkgo Bioworks (NYSE:DNA) last released its quarterly earnings results on Thursday, February 26th. The company reported ($1.42) EPS for the quarter, topping the consensus estimate of ($1.80) by $0.38. Ginkgo Bioworks had a negative return on equity of 52.82% and a negative net margin of 183.81%.The business had revenue of $33.40 million during the quarter, compared to analyst estimates of $37.57 million. As a group, equities research analysts forecast that Ginkgo Bioworks will post -10.02 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Millennium Management LLC lifted its position in Ginkgo Bioworks by 113.1% in the first quarter. Millennium Management LLC now owns 1,427,600 shares of the company’s stock valued at $8,137,000 after acquiring an additional 757,535 shares during the last quarter. Prescott Group Capital Management L.L.C. purchased a new position in shares of Ginkgo Bioworks during the fourth quarter worth about $4,503,000. Geode Capital Management LLC grew its holdings in shares of Ginkgo Bioworks by 104.5% during the second quarter. Geode Capital Management LLC now owns 937,583 shares of the company’s stock worth $10,549,000 after purchasing an additional 479,154 shares during the last quarter. Jump Financial LLC acquired a new stake in shares of Ginkgo Bioworks during the second quarter worth about $4,163,000. Finally, State Street Corp increased its position in shares of Ginkgo Bioworks by 38.4% during the fourth quarter. State Street Corp now owns 1,292,071 shares of the company’s stock worth $10,737,000 after purchasing an additional 358,231 shares in the last quarter. 78.63% of the stock is owned by hedge funds and other institutional investors.

About Ginkgo Bioworks

Ginkgo Bioworks, Inc is a synthetic biology company that designs custom microbes for customers across a range of industries. Utilizing a proprietary organism foundry platform, the company engineers cells to produce high-value chemicals, enzymes, and other biological materials. By integrating automation, data analytics and machine learning, Ginkgo Bioworks seeks to accelerate the development of biologically derived solutions at industrial scale.

The company’s services span the entire development cycle, from genetic design and strain optimization to fermentation and downstream processing.