Ginkgo Bioworks (NYSE:DNA) Stock Price Down 5.3% – Here’s Why

Shares of Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) were down 5.3% during trading on Monday . The stock traded as low as $9.72 and last traded at $9.8460. 132,077 shares traded hands during mid-day trading, a decline of 89% from the average daily volume of 1,195,168 shares. The stock had previously closed at $10.40.

Analysts Set New Price Targets

Several research firms recently weighed in on DNA. Wall Street Zen raised shares of Ginkgo Bioworks from a “sell” rating to a “hold” rating in a research note on Saturday, June 27th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Ginkgo Bioworks in a research note on Monday, April 20th. Finally, 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. One analyst has rated the stock with a Buy rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Reduce” and a consensus price target of $8.50.

Ginkgo Bioworks Stock Performance

The firm has a market capitalization of $612.37 million, a PE ratio of -1.75 and a beta of 1.77. The company has a fifty day moving average price of $8.83 and a 200-day moving average price of $8.40.

Ginkgo Bioworks (NYSE:DNA) last posted its earnings results on Thursday, May 7th. The company reported ($1.39) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.21) by ($0.18). The business had revenue of $19.00 million during the quarter, compared to analysts’ expectations of $42.93 million. Ginkgo Bioworks had a negative net margin of 215.41% and a negative return on equity of 56.08%.

Insider Buying and Selling at Ginkgo Bioworks

In related news, major shareholder Barry Canton sold 124,727 shares of Ginkgo Bioworks stock in a transaction dated Friday, April 10th. The stock was sold at an average price of $6.43, for a total value of $801,994.61. Following the completion of the transaction, the insider owned 436,422 shares in the company, valued at approximately $2,806,193.46. This trade represents a 22.23% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Reshma P. Shetty sold 124,727 shares of the business’s stock in a transaction that occurred on Friday, April 10th. The stock was sold at an average price of $6.43, for a total value of $801,994.61. Following the sale, the insider directly owned 436,422 shares in the company, valued at $2,806,193.46. The trade was a 22.23% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 419,255 shares of company stock worth $2,692,142 in the last 90 days. 12.69% of the stock is currently owned by insiders.

Institutional Trading of Ginkgo Bioworks

Several hedge funds and other institutional investors have recently bought and sold shares of DNA. Entropy Technologies LP purchased a new position in Ginkgo Bioworks during the first quarter worth $67,000. Renaissance Technologies LLC bought a new stake in shares of Ginkgo Bioworks in the 1st quarter worth about $616,000. Dimensional Fund Advisors LP lifted its holdings in shares of Ginkgo Bioworks by 23.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 127,048 shares of the company’s stock worth $779,000 after acquiring an additional 24,434 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Ginkgo Bioworks by 1.8% during the 1st quarter. Bank of New York Mellon Corp now owns 123,959 shares of the company’s stock worth $760,000 after purchasing an additional 2,178 shares during the period. Finally, Inspire Investing LLC boosted its stake in shares of Ginkgo Bioworks by 46.4% during the 1st quarter. Inspire Investing LLC now owns 83,905 shares of the company’s stock worth $514,000 after purchasing an additional 26,612 shares during the period. Hedge funds and other institutional investors own 78.63% of the company’s stock.

Ginkgo Bioworks Company Profile

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.