Ginkgo Bioworks (NYSE:DNA) Shares Cross Below Fifty Day Moving Average – What’s Next?

Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) crossed below its 50 day moving average during trading on Thursday. The stock has a 50 day moving average of $10.24 and traded as low as $9.53. Ginkgo Bioworks shares last traded at $10.2250, with a volume of 2,491,962 shares.

Wall Street Analysts Forecast Growth

A number of analysts have commented on DNA shares. BTIG Research reaffirmed a “sell” rating and set a $5.00 price target on shares of Ginkgo Bioworks in a research report on Friday, September 4th. TD Cowen upped their target price on Ginkgo Bioworks from $9.00 to $11.00 and gave the company a “hold” rating in a research report on Tuesday, October 13th. Wall Street Zen upgraded Ginkgo Bioworks from a “sell” rating to a “hold” rating in a report on Saturday, September 26th. Oppenheimer set a $5.00 price target on Ginkgo Bioworks in a research note on Wednesday, September 9th. Finally, Zacks Research raised shares of Ginkgo Bioworks to a “hold” rating in a research report on Monday, August 17th. Two investment analysts have rated the stock with a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Reduce” and a consensus price target of $7.00.

Ginkgo Bioworks Stock Performance

The firm has a market cap of $688.55 million, a price-to-earnings ratio of -2.43 and a beta of 1.74. The business has a 50 day simple moving average of $10.24 and a 200-day simple moving average of $8.64.

Ginkgo Bioworks (NYSE:DNA) last issued its quarterly earnings data on Thursday, November 5th. The company reported ($0.64) EPS for the quarter, topping the consensus estimate of ($0.68) by $0.04. Ginkgo Bioworks had a negative return on equity of 56.97% and a negative net margin of 249.20%. The firm had revenue of $27.71 million during the quarter, compared to the consensus estimate of $21.50 million. As a group, research analysts anticipate that Ginkgo Bioworks Holdings, Inc. will post -3.20 earnings per share for the current year.

Insider Buying and Selling at Ginkgo Bioworks

In related news, major shareholder Barry Canton sold 22,369 shares of the company’s stock in a transaction on Monday, October 19th. The stock was sold at an average price of $10.14, for a total transaction of $226,821.66. Following the completion of the sale, the insider owned 453,951 shares in the company, valued at approximately $4,603,063.14. This represents a 4.70% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Jason Kelly sold 45,682 shares of the stock in a transaction on Monday, October 19th. The shares were sold at an average price of $10.14, for a total value of $463,215.48. Following the completion of the sale, the insider directly owned 129,065 shares of the company’s stock, valued at $1,308,719.10. The trade was a 26.14% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 136,525 shares of company stock valued at $1,379,699 in the last three months. Insiders own 12.69% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in DNA. Balance Capital Partners L.P. bought a new stake in Ginkgo Bioworks in the 2nd quarter worth about $1,972,179. Dimensional Fund Advisors LP boosted its stake 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 buying an additional 24,434 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Ginkgo Bioworks by 1.8% in the first quarter. Bank of New York Mellon Corp now owns 123,959 shares of the company’s stock valued at $760,000 after acquiring an additional 2,178 shares in the last quarter. Renaissance Technologies LLC bought a new position in shares of Ginkgo Bioworks in the first quarter valued at approximately $616,000. Finally, Q Fund Management Hong Kong Ltd purchased a new stake in shares of Ginkgo Bioworks during the third quarter valued at approximately $505,000. 78.63% of the stock is owned by institutional investors.

Ginkgo Bioworks Company Profile

Ginkgo Bioworks is a biotechnology company that develops and engineers microorganisms and other cells for use in commercial products. Its platform combines biological research, automation, and software to help customers design, build, and test organisms with desired characteristics. The company provides cell-engineering services and capabilities to organizations in areas including pharmaceuticals, agriculture, food, and industrial chemicals. Its work can include developing and optimizing microbial strains and supporting the production of ingredients and other materials.