Ginkgo Bioworks (NYSE:DNA) Shares Down 4.5% – Here’s What Happened

Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) shares were down 4.5% during trading on Wednesday. The stock traded as low as $11.63 and last traded at $11.4710. 749,288 shares were traded during trading, a decline of 51% from the average daily volume of 1,521,052 shares. The stock had previously closed at $12.01.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on DNA. TD Cowen raised their price target on shares of Ginkgo Bioworks from $9.00 to $11.00 and gave the company a “hold” rating in a report on Tuesday, October 13th. Wall Street Zen upgraded shares of Ginkgo Bioworks from a “sell” rating to a “hold” rating in a report on Saturday, September 26th. Oppenheimer set a $5.00 target price on shares of Ginkgo Bioworks in a research report on Wednesday, September 9th. Weiss Ratings restated a “sell (d-)” rating on shares of Ginkgo Bioworks in a report on Thursday, October 15th. Finally, Zacks Research upgraded Ginkgo Bioworks to a “hold” rating in a report on Monday, August 17th. Two research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Reduce” and an average target price of $7.00.

Ginkgo Bioworks Price Performance

The company has a market cap of $731.31 million, a price-to-earnings ratio of -2.60 and a beta of 1.74. The firm has a fifty day simple moving average of $10.11 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) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.68) by $0.04. The business had revenue of $27.71 million during the quarter, compared to analysts’ expectations of $21.50 million. Ginkgo Bioworks had a negative net margin of 249.20% and a negative return on equity of 54.95%. Analysts expect that Ginkgo Bioworks Holdings, Inc. will post -3.20 earnings per share for the current year.

Insider Activity

In other news, insider Reshma P. Shetty sold 22,369 shares of the firm’s stock in a transaction dated Monday, October 19th. The stock was sold at an average price of $10.14, for a total value of $226,821.66. Following the sale, the insider directly owned 453,951 shares of the company’s stock, valued at approximately $4,603,063.14. This trade represents a 4.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Steven P. Coen sold 2,403 shares of Ginkgo Bioworks stock in a transaction dated Monday, October 5th. The stock was sold at an average price of $15.00, for a total value of $36,045.00. Following the completion of the transaction, the insider owned 49,448 shares in the company, valued at $741,720. The trade was a 4.63% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 136,525 shares of company stock worth $1,379,699. Insiders own 12.69% of the company’s stock.

Institutional Trading of Ginkgo Bioworks

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Balance Capital Partners L.P. bought a new position in Ginkgo Bioworks in the 2nd quarter worth approximately $1,972,179. Renaissance Technologies LLC acquired a new stake in shares of Ginkgo Bioworks in the first quarter worth $616,000. Q Fund Management Hong Kong Ltd acquired a new stake in shares of Ginkgo Bioworks in the third quarter worth $505,000. AXQ Capital LP bought a new position in Ginkgo Bioworks during the second quarter worth $262,000. Finally, Dimensional Fund Advisors LP increased its position in Ginkgo Bioworks by 23.8% during the first 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 period. Institutional investors and hedge funds own 78.63% of the company’s stock.

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.