BTIG Research Trims Ginkgo Bioworks (NYSE:DNA) Target Price to $0.20

Ginkgo Bioworks (NYSE:DNA) had its target price reduced by BTIG Research from $0.50 to $0.20 in a research note released on Wednesday morning, Benzinga reports. They currently have a sell rating on the stock.

A number of other brokerages have also recently issued reports on DNA. William Blair cut Ginkgo Bioworks from a market perform rating to an underperform rating in a research note on Friday, May 10th. TD Cowen decreased their price target on Ginkgo Bioworks from $7.00 to $3.00 and set an outperform rating on the stock in a research note on Friday, March 1st. Finally, Morgan Stanley dropped their price objective on Ginkgo Bioworks from $2.00 to $1.00 and set an equal weight rating for the company in a research note on Wednesday, May 15th. Three investment analysts have rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of Hold and a consensus target price of $1.56.

Ginkgo Bioworks Price Performance

Shares of NYSE DNA opened at $0.33 on Wednesday. The stock’s 50-day moving average is $0.65 and its 200 day moving average is $1.08. Ginkgo Bioworks has a 1-year low of $0.26 and a 1-year high of $2.55.

Ginkgo Bioworks (NYSE:DNA) last posted its quarterly earnings results on Thursday, May 9th. The company reported ($0.08) EPS for the quarter, hitting the consensus estimate of ($0.08). Ginkgo Bioworks had a negative net margin of 409.11% and a negative return on equity of 56.09%. The firm had revenue of $37.94 million for the quarter, compared to the consensus estimate of $45.50 million. During the same period last year, the firm posted ($0.08) earnings per share. Equities research analysts expect that Ginkgo Bioworks will post -0.3 earnings per share for the current year.

Insider Transactions at Ginkgo Bioworks

In related news, insider Mark E. Dmytruk sold 47,806 shares of the company’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $0.84, for a total transaction of $40,157.04. Following the completion of the transaction, the insider now owns 925,400 shares in the company, valued at $777,336. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other Ginkgo Bioworks news, insider Mark E. Dmytruk sold 47,806 shares of the business’s stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $0.84, for a total transaction of $40,157.04. Following the transaction, the insider now directly owns 925,400 shares of the company’s stock, valued at approximately $777,336. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Harry Sloan bought 297,619 shares of the company’s stock in a transaction dated Tuesday, May 14th. The stock was bought at an average cost of $0.91 per share, with a total value of $270,833.29. Following the completion of the transaction, the director now owns 718,540 shares in the company, valued at approximately $653,871.40. The disclosure for this purchase can be found here. In the last three months, insiders have sold 377,415 shares of company stock worth $321,226. 15.05% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Spire Wealth Management bought a new stake in shares of Ginkgo Bioworks during the fourth quarter valued at approximately $25,000. Prime Capital Investment Advisors LLC bought a new stake in shares of Ginkgo Bioworks during the 4th quarter valued at $37,000. Paloma Partners Management Co bought a new position in shares of Ginkgo Bioworks in the 1st quarter worth about $28,000. Smith Salley & Associates lifted its position in Ginkgo Bioworks by 100.0% during the 4th quarter. Smith Salley & Associates now owns 24,000 shares of the company’s stock valued at $41,000 after acquiring an additional 12,000 shares during the period. Finally, Pine Valley Investments Ltd Liability Co bought a new stake in Ginkgo Bioworks during the fourth quarter worth about $50,000. Hedge funds and other institutional investors own 78.63% of the company’s stock.

About Ginkgo Bioworks

Ginkgo Bioworks Holdings, Inc, together with its subsidiaries, develops platform for cell programming in the United States. Its platform is used to program cells to enable biological production of products, such as novel therapeutics, food ingredients, and chemicals derived from petroleum. It serves pharma and biotech, agriculture, industrial and environment, food and nutrition, consumer and technology, and government and defense industries.