Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) Receives Average Recommendation of “Reduce” from Analysts

Shares of Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) have been given a consensus recommendation of “Reduce” by the six analysts that are currently covering the stock, Marketbeat.com reports. Three investment analysts have rated the stock with a sell recommendation, two have assigned a hold recommendation and one has assigned a buy recommendation to the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $1.40.

Several equities analysts have weighed in on the company. William Blair lowered Ginkgo Bioworks from a “market perform” rating to an “underperform” rating in a research note on Friday, May 10th. The Goldman Sachs Group decreased their price objective on shares of Ginkgo Bioworks from $0.80 to $0.30 and set a “sell” rating for the company in a report on Tuesday, July 9th. BTIG Research decreased their price target on shares of Ginkgo Bioworks from $0.50 to $0.20 and set a “sell” rating for the company in a report on Wednesday, June 26th. Finally, Morgan Stanley lowered their price objective on shares of Ginkgo Bioworks from $2.00 to $1.00 and set an “equal weight” rating for the company in a research report on Wednesday, May 15th.

Ginkgo Bioworks Stock Down 15.0 %

NYSE:DNA opened at $0.31 on Monday. The firm has a market capitalization of $695.45 million, a PE ratio of -0.64 and a beta of 1.14. Ginkgo Bioworks has a 12-month low of $0.26 and a 12-month high of $2.47. The firm has a 50-day moving average price of $0.41 and a 200 day moving average price of $0.87.

Ginkgo Bioworks (NYSE:DNA) last issued its earnings results on Thursday, May 9th. The company reported ($0.08) EPS for the quarter, meeting 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 company had revenue of $37.94 million for the quarter, compared to the consensus estimate of $45.50 million. During the same quarter in the previous year, the company earned ($0.08) EPS. On average, research analysts expect that Ginkgo Bioworks will post -0.3 EPS for the current year.

Insider Buying and Selling

In other news, Director Harry Sloan acquired 297,619 shares of Ginkgo Bioworks stock in a transaction on Tuesday, May 14th. The shares were purchased at an average cost of $0.91 per share, for a total transaction of $270,833.29. Following the completion of the purchase, the director now directly owns 718,540 shares of the company’s stock, valued at approximately $653,871.40. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In related news, Director Marijn E. Dekkers sold 265,000 shares of Ginkgo Bioworks stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $0.83, for a total transaction of $219,950.00. Following the sale, the director now directly owns 5,515,364 shares of the company’s stock, valued at approximately $4,577,752.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Harry Sloan acquired 297,619 shares of the company’s stock in a transaction that occurred on 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 purchase, the director now owns 718,540 shares in the company, valued at $653,871.40. The disclosure for this purchase can be found here. Insiders have sold 291,960 shares of company stock valued at $231,804 over the last 90 days. 15.05% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Ginkgo Bioworks

A number of hedge funds have recently modified their holdings of the business. Salem Investment Counselors Inc. lifted its holdings in Ginkgo Bioworks by 110.6% in the first quarter. Salem Investment Counselors Inc. now owns 4,758,585 shares of the company’s stock valued at $5,520,000 after buying an additional 2,499,425 shares during the period. Norges Bank bought a new stake in shares of Ginkgo Bioworks during the 4th quarter valued at about $24,967,000. Pinebridge Investments L.P. grew its stake in Ginkgo Bioworks by 358.2% during the fourth quarter. Pinebridge Investments L.P. now owns 140,935 shares of the company’s stock worth $238,000 after purchasing an additional 110,177 shares during the period. Brown Advisory Inc. increased its holdings in Ginkgo Bioworks by 17.2% in the fourth quarter. Brown Advisory Inc. now owns 239,425 shares of the company’s stock worth $405,000 after purchasing an additional 35,182 shares in the last quarter. Finally, SG Americas Securities LLC lifted its stake in Ginkgo Bioworks by 72.1% in the fourth quarter. SG Americas Securities LLC now owns 43,844 shares of the company’s stock valued at $74,000 after buying an additional 18,364 shares during the period. Institutional investors and hedge funds 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.