Ginkgo Bioworks (NYSE:DNA) Trading Down 4.4%

Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) was down 4.4% on Tuesday . The stock traded as low as $0.29 and last traded at $0.29. Approximately 8,851,607 shares were traded during mid-day trading, a decline of 78% from the average daily volume of 40,652,789 shares. The stock had previously closed at $0.30.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on DNA shares. William Blair lowered Ginkgo Bioworks from a “market perform” rating to an “underperform” rating in a research note on Friday, May 10th. Morgan Stanley dropped their target price on shares of Ginkgo Bioworks from $2.00 to $1.00 and set an “equal weight” rating on the stock in a research report on Wednesday, May 15th. 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, The Goldman Sachs Group lowered their price objective on shares of Ginkgo Bioworks from $0.80 to $0.30 and set a “sell” rating for the company in a research note on Tuesday, July 9th. Three equities research analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $1.40.

Ginkgo Bioworks Stock Performance

The company has a market cap of $631.98 million, a price-to-earnings ratio of -0.65 and a beta of 1.14. The company’s fifty day moving average is $0.38 and its two-hundred day moving average is $0.84.

Ginkgo Bioworks (NYSE:DNA) last released its quarterly earnings data on Thursday, May 9th. The company reported ($0.08) earnings per share for the quarter, hitting analysts’ consensus estimates 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 analyst estimates of $45.50 million. During the same quarter in the prior year, the business earned ($0.08) earnings per share. On average, sell-side analysts anticipate that Ginkgo Bioworks Holdings, Inc. will post -0.3 EPS for the current fiscal year.

Insider Buying and Selling at Ginkgo Bioworks

In other news, Director Marijn E. Dekkers sold 265,000 shares of the company’s stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $0.83, for a total value of $219,950.00. Following the sale, the director now owns 5,515,364 shares in the company, valued at $4,577,752.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Marijn E. Dekkers sold 265,000 shares of the business’s stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $0.83, for a total value of $219,950.00. Following the completion of the transaction, the director now directly owns 5,515,364 shares in the company, valued at approximately $4,577,752.12. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Harry Sloan purchased 297,619 shares of the company’s stock in a transaction that occurred on Tuesday, May 14th. The shares were purchased at an average price of $0.91 per share, for a total transaction of $270,833.29. Following the transaction, the director now owns 718,540 shares of the company’s stock, valued at approximately $653,871.40. The disclosure for this purchase can be found here. In the last quarter, insiders sold 309,446 shares of company stock worth $236,875. Insiders own 15.05% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Norges Bank purchased a new stake in Ginkgo Bioworks in the 4th quarter worth $24,967,000. Monaco Asset Management SAM purchased a new stake in shares of Ginkgo Bioworks during the second quarter worth about $3,276,000. Vestmark Advisory Solutions Inc. acquired a new position in shares of Ginkgo Bioworks during the 4th quarter worth about $5,044,000. Salem Investment Counselors Inc. lifted its stake in Ginkgo Bioworks by 110.6% in the 1st 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 in the last quarter. Finally, Lingotto Investment Management LLP boosted its holdings in Ginkgo Bioworks by 34.9% in the 4th quarter. Lingotto Investment Management LLP now owns 8,511,301 shares of the company’s stock worth $14,384,000 after buying an additional 2,200,000 shares during the last quarter. 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.