Ginkgo Bioworks (NYSE:DNA) Stock Price Down 4.7%

Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) fell 4.7% during trading on Monday . The company traded as low as $0.43 and last traded at $0.43. 14,230,720 shares changed hands during mid-day trading, a decline of 57% from the average session volume of 33,221,234 shares. The stock had previously closed at $0.45.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on DNA. BTIG Research cut shares of Ginkgo Bioworks from a “neutral” rating to a “sell” rating in a research report on Wednesday, May 15th. William Blair cut shares of Ginkgo Bioworks from a “market perform” rating to an “underperform” rating in a research report on Friday, May 10th. TD Cowen dropped their price objective on shares of Ginkgo Bioworks from $7.00 to $3.00 and set an “outperform” rating for the company in a report on Friday, March 1st. Finally, Morgan Stanley dropped 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 report on Wednesday, May 15th. Three 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. According to data from MarketBeat, Ginkgo Bioworks currently has an average rating of “Hold” and a consensus target price of $1.90.

Ginkgo Bioworks Stock Performance

The company’s 50 day simple moving average is $0.75 and its two-hundred day simple moving average is $1.13.

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

Insiders Place Their Bets

In other Ginkgo Bioworks news, Director Marijn E. Dekkers sold 265,000 shares of the stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $0.83, for a total transaction of $219,950.00. Following the completion of the transaction, the director now owns 5,515,364 shares of the company’s stock, valued at $4,577,752.12. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, Director Marijn E. Dekkers sold 265,000 shares of the stock in a transaction dated 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 owns 5,515,364 shares of the company’s stock, valued at $4,577,752.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Harry Sloan purchased 297,619 shares of Ginkgo Bioworks stock in a transaction dated Tuesday, May 14th. The shares were acquired at an average cost of $0.91 per share, for a total transaction of $270,833.29. Following the transaction, the director now directly owns 718,540 shares of the company’s stock, valued at approximately $653,871.40. The disclosure for this purchase can be found here. Insiders sold a total of 377,415 shares of company stock valued at $321,226 over the last 90 days. 15.05% of the stock is owned by company insiders.

Institutional Trading of Ginkgo Bioworks

Several hedge funds have recently added to or reduced their stakes in the company. ARK Investment Management LLC raised its holdings in Ginkgo Bioworks by 9.0% in the fourth quarter. ARK Investment Management LLC now owns 198,606,619 shares of the company’s stock valued at $335,645,000 after acquiring an additional 16,414,434 shares in the last quarter. Vanguard Group Inc. raised its holdings in Ginkgo Bioworks by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 132,780,095 shares of the company’s stock valued at $224,398,000 after acquiring an additional 463,096 shares in the last quarter. Norges Bank acquired a new stake in Ginkgo Bioworks in the fourth quarter valued at approximately $24,967,000. Lingotto Investment Management LLP raised its holdings in Ginkgo Bioworks by 34.9% in the fourth quarter. Lingotto Investment Management LLP now owns 8,511,301 shares of the company’s stock valued at $14,384,000 after acquiring an additional 2,200,000 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in Ginkgo Bioworks by 3.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 7,661,303 shares of the company’s stock valued at $12,948,000 after acquiring an additional 242,906 shares in the last quarter. 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.