Ginkgo Bioworks (NYSE:DNA) Trading Down 13.7%

Ginkgo Bioworks Holdings, Inc. (NYSE:DNA)’s share price dropped 13.7% on Tuesday . The company traded as low as $0.30 and last traded at $0.32. Approximately 54,519,113 shares were traded during trading, an increase of 56% from the average daily volume of 35,052,238 shares. The stock had previously closed at $0.37.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. TD Cowen dropped their target price on Ginkgo Bioworks from $7.00 to $3.00 and set an “outperform” rating on the stock in a report on Friday, March 1st. BTIG Research dropped their target price on Ginkgo Bioworks from $0.50 to $0.20 and set a “sell” rating on the stock in a report on Wednesday. Morgan Stanley dropped their target price on Ginkgo Bioworks from $2.00 to $1.00 and set an “equal weight” rating on the stock in a report on Wednesday, May 15th. Finally, William Blair lowered Ginkgo Bioworks from a “market perform” rating to an “underperform” rating in a report on Friday, May 10th. Three investment analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, Ginkgo Bioworks currently has an average rating of “Hold” and an average target price of $1.56.

Ginkgo Bioworks Trading Down 12.1 %

The firm’s 50 day moving average price is $0.68 and its two-hundred day moving average price is $1.10.

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). Ginkgo Bioworks had a negative net margin of 409.11% and a negative return on equity of 56.09%. The business had revenue of $37.94 million during the quarter, compared to the consensus estimate of $45.50 million. During the same quarter in the prior year, the firm earned ($0.08) earnings per share. Research analysts expect that Ginkgo Bioworks Holdings, Inc. will post -0.3 EPS for the current fiscal year.

Insider Transactions at Ginkgo Bioworks

In related news, insider Mark E. Dmytruk sold 51,169 shares of the firm’s stock in a transaction dated Tuesday, April 2nd. The shares were sold at an average price of $1.05, for a total value of $53,727.45. Following the completion of the sale, the insider now owns 865,079 shares in the company, valued at $908,332.95. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, insider Mark E. Dmytruk sold 51,169 shares of the firm’s stock in a transaction dated Tuesday, April 2nd. The shares were sold at an average price of $1.05, for a total value of $53,727.45. Following the completion of the sale, the insider now owns 865,079 shares in the company, valued at $908,332.95. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Mark E. Dmytruk sold 47,806 shares of the firm’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $0.84, for a total transaction of $40,157.04. Following the completion of the sale, the insider now owns 925,400 shares of the company’s stock, valued at approximately $777,336. The disclosure for this sale can be found here. Over the last quarter, insiders sold 377,415 shares of company stock worth $321,226. Company insiders own 15.05% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Spire Wealth Management purchased a new position in Ginkgo Bioworks in the fourth quarter valued at about $25,000. Paloma Partners Management Co purchased a new position in Ginkgo Bioworks in the first quarter valued at about $28,000. First Trust Direct Indexing L.P. purchased a new position in Ginkgo Bioworks in the first quarter valued at about $35,000. Prime Capital Investment Advisors LLC purchased a new position in Ginkgo Bioworks in the fourth quarter valued at about $37,000. Finally, Russell Investments Group Ltd. increased its holdings in Ginkgo Bioworks by 9,440.6% in the first quarter. Russell Investments Group Ltd. now owns 31,961 shares of the company’s stock valued at $37,000 after buying an additional 31,626 shares in the last quarter. 78.63% of the stock is owned by hedge funds and other institutional investors.

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.