Ginkgo Bioworks (NYSE:DNA) Trading Down 9.4% on Analyst Downgrade

Ginkgo Bioworks Holdings, Inc. (NYSE:DNA)’s stock price dropped 9.4% on Wednesday after BTIG Research lowered their price target on the stock from $0.50 to $0.20. BTIG Research currently has a sell rating on the stock. Ginkgo Bioworks traded as low as $0.29 and last traded at $0.29. Approximately 28,668,500 shares traded hands during trading, a decline of 20% from the average daily volume of 35,882,273 shares. The stock had previously closed at $0.32.

Several other research firms also recently commented on DNA. William Blair downgraded shares of Ginkgo Bioworks from a “market perform” rating to an “underperform” rating in a report on Friday, May 10th. TD Cowen reduced their price target on Ginkgo Bioworks from $7.00 to $3.00 and set an “outperform” rating for the company in a research report 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 on the stock 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 company’s stock. According to data from MarketBeat.com, Ginkgo Bioworks presently has an average rating of “Hold” and a consensus target price of $1.56.

Insider Activity

In other Ginkgo Bioworks news, Director Marijn E. Dekkers sold 265,000 shares of the firm’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 of the company’s stock, valued at approximately $4,577,752.12. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, Director Harry Sloan purchased 297,619 shares of the stock in a transaction on Tuesday, May 14th. The shares were acquired at an average price of $0.91 per share, for a total transaction of $270,833.29. Following the completion of the transaction, the director now directly owns 718,540 shares of the company’s stock, valued at approximately $653,871.40. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Marijn E. Dekkers sold 265,000 shares of Ginkgo Bioworks 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 directly owns 5,515,364 shares of the company’s stock, valued at approximately $4,577,752.12. The disclosure for this sale can be found here. Insiders sold 377,415 shares of company stock worth $321,226 in the last three months. Corporate insiders own 15.05% of the company’s stock.

Hedge Funds Weigh In On Ginkgo Bioworks

A number of large investors have recently modified their holdings of the company. Spire Wealth Management bought a new stake in Ginkgo Bioworks in the fourth quarter valued at approximately $25,000. Prime Capital Investment Advisors LLC purchased a new stake in Ginkgo Bioworks during the 4th quarter valued at $37,000. Paloma Partners Management Co bought a new stake in Ginkgo Bioworks in the 1st quarter worth $28,000. Smith Salley & Associates increased its position in shares of Ginkgo Bioworks by 100.0% in the fourth 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 position in shares of Ginkgo Bioworks during the fourth quarter valued at about $50,000. 78.63% of the stock is owned by hedge funds and other institutional investors.

Ginkgo Bioworks Stock Up 8.1 %

The company has a market capitalization of $678.86 million, a PE ratio of -0.70 and a beta of 1.24. The stock’s fifty day moving average price is $0.66 and its two-hundred day moving average price is $1.09.

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 the consensus estimate of ($0.08). Ginkgo Bioworks had a negative return on equity of 56.09% and a negative net margin of 409.11%. The business had revenue of $37.94 million during the quarter, compared to analysts’ expectations of $45.50 million. During the same quarter last year, the business posted ($0.08) EPS. On average, equities research analysts forecast that Ginkgo Bioworks Holdings, Inc. will post -0.3 EPS for the current year.

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.