Ginkgo Bioworks (NYSE:DNA) Stock Price Down 6.6%

Shares of Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) traded down 6.6% during trading on Monday . The stock traded as low as $0.30 and last traded at $0.31. 26,172,039 shares traded hands during trading, a decline of 33% from the average session volume of 38,896,766 shares. The stock had previously closed at $0.33.

Analysts Set New Price Targets

DNA has been the subject of several research analyst reports. William Blair lowered shares of Ginkgo Bioworks from a “market perform” rating to an “underperform” rating in a research note on Friday, May 10th. 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 research note on Wednesday, June 26th. Finally, Morgan Stanley cut their price objective 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. Three equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the stock. According to MarketBeat, Ginkgo Bioworks currently has a consensus rating of “Hold” and an average target price of $1.56.

Ginkgo Bioworks Price Performance

The stock has a market cap of $770.85 million, a price-to-earnings ratio of -0.79 and a beta of 1.14. The company’s fifty day simple moving average is $0.63 and its two-hundred day simple moving average is $1.06.

Ginkgo Bioworks (NYSE:DNA) last posted its earnings results on Thursday, May 9th. The company reported ($0.08) EPS 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 company had revenue of $37.94 million during the quarter, compared to the consensus estimate of $45.50 million. During the same period in the previous year, the firm posted ($0.08) earnings per share. On average, analysts forecast that Ginkgo Bioworks Holdings, Inc. will post -0.3 earnings per share for the current year.

Insider Activity

In related news, Director Harry Sloan purchased 297,619 shares of the firm’s stock in a transaction that occurred on Tuesday, May 14th. The stock was acquired at an average price of $0.91 per share, for a total transaction of $270,833.29. Following the completion of the acquisition, the director now owns 718,540 shares of the company’s stock, valued at approximately $653,871.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Ginkgo Bioworks 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 transaction, 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 available through this link. Also, Director Harry Sloan bought 297,619 shares of the business’s stock in a transaction dated Tuesday, May 14th. The stock was acquired at an average price of $0.91 per share, for a total transaction of $270,833.29. Following the purchase, the director now directly owns 718,540 shares in the company, valued at $653,871.40. The disclosure for this purchase can be found here. Insiders have sold 326,246 shares of company stock worth $267,499 over the last 90 days. 15.05% of the stock is currently owned by corporate insiders.

Institutional Trading of Ginkgo Bioworks

A number of hedge funds have recently bought and sold shares of the business. Salem Investment Counselors Inc. boosted its stake 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 acquiring an additional 2,499,425 shares during the last quarter. Norges Bank bought a new position in Ginkgo Bioworks during the fourth quarter valued at $24,967,000. Exchange Traded Concepts LLC increased its position in Ginkgo Bioworks by 27.6% in the fourth quarter. Exchange Traded Concepts LLC now owns 507,814 shares of the company’s stock worth $858,000 after buying an additional 109,927 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Ginkgo Bioworks by 3.1% in the third quarter. Vanguard Group Inc. now owns 132,316,999 shares of the company’s stock valued at $239,494,000 after buying an additional 4,016,221 shares during the period. Finally, Pinebridge Investments L.P. lifted its position in shares of Ginkgo Bioworks by 358.2% during the 4th quarter. Pinebridge Investments L.P. now owns 140,935 shares of the company’s stock valued at $238,000 after buying an additional 110,177 shares during the last quarter. 78.63% of the stock is currently owned by institutional investors.

Ginkgo Bioworks Company Profile

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.