Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) Receives Average Recommendation of “Reduce” from Analysts

Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) has earned a consensus rating of “Reduce” from the six research firms that are presently covering the firm, Marketbeat Ratings reports. Three research analysts have rated the stock with a sell recommendation, two have assigned a hold recommendation and one has issued a buy recommendation on the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $1.56.

A number of brokerages recently issued reports on DNA. William Blair lowered shares of Ginkgo Bioworks from a “market perform” rating to an “underperform” rating in a research report on Friday, May 10th. Morgan Stanley decreased their target price on shares of Ginkgo Bioworks from $2.00 to $1.00 and set an “equal weight” rating for the company in a research report on Wednesday, May 15th. Finally, BTIG Research cut 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.

Ginkgo Bioworks Price Performance

DNA stock opened at $0.38 on Thursday. Ginkgo Bioworks has a 1-year low of $0.26 and a 1-year high of $2.55. The firm has a fifty day moving average price of $0.62 and a two-hundred day moving average price of $1.06. The firm has a market cap of $830.33 million, a price-to-earnings ratio of -0.85 and a beta of 1.14.

Ginkgo Bioworks (NYSE:DNA) last released its quarterly earnings results on Thursday, May 9th. The company reported ($0.08) EPS for the quarter, hitting the consensus estimate of ($0.08). The business 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 in the prior year, the firm earned ($0.08) earnings per share. As a group, analysts expect that Ginkgo Bioworks will post -0.3 EPS for the current fiscal year.

Insider Transactions at Ginkgo Bioworks

In related news, insider Mark E. Dmytruk sold 47,806 shares of the firm’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $0.84, for a total value of $40,157.04. Following the completion of the transaction, the insider now directly owns 925,400 shares of the company’s stock, valued at $777,336. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Ginkgo Bioworks news, insider Mark E. Dmytruk sold 47,806 shares of Ginkgo Bioworks stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $0.84, for a total transaction of $40,157.04. Following the completion of the transaction, the insider now directly owns 925,400 shares of the company’s stock, valued at $777,336. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Harry Sloan acquired 297,619 shares of the business’s stock in a transaction on Tuesday, May 14th. The shares were bought at an average cost of $0.91 per share, with a total value 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 disclosure for this purchase can be found here. Over the last quarter, insiders have sold 326,246 shares of company stock worth $267,499. Insiders own 15.05% of the company’s stock.

Hedge Funds Weigh In On Ginkgo Bioworks

Several institutional investors have recently modified their holdings of the stock. 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 acquiring an additional 2,499,425 shares in the last quarter. Norges Bank bought a new stake in Ginkgo Bioworks in the 4th quarter valued at approximately $24,967,000. Exchange Traded Concepts LLC lifted its stake in Ginkgo Bioworks by 27.6% in the 4th quarter. Exchange Traded Concepts LLC now owns 507,814 shares of the company’s stock valued at $858,000 after acquiring an additional 109,927 shares in the last quarter. Vanguard Group Inc. lifted its stake in Ginkgo Bioworks by 3.1% in the 3rd quarter. Vanguard Group Inc. now owns 132,316,999 shares of the company’s stock valued at $239,494,000 after acquiring an additional 4,016,221 shares in the last quarter. Finally, Pinebridge Investments L.P. lifted its stake in Ginkgo Bioworks by 358.2% in the 4th quarter. Pinebridge Investments L.P. now owns 140,935 shares of the company’s stock valued at $238,000 after acquiring an additional 110,177 shares in the last quarter. 78.63% of the stock is currently owned by institutional investors and hedge funds.

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.