Ginkgo Bioworks (NYSE:DNA) Shares Down 5.5% After Analyst Downgrade

Shares of Ginkgo Bioworks Holdings, Inc. (NYSE:DNAGet Free Report) were down 5.5% on Tuesday after The Goldman Sachs Group lowered their price target on the stock from $0.80 to $0.30. The Goldman Sachs Group currently has a sell rating on the stock. Ginkgo Bioworks traded as low as $0.32 and last traded at $0.32. Approximately 11,462,560 shares changed hands during trading, a decline of 71% from the average daily volume of 39,374,375 shares. The stock had previously closed at $0.34.

Several other research firms have also recently weighed in on DNA. Morgan Stanley cut 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. William Blair lowered shares of Ginkgo Bioworks from a “market perform” rating to an “underperform” rating in a research note on Friday, May 10th. Finally, BTIG Research reduced 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. 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 data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $1.40.

View Our Latest Research Report on Ginkgo Bioworks

Insider Activity at Ginkgo Bioworks

In other Ginkgo Bioworks news, insider Mark E. Dmytruk sold 47,806 shares of the company’s stock in a transaction that occurred 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 owns 925,400 shares of the company’s stock, valued at approximately $777,336. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Ginkgo Bioworks news, Director Marijn E. Dekkers sold 265,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $0.83, for a total value of $219,950.00. Following the completion of the transaction, the director now directly owns 5,515,364 shares in the company, valued at $4,577,752.12. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Mark E. Dmytruk sold 47,806 shares of the company’s stock in a transaction that occurred 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 sale, the insider now owns 925,400 shares in the company, valued at approximately $777,336. The disclosure for this sale can be found here. In the last quarter, insiders have sold 339,766 shares of company stock valued at $271,961. 15.05% of the stock is owned by insiders.

Hedge Funds Weigh In On Ginkgo Bioworks

Several hedge funds and other institutional investors have recently made changes to their positions in DNA. ARK Investment Management LLC lifted its stake 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 during the last quarter. Norges Bank bought a new stake in shares of Ginkgo Bioworks in the 4th quarter valued at about $24,967,000. 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 purchasing an additional 4,016,221 shares during the last quarter. Vestmark Advisory Solutions Inc. bought a new position in Ginkgo Bioworks during the fourth quarter worth about $5,044,000. Finally, Salem Investment Counselors Inc. increased its position in Ginkgo Bioworks by 110.6% during the first quarter. Salem Investment Counselors Inc. now owns 4,758,585 shares of the company’s stock worth $5,520,000 after buying an additional 2,499,425 shares during the last quarter. 78.63% of the stock is owned by institutional investors.

Ginkgo Bioworks Stock Up 6.1 %

The stock has a market cap of $724.19 million, a P/E ratio of -0.74 and a beta of 1.14. The firm has a 50 day simple moving average of $0.57 and a 200-day simple moving average of $1.01.

Ginkgo Bioworks (NYSE:DNAGet Free Report) last posted its quarterly earnings results on Thursday, May 9th. The company reported ($0.08) earnings per share for the quarter, meeting analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $45.50 million. During the same quarter in the prior year, the business earned ($0.08) EPS. On average, equities analysts anticipate that Ginkgo Bioworks Holdings, Inc. will post -0.3 earnings per share for the current year.

Ginkgo Bioworks Company Profile

(Get Free Report)

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.

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