Ginkgo Bioworks (NYSE:DNA) Trading Up 7.7%

Shares of Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) traded up 7.7% during trading on Thursday . The company traded as high as $1.19 and last traded at $1.19. 9,571,491 shares changed hands during mid-day trading, a decline of 57% from the average session volume of 22,361,441 shares. The stock had previously closed at $1.10.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. The Goldman Sachs Group dropped their price target on Ginkgo Bioworks from $1.25 to $1.10 and set a “sell” rating for the company in a research note on Monday, January 22nd. TD Cowen reduced their price target on Ginkgo Bioworks from $7.00 to $3.00 and set an “outperform” rating on the stock in a report on Friday, March 1st. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $2.20.

Ginkgo Bioworks Stock Performance

The stock has a 50-day moving average price of $1.27 and a 200-day moving average price of $1.47. The stock has a market cap of $2.50 billion, a P/E ratio of -2.52 and a beta of 1.42.

Ginkgo Bioworks (NYSE:DNA) last announced its quarterly earnings results on Thursday, February 29th. The company reported ($0.10) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.01). Ginkgo Bioworks had a negative return on equity of 48.23% and a negative net margin of 355.08%. The company had revenue of $34.76 million during the quarter, compared to analysts’ expectations of $40.37 million. During the same period last year, the firm earned ($0.04) earnings per share. Ginkgo Bioworks’s revenue for the quarter was down 64.6% on a year-over-year basis. Sell-side analysts forecast that Ginkgo Bioworks Holdings, Inc. will post -0.32 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Jason R. Kelly sold 100,000 shares of the company’s stock in a transaction on Wednesday, January 3rd. The stock was sold at an average price of $1.54, for a total value of $154,000.00. Following the sale, the insider now directly owns 3,994,680 shares of the company’s stock, valued at $6,151,807.20. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Ginkgo Bioworks news, insider Mark E. Dmytruk sold 39,569 shares of the business’s stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $1.21, for a total value of $47,878.49. Following the sale, the insider now directly owns 761,737 shares of the company’s stock, valued at $921,701.77. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jason R. Kelly sold 100,000 shares of the business’s stock in a transaction on Wednesday, January 3rd. The stock was sold at an average price of $1.54, for a total value of $154,000.00. Following the completion of the sale, the insider now directly owns 3,994,680 shares in the company, valued at $6,151,807.20. The disclosure for this sale can be found here. 15.05% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Cambridge Investment Research Advisors Inc. bought a new position in shares of Ginkgo Bioworks during the first quarter valued at $43,000. Atria Wealth Solutions Inc. bought a new position in shares of Ginkgo Bioworks during the second quarter valued at $30,000. Creative Planning bought a new position in Ginkgo Bioworks in the fourth quarter valued at about $25,000. Spire Wealth Management bought a new position in Ginkgo Bioworks in the fourth quarter valued at about $25,000. Finally, Silverlake Wealth Management LLC bought a new position in Ginkgo Bioworks in the fourth quarter valued at about $25,000. 78.63% of the stock is 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.