Ginkgo Bioworks (NYSE:DNA) Shares Down 8.7% – Here’s Why

Ginkgo Bioworks Holdings, Inc. (NYSE:DNA)’s stock price fell 8.7% during mid-day trading on Wednesday . The company traded as low as $8.46 and last traded at $8.52. 329,634 shares traded hands during mid-day trading, a decline of 72% from the average session volume of 1,169,410 shares. The stock had previously closed at $9.33.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. BTIG Research decreased their price objective on shares of Ginkgo Bioworks from $9.00 to $5.00 and set a “sell” rating for the company in a report on Thursday, March 12th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Ginkgo Bioworks in a research note on Monday, April 20th. Finally, Wall Street Zen cut Ginkgo Bioworks from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. One research analyst has rated the stock with a Buy rating and two have given a Sell rating to the stock. According to MarketBeat.com, Ginkgo Bioworks has a consensus rating of “Reduce” and an average price target of $8.50.

Ginkgo Bioworks Stock Performance

The company’s fifty day moving average price is $7.79 and its 200 day moving average price is $8.33. The firm has a market capitalization of $569.59 million, a price-to-earnings ratio of -1.63 and a beta of 1.79.

Insider Buying and Selling

In related news, insider Jason R. Kelly sold 109,767 shares of the company’s stock in a transaction on Thursday, April 9th. The stock was sold at an average price of $6.40, for a total transaction of $702,508.80. Following the completion of the transaction, the insider directly owned 316,483 shares in the company, valued at $2,025,491.20. This represents a 25.75% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Steven P. Coen sold 33,171 shares of the stock in a transaction on Monday, April 13th. The stock was sold at an average price of $6.41, for a total value of $212,626.11. Following the completion of the sale, the insider directly owned 49,849 shares in the company, valued at $319,532.09. This represents a 39.96% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 543,288 shares of company stock valued at $3,551,556 over the last three months. 12.69% of the stock is owned by company insiders.

Institutional Trading of Ginkgo Bioworks

A number of large investors have recently modified their holdings of DNA. Quarry LP acquired a new position in Ginkgo Bioworks during the 3rd quarter valued at about $29,000. Raymond James Financial Inc. acquired a new stake in shares of Ginkgo Bioworks in the second quarter valued at approximately $29,000. Strategic Advocates LLC raised its holdings in shares of Ginkgo Bioworks by 808.9% during the fourth quarter. Strategic Advocates LLC now owns 4,381 shares of the company’s stock valued at $36,000 after buying an additional 3,899 shares during the last quarter. Strs Ohio acquired a new position in shares of Ginkgo Bioworks during the third quarter worth approximately $44,000. Finally, Entropy Technologies LP acquired a new position in shares of Ginkgo Bioworks during the first quarter worth approximately $67,000. Institutional investors and hedge funds own 78.63% of the company’s stock.

Ginkgo Bioworks Company Profile

Ginkgo Bioworks, Inc is a synthetic biology company that designs custom microbes for customers across a range of industries. Utilizing a proprietary organism foundry platform, the company engineers cells to produce high-value chemicals, enzymes, and other biological materials. By integrating automation, data analytics and machine learning, Ginkgo Bioworks seeks to accelerate the development of biologically derived solutions at industrial scale.

The company’s services span the entire development cycle, from genetic design and strain optimization to fermentation and downstream processing.