Ginkgo Bioworks (NYSE:DNA) Shares Up 9.3% – Here’s Why

Ginkgo Bioworks Holdings, Inc. (NYSE:DNA)’s share price was up 9.3% during trading on Wednesday . The stock traded as high as $9.61 and last traded at $9.6880. Approximately 500,503 shares traded hands during trading, a decline of 58% from the average session volume of 1,182,675 shares. The stock had previously closed at $8.86.

Analyst Ratings Changes

DNA has been the subject of a number of analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Ginkgo Bioworks in a research report on Monday, April 20th. Wall Street Zen lowered Ginkgo Bioworks from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. Finally, BTIG Research lowered their price objective on Ginkgo Bioworks from $9.00 to $5.00 and set a “sell” rating on the stock in a report on Thursday, March 12th. One analyst has rated the stock with a Buy rating and two have given a Sell rating to the company’s stock. According to MarketBeat, Ginkgo Bioworks has a consensus rating of “Reduce” and an average target price of $8.50.

Ginkgo Bioworks Price Performance

The stock’s 50 day moving average price is $8.49 and its two-hundred day moving average price is $8.35. The firm has a market capitalization of $623.02 million, a price-to-earnings ratio of -1.78 and a beta of 1.79.

Ginkgo Bioworks (NYSE:DNA) last posted its earnings results on Thursday, May 7th. The company reported ($1.39) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.21) by ($0.18). The firm had revenue of $19.00 million during the quarter, compared to analyst estimates of $42.93 million. Ginkgo Bioworks had a negative net margin of 215.41% and a negative return on equity of 56.08%.

Insiders Place Their Bets

In related news, major shareholder Barry Canton sold 124,727 shares of the business’s stock in a transaction dated Friday, April 10th. The stock was sold at an average price of $6.43, for a total transaction of $801,994.61. Following the completion of the transaction, the insider owned 436,422 shares of the company’s stock, valued at approximately $2,806,193.46. The trade was a 22.23% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Jason R. Kelly sold 109,767 shares of the stock in a transaction that occurred on Thursday, April 9th. The shares were sold at an average price of $6.40, for a total value of $702,508.80. Following the sale, the insider owned 316,483 shares of the company’s stock, valued at approximately $2,025,491.20. The trade was a 25.75% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders sold 542,580 shares of company stock valued at $3,546,784. 12.69% of the stock is owned by company insiders.

Institutional Investors Weigh In On Ginkgo Bioworks

Several hedge funds have recently modified their holdings of the business. Entropy Technologies LP acquired a new stake in shares of Ginkgo Bioworks in the first quarter worth $67,000. Renaissance Technologies LLC acquired a new position in Ginkgo Bioworks during the 1st quarter valued at $616,000. Dimensional Fund Advisors LP boosted its holdings in Ginkgo Bioworks by 23.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 127,048 shares of the company’s stock valued at $779,000 after purchasing an additional 24,434 shares during the period. Bank of New York Mellon Corp boosted its holdings in Ginkgo Bioworks by 1.8% in the 1st quarter. Bank of New York Mellon Corp now owns 123,959 shares of the company’s stock valued at $760,000 after purchasing an additional 2,178 shares during the period. Finally, Inspire Investing LLC grew its position in Ginkgo Bioworks by 46.4% in the 1st quarter. Inspire Investing LLC now owns 83,905 shares of the company’s stock worth $514,000 after purchasing an additional 26,612 shares during the last quarter. 78.63% of the stock is owned by institutional investors.

About Ginkgo Bioworks

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.