Ginkgo Bioworks (NYSE:DNA) Trading Down 5.3% – Here’s Why

Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) shares traded down 5.3% during trading on Monday . The stock traded as low as $9.72 and last traded at $9.8460. Approximately 132,077 shares traded hands during mid-day trading, a decline of 89% from the average session volume of 1,195,168 shares. The stock had previously closed at $10.40.

Analyst Upgrades and Downgrades

DNA has been the topic of a number of recent analyst reports. Wall Street Zen raised Ginkgo Bioworks from a “sell” rating to a “hold” rating in a report on Saturday, June 27th. Weiss Ratings restated a “sell (d-)” rating on shares of Ginkgo Bioworks in a research report on Monday, April 20th. Finally, BTIG Research lowered their price target on shares of Ginkgo Bioworks from $9.00 to $5.00 and set a “sell” rating on the stock in a research note on Thursday, March 12th. One equities research analyst has rated the stock with a Buy rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and an average price target of $8.50.

Ginkgo Bioworks Stock Down 1.4%

The firm has a market cap of $669.86 million, a price-to-earnings ratio of -1.90 and a beta of 1.77. The business has a 50 day moving average of $8.75 and a 200 day moving average of $8.38.

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

Insider Activity

In related news, major shareholder Barry Canton sold 124,727 shares of the firm’s stock in a transaction that occurred on Friday, April 10th. The shares were sold at an average price of $6.43, for a total transaction of $801,994.61. Following the sale, the insider owned 436,422 shares in the company, valued at approximately $2,806,193.46. This trade represents a 22.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed 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 Ginkgo Bioworks stock in a transaction that occurred 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 sale, the insider directly owned 316,483 shares of the company’s stock, valued at $2,025,491.20. The trade was a 25.75% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 542,580 shares of company stock worth $3,546,784. Corporate insiders own 12.69% of the company’s stock.

Institutional Investors Weigh In On Ginkgo Bioworks

Several hedge funds have recently made changes to their positions in DNA. Entropy Technologies LP acquired a new position in Ginkgo Bioworks in the first quarter valued at $67,000. Renaissance Technologies LLC acquired a new stake in Ginkgo Bioworks in the 1st quarter worth about $616,000. Dimensional Fund Advisors LP grew 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 buying an additional 24,434 shares during the period. Bank of New York Mellon Corp grew 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 buying an additional 2,178 shares during the period. Finally, Inspire Investing LLC increased its stake in shares of Ginkgo Bioworks by 46.4% during the 1st quarter. Inspire Investing LLC now owns 83,905 shares of the company’s stock valued at $514,000 after acquiring an additional 26,612 shares during the last quarter. Institutional investors and hedge funds own 78.63% of the company’s stock.

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.