Ginkgo Bioworks (NYSE:DNA) PT Lowered to $0.20 at BTIG Research

Ginkgo Bioworks (NYSE:DNA) had its price target trimmed by BTIG Research from $0.50 to $0.20 in a research note published on Wednesday, Benzinga reports. The firm currently has a sell rating on the stock.

Other equities analysts also recently issued research reports about the stock. Morgan Stanley cut their price target on shares of Ginkgo Bioworks from $2.00 to $1.00 and set an equal weight rating for the company in a report on Wednesday, May 15th. TD Cowen cut their price target on shares of Ginkgo Bioworks from $7.00 to $3.00 and set an outperform rating for the company in a report on Friday, March 1st. Finally, William Blair downgraded shares of Ginkgo Bioworks from a market perform rating to an underperform rating in a report on Friday, May 10th. Three investment analysts have rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of Hold and a consensus target price of $1.56.

Ginkgo Bioworks Stock Performance

Shares of Ginkgo Bioworks stock opened at $0.28 on Wednesday. The company has a market cap of $622.48 million, a P/E ratio of -0.64 and a beta of 1.24. Ginkgo Bioworks has a one year low of $0.28 and a one year high of $2.55. The firm has a fifty day moving average of $0.68 and a two-hundred day moving average of $1.10.

Ginkgo Bioworks (NYSE:DNA) last announced its quarterly earnings data on Thursday, May 9th. The company reported ($0.08) EPS for the quarter, hitting analysts’ consensus estimates of ($0.08). The company had revenue of $37.94 million during the quarter, compared to the consensus estimate of $45.50 million. Ginkgo Bioworks had a negative net margin of 409.11% and a negative return on equity of 56.09%. During the same quarter in the prior year, the firm earned ($0.08) EPS. As a group, equities analysts predict that Ginkgo Bioworks will post -0.3 earnings per share for the current year.

Insider Activity at Ginkgo Bioworks

In related news, insider Mark E. Dmytruk sold 47,806 shares of the stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $0.84, for a total value of $40,157.04. Following the sale, the insider now directly owns 925,400 shares of the company’s stock, valued at approximately $777,336. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other Ginkgo Bioworks news, insider Mark E. Dmytruk sold 51,169 shares of the firm’s stock in a transaction dated Tuesday, April 2nd. The shares were sold at an average price of $1.05, for a total transaction of $53,727.45. Following the sale, the insider now directly owns 865,079 shares of the company’s stock, valued at approximately $908,332.95. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Mark E. Dmytruk sold 47,806 shares of the stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $0.84, for a total transaction of $40,157.04. Following the transaction, the insider now owns 925,400 shares in the company, valued at $777,336. The disclosure for this sale can be found here. In the last three months, insiders have sold 377,415 shares of company stock valued at $321,226. Insiders own 15.05% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of DNA. ARK Investment Management LLC lifted its holdings in shares of Ginkgo Bioworks by 9.0% during the 4th quarter. ARK Investment Management LLC now owns 198,606,619 shares of the company’s stock worth $335,645,000 after acquiring an additional 16,414,434 shares during the period. Norges Bank purchased a new position in Ginkgo Bioworks in the fourth quarter valued at approximately $24,967,000. Vanguard Group Inc. raised its holdings in Ginkgo Bioworks by 3.1% in the third quarter. Vanguard Group Inc. now owns 132,316,999 shares of the company’s stock valued at $239,494,000 after buying an additional 4,016,221 shares during the period. Vestmark Advisory Solutions Inc. purchased a new position in Ginkgo Bioworks in the fourth quarter valued at approximately $5,044,000. Finally, Salem Investment Counselors Inc. raised its holdings in Ginkgo Bioworks by 110.6% in the first quarter. Salem Investment Counselors Inc. now owns 4,758,585 shares of the company’s stock valued at $5,520,000 after buying an additional 2,499,425 shares during the period. 78.63% of the stock is currently owned by hedge funds and other 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.