Ginkgo Bioworks (NYSE:DNA) Shares Up 3.3%

Ginkgo Bioworks Holdings, Inc. (NYSE:DNA)’s stock price was up 3.3% during trading on Wednesday . The company traded as high as $0.36 and last traded at $0.36. Approximately 10,307,682 shares were traded during trading, a decline of 74% from the average daily volume of 39,229,520 shares. The stock had previously closed at $0.35.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. BTIG Research lowered their target price on Ginkgo Bioworks from $0.50 to $0.20 and set a “sell” rating for the company in a research report on Wednesday, June 26th. William Blair downgraded Ginkgo Bioworks from a “market perform” rating to an “underperform” rating in a research report on Friday, May 10th. Finally, Morgan Stanley cut their price objective on Ginkgo Bioworks from $2.00 to $1.00 and set an “equal weight” rating on the stock in a research note on Wednesday, May 15th. Three equities research analysts have rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $1.56.

Ginkgo Bioworks Price Performance

The business has a 50-day moving average of $0.62 and a 200 day moving average of $1.05.

Ginkgo Bioworks (NYSE:DNA) last released its quarterly earnings data on Thursday, May 9th. The company reported ($0.08) EPS for the quarter, meeting the consensus estimate of ($0.08). Ginkgo Bioworks had a negative return on equity of 56.09% and a negative net margin of 409.11%. The firm had revenue of $37.94 million during the quarter, compared to the consensus estimate of $45.50 million. During the same quarter in the previous year, the company posted ($0.08) earnings per share. On average, equities analysts anticipate that Ginkgo Bioworks Holdings, Inc. will post -0.3 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Mark E. Dmytruk sold 47,806 shares of the business’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $0.84, for a total transaction of $40,157.04. Following the completion of the sale, the insider now directly owns 925,400 shares of the company’s stock, valued at $777,336. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Ginkgo Bioworks news, Director Marijn E. Dekkers sold 265,000 shares of the stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $0.83, for a total value of $219,950.00. Following the completion of the sale, the director now owns 5,515,364 shares in the company, valued at approximately $4,577,752.12. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Mark E. Dmytruk sold 47,806 shares of Ginkgo Bioworks stock in a transaction that occurred on 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 directly owns 925,400 shares in the company, valued at approximately $777,336. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 326,246 shares of company stock worth $267,499. Insiders own 15.05% of the company’s stock.

Institutional Trading of Ginkgo Bioworks

Institutional investors and hedge funds have recently modified their holdings of the business. ARK Investment Management LLC increased its position 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 valued at $335,645,000 after purchasing an additional 16,414,434 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of Ginkgo Bioworks by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 132,780,095 shares of the company’s stock valued at $224,398,000 after buying an additional 463,096 shares during the last quarter. Norges Bank bought a new position in shares of Ginkgo Bioworks during the 4th quarter worth $24,967,000. Lingotto Investment Management LLP increased its holdings in Ginkgo Bioworks by 34.9% in the 4th quarter. Lingotto Investment Management LLP now owns 8,511,301 shares of the company’s stock worth $14,384,000 after acquiring an additional 2,200,000 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in Ginkgo Bioworks by 3.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 7,661,303 shares of the company’s stock valued at $12,948,000 after purchasing an additional 242,906 shares during the last quarter. 78.63% of the stock is owned by hedge funds and other institutional investors.

About Ginkgo Bioworks

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.