Ginkgo Bioworks (NYSE:DNA) Stock Price Down 1.8%

Ginkgo Bioworks Holdings, Inc. (NYSE:DNA)’s share price dropped 1.8% on Wednesday . The stock traded as low as $0.41 and last traded at $0.42. Approximately 28,558,108 shares changed hands during mid-day trading, a decline of 34% from the average daily volume of 43,034,904 shares. The stock had previously closed at $0.43.

Analyst Ratings Changes

DNA has been the subject of a number of research analyst reports. Morgan Stanley decreased their target price on Ginkgo Bioworks from $2.00 to $1.00 and set an “equal weight” rating for the company in a research report on Wednesday, May 15th. BTIG Research downgraded Ginkgo Bioworks from a “neutral” rating to a “sell” rating in a report on Wednesday, May 15th. TD Cowen cut their target price on shares of Ginkgo Bioworks from $7.00 to $3.00 and set an “outperform” rating on the stock in a report on Friday, March 1st. Finally, William Blair cut shares of Ginkgo Bioworks from a “market perform” rating to an “underperform” rating in a research note on Friday, May 10th. Three 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 data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $1.90.

Ginkgo Bioworks Stock Down 2.9 %

The firm has a 50 day simple moving average of $0.72 and a two-hundred day simple moving average of $1.12.

Ginkgo Bioworks (NYSE:DNA) last posted its quarterly earnings data on Thursday, May 9th. The company reported ($0.08) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.08). The firm had revenue of $37.94 million for the quarter, compared to analyst estimates 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 period last year, the firm posted ($0.08) EPS. As a group, equities research analysts predict that Ginkgo Bioworks Holdings, Inc. will post -0.3 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Ginkgo Bioworks news, Director Marijn E. Dekkers sold 265,000 shares of Ginkgo Bioworks stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $0.83, for a total value of $219,950.00. Following the sale, the director now owns 5,515,364 shares of the company’s stock, valued at approximately $4,577,752.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Mark E. Dmytruk sold 51,169 shares of the company’s stock in a transaction on Tuesday, April 2nd. The shares were sold at an average price of $1.05, for a total transaction of $53,727.45. Following the transaction, 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 SEC, which is accessible through the SEC website. Also, Director Marijn E. Dekkers sold 265,000 shares of the firm’s stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $0.83, for a total transaction of $219,950.00. Following the completion of the sale, the director now owns 5,515,364 shares of the company’s stock, valued at approximately $4,577,752.12. The disclosure for this sale can be found here. Insiders sold 377,415 shares of company stock valued at $321,226 over the last ninety days. Corporate insiders own 15.05% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in DNA. Norges Bank purchased a new stake in shares of Ginkgo Bioworks during the 4th quarter worth approximately $24,967,000. Exchange Traded Concepts LLC boosted its position in Ginkgo Bioworks by 27.6% during the fourth quarter. Exchange Traded Concepts LLC now owns 507,814 shares of the company’s stock worth $858,000 after purchasing an additional 109,927 shares in the last quarter. Vanguard Group Inc. grew 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 purchasing an additional 4,016,221 shares during the last quarter. Pinebridge Investments L.P. increased its position in shares of Ginkgo Bioworks by 358.2% in the fourth quarter. Pinebridge Investments L.P. now owns 140,935 shares of the company’s stock valued at $238,000 after buying an additional 110,177 shares in the last quarter. Finally, B. Riley Wealth Advisors Inc. raised its stake in shares of Ginkgo Bioworks by 79.2% during the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 115,803 shares of the company’s stock worth $210,000 after buying an additional 51,170 shares during the last quarter. 78.63% of the stock is currently owned by institutional investors and hedge funds.

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.