Ginkgo Bioworks (NYSE:DNA) Given New $0.20 Price Target at BTIG Research

Ginkgo Bioworks (NYSE:DNA) had its price objective cut by BTIG Research from $0.50 to $0.20 in a report issued on Wednesday morning, Benzinga reports. They currently have a sell rating on the stock.

Several other analysts have also recently issued reports on the stock. William Blair cut shares of Ginkgo Bioworks from a market perform rating to an underperform rating in a research report on Friday, May 10th. Morgan Stanley decreased their target price on shares of Ginkgo Bioworks from $2.00 to $1.00 and set an equal weight rating on the stock in a research report on Wednesday, May 15th. Finally, TD Cowen decreased their target price on shares of Ginkgo Bioworks from $7.00 to $3.00 and set an outperform rating on the stock in a research report on Friday, March 1st. Three analysts have rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of Hold and a consensus price target of $1.56.

Ginkgo Bioworks Stock Down 12.1 %

Shares of DNA stock opened at $0.28 on Wednesday. The stock 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 52 week low of $0.28 and a 52 week high of $2.55. The company’s fifty day simple moving average is $0.68 and its two-hundred day simple moving average is $1.10.

Ginkgo Bioworks (NYSE:DNA) last announced its quarterly earnings results on Thursday, May 9th. The company reported ($0.08) EPS for the quarter, hitting the consensus estimate of ($0.08). The business had revenue of $37.94 million for the quarter, compared to analysts’ expectations 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 previous year, the company earned ($0.08) EPS. On average, analysts anticipate that Ginkgo Bioworks will post -0.3 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Harry Sloan bought 297,619 shares of the company’s stock in a transaction on Tuesday, May 14th. The shares were acquired at an average cost of $0.91 per share, for a total transaction of $270,833.29. Following the purchase, the director now directly owns 718,540 shares of the company’s stock, valued at $653,871.40. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. In other Ginkgo Bioworks news, insider Mark E. Dmytruk sold 47,806 shares of the company’s 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 transaction, the insider now directly owns 925,400 shares in the company, valued at approximately $777,336. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Harry Sloan bought 297,619 shares of the company’s stock in a transaction on Tuesday, May 14th. The stock was bought at an average price of $0.91 per share, for a total transaction of $270,833.29. Following the completion of the purchase, the director now directly owns 718,540 shares in the company, valued at $653,871.40. The disclosure for this purchase can be found here. Insiders have sold 377,415 shares of company stock valued at $321,226 in the last ninety days. 15.05% of the stock is owned by company insiders.

Hedge Funds Weigh In On Ginkgo Bioworks

A number of hedge funds and other institutional investors have recently modified their holdings of DNA. Cerity Partners LLC lifted its position in Ginkgo Bioworks by 5.3% during the fourth quarter. Cerity Partners LLC now owns 209,613 shares of the company’s stock valued at $354,000 after acquiring an additional 10,472 shares during the last quarter. Smith Salley & Associates lifted its position in Ginkgo Bioworks by 100.0% during the fourth quarter. Smith Salley & Associates now owns 24,000 shares of the company’s stock valued at $41,000 after acquiring an additional 12,000 shares during the last quarter. Spire Wealth Management purchased a new stake in Ginkgo Bioworks during the fourth quarter valued at approximately $25,000. Daiwa Securities Group Inc. lifted its position in Ginkgo Bioworks by 32.4% during the fourth quarter. Daiwa Securities Group Inc. now owns 62,943 shares of the company’s stock valued at $106,000 after acquiring an additional 15,396 shares during the last quarter. Finally, Treasurer of the State of North Carolina lifted its position in Ginkgo Bioworks by 2.3% during the fourth quarter. Treasurer of the State of North Carolina now owns 689,787 shares of the company’s stock valued at $1,166,000 after acquiring an additional 15,540 shares during the last quarter. 78.63% of the stock is currently owned by 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.