Ginkgo Bioworks (NYSE:DNA) Stock Price Down 9.4% After Analyst Downgrade

Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) shares were down 9.4% during mid-day trading on Wednesday after BTIG Research lowered their price target on the stock from $0.50 to $0.20. BTIG Research currently has a sell rating on the stock. Ginkgo Bioworks traded as low as $0.29 and last traded at $0.29. Approximately 28,668,500 shares changed hands during trading, a decline of 20% from the average daily volume of 35,882,273 shares. The stock had previously closed at $0.32.

DNA has been the topic of a number of other research reports. TD Cowen cut their price target on shares of Ginkgo Bioworks from $7.00 to $3.00 and set an “outperform” rating on the stock in a research note on Friday, March 1st. Morgan Stanley cut their price target on shares of 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. Finally, William Blair downgraded shares of Ginkgo Bioworks from a “market perform” rating to an “underperform” rating in a research note on Friday, May 10th. Three investment analysts have rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $1.56.

Insider Activity at Ginkgo Bioworks

In other Ginkgo Bioworks news, insider Mark E. Dmytruk sold 51,169 shares of the business’s stock in a transaction on Tuesday, April 2nd. The shares were sold at an average price of $1.05, for a total value of $53,727.45. Following the transaction, the insider now owns 865,079 shares in the company, valued at approximately $908,332.95. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Ginkgo Bioworks news, insider Mark E. Dmytruk sold 51,169 shares of the business’s stock in a transaction on Tuesday, April 2nd. The shares were sold at an average price of $1.05, for a total value of $53,727.45. Following the transaction, the insider now owns 865,079 shares in the company, valued at approximately $908,332.95. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Mark E. Dmytruk sold 47,806 shares of the business’s 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 completion of the sale, the insider now directly owns 925,400 shares of the company’s stock, valued at approximately $777,336. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 377,415 shares of company stock worth $321,226. 15.05% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Ginkgo Bioworks

Institutional investors have recently modified their holdings of the business. ARK Investment Management LLC boosted its stake in 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 period. Vanguard Group Inc. boosted its stake in 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 purchasing an additional 463,096 shares during the period. Norges Bank acquired a new position in Ginkgo Bioworks during the 4th quarter valued at about $24,967,000. Lingotto Investment Management LLP boosted its stake in Ginkgo Bioworks by 34.9% during the 4th quarter. Lingotto Investment Management LLP now owns 8,511,301 shares of the company’s stock valued at $14,384,000 after purchasing an additional 2,200,000 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its stake in Ginkgo Bioworks by 3.3% during the 4th 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 period. Institutional investors own 78.63% of the company’s stock.

Ginkgo Bioworks Stock Performance

The business’s 50 day simple moving average is $0.68 and its 200-day simple moving average is $1.10. The stock has a market capitalization of $622.48 million, a price-to-earnings ratio of -0.64 and a beta of 1.24.

Ginkgo Bioworks (NYSE:DNA) last issued its quarterly earnings results on Thursday, May 9th. The company reported ($0.08) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.08). Ginkgo Bioworks had a negative net margin of 409.11% and a negative return on equity of 56.09%. The company had revenue of $37.94 million during the quarter, compared to analyst estimates of $45.50 million. During the same period in the prior year, the business posted ($0.08) EPS. As a group, sell-side analysts expect that Ginkgo Bioworks Holdings, Inc. will post -0.3 EPS for the current year.

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.