Ginkgo Bioworks (NYSE:DNA) Downgraded to Underperform at William Blair

Ginkgo Bioworks (NYSE:DNA) was downgraded by analysts at William Blair from a “market perform” rating to an “underperform” rating in a note issued to investors on Friday, Briefing.com reports.

Other research analysts also recently issued research reports about the company. TD Cowen dropped their price target on Ginkgo Bioworks from $7.00 to $3.00 and set an “outperform” rating for the company in a research note on Friday, March 1st. The Goldman Sachs Group lowered their target price on Ginkgo Bioworks from $1.25 to $1.10 and set a “sell” rating for the company in a research note on Monday, January 22nd. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Ginkgo Bioworks has a consensus rating of “Hold” and an average price target of $2.20.

Ginkgo Bioworks Price Performance

Shares of Ginkgo Bioworks stock opened at $0.92 on Friday. Ginkgo Bioworks has a 1 year low of $0.74 and a 1 year high of $2.55. The company has a market capitalization of $1.98 billion, a price-to-earnings ratio of -1.95 and a beta of 1.42. The business has a fifty day simple moving average of $1.04 and a two-hundred day simple moving average of $1.30.

Ginkgo Bioworks (NYSE:DNA) last posted its quarterly earnings results on Thursday, February 29th. The company reported ($0.10) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.01). The company had revenue of $34.76 million during the quarter, compared to analyst estimates of $40.37 million. Ginkgo Bioworks had a negative net margin of 355.08% and a negative return on equity of 48.23%. The firm’s revenue for the quarter was down 64.6% compared to the same quarter last year. During the same period last year, the firm earned ($0.04) EPS. As a group, equities analysts anticipate that Ginkgo Bioworks will post -0.32 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 company’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $0.84, for a total value of $40,157.04. Following the completion of the transaction, the insider now owns 925,400 shares of the company’s stock, valued at $777,336. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, insider Mark E. Dmytruk sold 51,169 shares of the company’s stock in a transaction that occurred on Tuesday, April 2nd. The stock was sold at an average price of $1.05, for a total value of $53,727.45. Following the completion of the transaction, the insider now owns 865,079 shares of the company’s stock, valued at $908,332.95. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Mark E. Dmytruk sold 47,806 shares of the company’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $0.84, for a total value of $40,157.04. Following the completion of the transaction, 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. Insiders own 15.05% of the company’s stock.

Institutional Trading of Ginkgo Bioworks

Institutional investors have recently added to or reduced their stakes in the stock. Exchange Traded Concepts LLC boosted its holdings in Ginkgo Bioworks by 27.6% in the fourth quarter. Exchange Traded Concepts LLC now owns 507,814 shares of the company’s stock valued at $858,000 after acquiring an additional 109,927 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of Ginkgo Bioworks by 3.1% during the 3rd quarter. Vanguard Group Inc. now owns 132,316,999 shares of the company’s stock worth $239,494,000 after buying an additional 4,016,221 shares in the last quarter. B. Riley Wealth Advisors Inc. boosted its holdings 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 in the last quarter. Nordea Investment Management AB boosted its holdings in shares of Ginkgo Bioworks by 5.2% during the 4th quarter. Nordea Investment Management AB now owns 4,412,457 shares of the company’s stock worth $7,435,000 after buying an additional 216,434 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in shares of Ginkgo Bioworks by 15.7% during the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 58,746,160 shares of the company’s stock worth $106,331,000 after buying an additional 7,958,613 shares in 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.