Ginkgo Bioworks (NYSE:DNA) Stock Price Down 11.8% – Here’s What Happened

Ginkgo Bioworks Holdings, Inc. (NYSE:DNA)’s stock price was down 11.8% on Wednesday. The stock traded as low as $10.86 and last traded at $10.9460. Approximately 1,277,530 shares traded hands during trading, a decline of 6% from the average session volume of 1,359,017 shares. The stock had previously closed at $12.41.

Analyst Ratings Changes

DNA has been the topic of several recent research reports. Wall Street Zen raised shares of Ginkgo Bioworks from a “sell” rating to a “hold” rating in a report on Saturday, September 26th. Zacks Research upgraded Ginkgo Bioworks to a “hold” rating in a research report on Monday, August 17th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Ginkgo Bioworks in a research note on Friday, July 17th. Oppenheimer set a $5.00 price objective on Ginkgo Bioworks in a research report on Wednesday, September 9th. Finally, TD Cowen lowered shares of Ginkgo Bioworks from a “buy” rating to a “hold” rating and reduced their target price for the company from $12.00 to $9.00 in a report on Friday, August 7th. Two investment analysts have rated the stock with a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Reduce” and an average target price of $6.33.

Ginkgo Bioworks Price Performance

The firm has a market cap of $782.76 million, a PE ratio of -2.32 and a beta of 1.79. The stock has a 50-day moving average price of $8.32 and a 200 day moving average price of $8.27.

Ginkgo Bioworks (NYSE:DNA) last issued its quarterly earnings results on Wednesday, August 5th. The company reported ($0.75) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.90) by $0.15. The firm had revenue of $20.16 million for the quarter, compared to analyst estimates of $24.05 million. Ginkgo Bioworks had a negative return on equity of 60.27% and a negative net margin of 259.96%. As a group, equities research analysts anticipate that Ginkgo Bioworks Holdings, Inc. will post -3.2 earnings per share for the current year.

Insider Activity

In related news, Director Christian Henry sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 15th. The shares were sold at an average price of $7.08, for a total transaction of $35,400.00. Following the completion of the transaction, the director owned 19,310 shares of the company’s stock, valued at approximately $136,714.80. This represents a 20.57% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 12.69% of the company’s stock.

Institutional Trading of Ginkgo Bioworks

Several institutional investors have recently made changes to their positions in DNA. Balance Capital Partners L.P. acquired a new stake in Ginkgo Bioworks during the second quarter worth about $1,972,179. Dimensional Fund Advisors LP grew its holdings in shares of Ginkgo Bioworks by 23.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 127,048 shares of the company’s stock worth $779,000 after purchasing an additional 24,434 shares during the period. Bank of New York Mellon Corp increased its position in Ginkgo Bioworks by 1.8% during the 1st quarter. Bank of New York Mellon Corp now owns 123,959 shares of the company’s stock worth $760,000 after purchasing an additional 2,178 shares in the last quarter. Renaissance Technologies LLC acquired a new stake in Ginkgo Bioworks during the 1st quarter worth approximately $616,000. Finally, Inspire Investing LLC raised its holdings in Ginkgo Bioworks by 46.4% in the first quarter. Inspire Investing LLC now owns 83,905 shares of the company’s stock valued at $514,000 after buying an additional 26,612 shares during the period. 78.63% of the stock is owned by hedge funds and other institutional investors.

About Ginkgo Bioworks

Ginkgo Bioworks, Inc is a biotechnology company that develops biological engineering technologies and services. Its platform is designed to help customers program cells and microorganisms to produce products or perform functions for applications in areas such as pharmaceuticals, agriculture, food, chemicals and materials.

The company combines biological research, laboratory automation, genetic engineering, data analysis and software through its cell-programming platform and foundry operations.