Ginkgo Bioworks (NYSE:DNA) Shares Down 11.7% – Here’s What Happened

Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) shares traded down 11.7% on Friday. The company traded as low as $11.30 and last traded at $11.2490. Approximately 990,540 shares were traded during trading, a decline of 33% from the average session volume of 1,475,323 shares. The stock had previously closed at $12.74.

Analyst Ratings Changes

Several research analysts have recently commented on DNA shares. Zacks Research raised shares of Ginkgo Bioworks to a “hold” rating in a report on Monday, August 17th. Weiss Ratings reissued a “sell (d-)” rating on shares of Ginkgo Bioworks in a research report on Thursday, October 15th. Wall Street Zen upgraded Ginkgo Bioworks from a “sell” rating to a “hold” rating in a research note on Saturday, September 26th. Oppenheimer set a $5.00 price objective on Ginkgo Bioworks in a report on Wednesday, September 9th. Finally, TD Cowen upped their target price on Ginkgo Bioworks from $9.00 to $11.00 and gave the company a “hold” rating in a research report on Tuesday, October 13th. Two equities research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Reduce” and an average target price of $7.00.

Ginkgo Bioworks Stock Down 15.0%

The company has a 50 day simple moving average of $9.47 and a 200 day simple moving average of $8.58. The stock has a market cap of $729.56 million, a price-to-earnings ratio of -2.16 and a beta of 1.79.

Ginkgo Bioworks (NYSE:DNA) last issued its quarterly earnings data on Wednesday, August 5th. The company reported ($0.75) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.90) by $0.15. Ginkgo Bioworks had a negative return on equity of 60.27% and a negative net margin of 259.96%. The business had revenue of $20.16 million for the quarter, compared to analyst estimates of $24.05 million. As a group, analysts predict that Ginkgo Bioworks Holdings, Inc. will post -3.20 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Ginkgo Bioworks news, Director Christian O. Henry sold 5,000 shares of the 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 sale, 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 position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Steven P. Coen sold 2,403 shares of the firm’s stock in a transaction that occurred on Monday, October 5th. The stock was sold at an average price of $15.00, for a total transaction of $36,045.00. Following the transaction, the insider owned 49,448 shares of the company’s stock, valued at approximately $741,720. The trade was a 4.63% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 136,525 shares of company stock valued at $1,379,699 over the last quarter. 12.69% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Ginkgo Bioworks

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

About Ginkgo Bioworks

Ginkgo Bioworks is a biotechnology company that develops and deploys biological systems for commercial and industrial applications. Its platform is designed to help customers program cells to produce a wide range of products, including pharmaceuticals, food ingredients, agricultural inputs, specialty chemicals and materials. The company combines biological engineering, automation, software and data science to design, build and test engineered organisms.

Ginkgo provides services through its cell-programming platform and biological engineering foundry, supporting activities such as genetic design, strain construction, laboratory testing and process development.