BTIG Research Cuts Ginkgo Bioworks (NYSE:DNA) Price Target to $5.00

Ginkgo Bioworks (NYSE:DNA) had its price target lowered by investment analysts at BTIG Research from $9.00 to $5.00 in a research note issued on Thursday,Benzinga reports. The firm currently has a “sell” rating on the stock. BTIG Research’s target price would suggest a potential downside of 26.86% from the stock’s current price.

DNA has been the subject of a number of other research reports. TD Cowen cut their price objective on shares of Ginkgo Bioworks from $14.00 to $12.00 and set a “buy” rating for the company in a report on Thursday, January 8th. Weiss Ratings restated a “sell (d-)” rating on shares of Ginkgo Bioworks in a research report on Wednesday, January 21st. Finally, Wall Street Zen raised Ginkgo Bioworks from a “sell” rating to a “hold” rating in a report on Sunday. One equities research analyst has rated the stock with a Buy rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Reduce” and an average target price of $8.50.

Ginkgo Bioworks Stock Up 7.8%

Ginkgo Bioworks stock opened at $6.84 on Thursday. Ginkgo Bioworks has a 52 week low of $5.00 and a 52 week high of $17.58. The firm has a market cap of $414.19 million, a price-to-earnings ratio of -1.21 and a beta of 1.58. The business’s 50-day moving average price is $8.85 and its 200 day moving average price is $10.23.

Ginkgo Bioworks (NYSE:DNA) last issued its quarterly earnings data on Thursday, February 26th. The company reported ($1.42) EPS for the quarter, topping analysts’ consensus estimates of ($1.80) by $0.38. Ginkgo Bioworks had a negative net margin of 183.81% and a negative return on equity of 52.82%. The business had revenue of $33.40 million for the quarter, compared to analysts’ expectations of $37.57 million. Equities analysts expect that Ginkgo Bioworks will post -10.02 EPS for the current year.

Hedge Funds Weigh In On Ginkgo Bioworks

A number of hedge funds have recently made changes to their positions in DNA. Millennium Management LLC lifted its position in shares of Ginkgo Bioworks by 113.1% in the first quarter. Millennium Management LLC now owns 1,427,600 shares of the company’s stock valued at $8,137,000 after acquiring an additional 757,535 shares in the last quarter. Prescott Group Capital Management L.L.C. acquired a new position in Ginkgo Bioworks in the 4th quarter valued at $4,503,000. Geode Capital Management LLC lifted its holdings in Ginkgo Bioworks by 104.5% in the 2nd quarter. Geode Capital Management LLC now owns 937,583 shares of the company’s stock valued at $10,549,000 after purchasing an additional 479,154 shares in the last quarter. Jump Financial LLC acquired a new stake in Ginkgo Bioworks during the 2nd quarter worth $4,163,000. Finally, State Street Corp grew its holdings in shares of Ginkgo Bioworks by 38.4% during the fourth quarter. State Street Corp now owns 1,292,071 shares of the company’s stock worth $10,737,000 after buying an additional 358,231 shares in the last quarter. Institutional investors and hedge funds own 78.63% of the company’s stock.

About Ginkgo Bioworks

Ginkgo Bioworks, Inc is a synthetic biology company that designs custom microbes for customers across a range of industries. Utilizing a proprietary organism foundry platform, the company engineers cells to produce high-value chemicals, enzymes, and other biological materials. By integrating automation, data analytics and machine learning, Ginkgo Bioworks seeks to accelerate the development of biologically derived solutions at industrial scale.

The company’s services span the entire development cycle, from genetic design and strain optimization to fermentation and downstream processing.