Ginkgo Bioworks (NYSE:DNA) Stock Price Up 10.4% – Time to Buy?

Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) was up 10.4% during trading on Wednesday . The company traded as high as $10.43 and last traded at $10.9440. Approximately 141,585 shares were traded during mid-day trading, a decline of 88% from the average session volume of 1,192,727 shares. The stock had previously closed at $9.91.

Analyst Ratings Changes

DNA has been the subject of several recent analyst reports. BTIG Research cut their price objective on shares of Ginkgo Bioworks from $9.00 to $5.00 and set a “sell” rating for the company in a research report on Thursday, March 12th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Ginkgo Bioworks in a report on Monday, April 20th. Finally, Wall Street Zen upgraded shares of Ginkgo Bioworks from a “sell” rating to a “hold” rating in a research report on Saturday. One investment analyst has rated the stock with a Buy rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Reduce” and an average price target of $8.50.

Ginkgo Bioworks Trading Up 7.6%

The firm has a market capitalization of $696.64 million, a price-to-earnings ratio of -1.99 and a beta of 1.79. The stock’s 50-day moving average is $8.62 and its 200-day moving average is $8.36.

Ginkgo Bioworks (NYSE:DNA) last posted its earnings results on Thursday, May 7th. The company reported ($1.39) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.21) by ($0.18). The company had revenue of $19.00 million for the quarter, compared to the consensus estimate of $42.93 million. Ginkgo Bioworks had a negative return on equity of 56.08% and a negative net margin of 215.41%.

Insider Transactions at Ginkgo Bioworks

In other news, insider Steven P. Coen sold 33,171 shares of Ginkgo Bioworks stock in a transaction dated Monday, April 13th. The stock was sold at an average price of $6.41, for a total transaction of $212,626.11. Following the sale, the insider directly owned 49,849 shares of the company’s stock, valued at approximately $319,532.09. This trade represents a 39.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Jason R. Kelly sold 109,767 shares of the business’s stock in a transaction dated Thursday, April 9th. The stock was sold at an average price of $6.40, for a total value of $702,508.80. Following the sale, the insider owned 316,483 shares in the company, valued at approximately $2,025,491.20. This trade represents a 25.75% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders have sold 542,580 shares of company stock worth $3,546,784. 12.69% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Ginkgo Bioworks

Several hedge funds have recently added to or reduced their stakes in the business. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in Ginkgo Bioworks by 3.8% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 30,727 shares of the company’s stock valued at $267,000 after acquiring an additional 1,122 shares during the period. Shay Capital LLC lifted its holdings in shares of Ginkgo Bioworks by 6.2% during the second quarter. Shay Capital LLC now owns 19,382 shares of the company’s stock worth $218,000 after purchasing an additional 1,124 shares during the period. Deutsche Bank AG grew its stake in shares of Ginkgo Bioworks by 3.5% in the fourth quarter. Deutsche Bank AG now owns 35,689 shares of the company’s stock worth $297,000 after purchasing an additional 1,207 shares during the last quarter. Green Alpha Advisors LLC increased its holdings in Ginkgo Bioworks by 10.6% in the fourth quarter. Green Alpha Advisors LLC now owns 14,327 shares of the company’s stock valued at $119,000 after purchasing an additional 1,378 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its position in Ginkgo Bioworks by 2.0% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 94,873 shares of the company’s stock worth $789,000 after purchasing an additional 1,869 shares during the last quarter. 78.63% of the stock is currently owned by institutional investors and hedge funds.

Ginkgo Bioworks Company Profile

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.