Ginkgo Bioworks (NYSE:DNA) Trading Down 9.6% – Here’s What Happened

Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) fell 9.6% during mid-day trading on Thursday . The stock traded as low as $8.63 and last traded at $8.4730. Approximately 190,661 shares changed hands during trading, a decline of 83% from the average daily volume of 1,151,240 shares. The stock had previously closed at $9.37.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Ginkgo Bioworks in a research report on Friday, July 17th. Wall Street Zen downgraded shares of Ginkgo Bioworks from a “hold” rating to a “sell” rating in a research note on Saturday, July 18th. One investment analyst has rated the stock with a Buy rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and an average price target of $8.50.

Ginkgo Bioworks Trading Down 7.8%

The stock has a market cap of $564.14 million, a P/E ratio of -1.63 and a beta of 1.78. The firm’s fifty day moving average is $8.82 and its 200 day moving average is $8.33.

Ginkgo Bioworks (NYSE:DNA) last issued its earnings results on Wednesday, August 5th. The company reported ($0.75) EPS for the quarter, topping the consensus estimate of ($0.90) by $0.15. Ginkgo Bioworks had a negative return on equity of 56.08% and a negative net margin of 215.41%.The firm had revenue of $20.16 million during the quarter, compared to analysts’ expectations of $24.05 million.

Institutional Investors Weigh In On Ginkgo Bioworks

Several large investors have recently modified their holdings of DNA. Prescott Group Capital Management L.L.C. bought a new position in shares of Ginkgo Bioworks in the fourth quarter valued at approximately $4,503,000. UBS Group AG grew its position in shares of Ginkgo Bioworks by 86.4% during the 4th quarter. UBS Group AG now owns 489,418 shares of the company’s stock worth $4,067,000 after buying an additional 226,861 shares during the period. Northwestern Mutual Wealth Management Co. increased its stake in Ginkgo Bioworks by 28,457.3% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 228,744 shares of the company’s stock valued at $1,901,000 after purchasing an additional 227,943 shares in the last quarter. Nano Cap New Millennium Growth Fund L P acquired a new position in shares of Ginkgo Bioworks during the fourth quarter worth about $166,000. Finally, Dimensional Fund Advisors LP grew its position in Ginkgo Bioworks by 23.8% in the first quarter. Dimensional Fund Advisors LP now owns 127,048 shares of the company’s stock valued at $779,000 after purchasing an additional 24,434 shares in the last quarter. 78.63% of the stock is currently owned by institutional investors.

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.