Ginkgo Bioworks (NYSE:DNA) Trading Up 10% – Still a Buy?

Shares of Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) rose 10% during mid-day trading on Monday . The stock traded as high as $8.50 and last traded at $8.9110. Approximately 106,337 shares changed hands during mid-day trading, a decline of 93% from the average daily volume of 1,490,022 shares. The stock had previously closed at $8.10.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Ginkgo Bioworks in a research note on Wednesday, October 8th. Wall Street Zen cut Ginkgo Bioworks from a “hold” rating to a “sell” rating in a research report on Saturday, November 8th. One equities research analyst has rated the stock with a Buy rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Reduce” and a consensus price target of $9.00.

Ginkgo Bioworks Trading Up 0.9%

The firm has a 50 day moving average price of $10.15 and a 200 day moving average price of $11.21. The stock has a market capitalization of $535.92 million, a PE ratio of -1.42 and a beta of 1.54.

Ginkgo Bioworks (NYSE:DNA) last released its earnings results on Thursday, November 6th. The company reported ($1.45) earnings per share for the quarter, missing the consensus estimate of ($1.24) by ($0.21). The company had revenue of $38.84 million for the quarter, compared to analysts’ expectations of $38.95 million. Ginkgo Bioworks had a negative net margin of 188.00% and a negative return on equity of 51.15%. On average, equities research analysts expect that Ginkgo Bioworks Holdings, Inc. will post -10.02 EPS for the current year.

Insider Activity

In related news, insider Steven P. Coen sold 5,609 shares of the stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $15.00, for a total value of $84,135.00. Following the completion of the sale, the insider directly owned 5,503 shares of the company’s stock, valued at approximately $82,545. This represents a 50.48% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In the last ninety days, insiders sold 7,657 shares of company stock worth $108,587. Insiders own 9.72% of the company’s stock.

Institutional Trading of Ginkgo Bioworks

Hedge funds and other institutional investors have recently modified their holdings of the company. Millennium Management LLC raised its position in shares of Ginkgo Bioworks by 113.1% during the 1st quarter. Millennium Management LLC now owns 1,427,600 shares of the company’s stock valued at $8,137,000 after purchasing an additional 757,535 shares during the period. Geode Capital Management LLC increased its stake in Ginkgo Bioworks by 104.5% in the 2nd quarter. Geode Capital Management LLC now owns 937,583 shares of the company’s stock worth $10,549,000 after buying an additional 479,154 shares in the last quarter. Prescott Group Capital Management L.L.C. raised its holdings in Ginkgo Bioworks by 112.1% during the second quarter. Prescott Group Capital Management L.L.C. now owns 775,568 shares of the company’s stock valued at $8,725,000 after acquiring an additional 409,851 shares during the period. Jump Financial LLC purchased a new position in shares of Ginkgo Bioworks in the second quarter valued at about $4,163,000. Finally, Cubist Systematic Strategies LLC lifted its position in shares of Ginkgo Bioworks by 188.9% in the first quarter. Cubist Systematic Strategies LLC now owns 439,259 shares of the company’s stock valued at $2,504,000 after acquiring an additional 287,221 shares in the last quarter. 78.63% of the stock is owned by hedge funds and other institutional investors.

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.