Ginkgo Bioworks (NYSE:DNA) PT Lowered to $0.20 at BTIG Research

Ginkgo Bioworks (NYSE:DNA) had its target price decreased by BTIG Research from $0.50 to $0.20 in a research note issued to investors on Wednesday morning, Benzinga reports. BTIG Research currently has a sell rating on the stock.

A number of other analysts have also issued reports on the stock. Morgan Stanley lowered their target price on shares of Ginkgo Bioworks from $2.00 to $1.00 and set an equal weight rating for the company in a research note on Wednesday, May 15th. TD Cowen dropped their target price on shares of Ginkgo Bioworks from $7.00 to $3.00 and set an outperform rating on the stock in a research note on Friday, March 1st. Finally, William Blair downgraded shares of Ginkgo Bioworks from a market perform rating to an underperform rating in a research note on Friday, May 10th. Three equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of Hold and a consensus target price of $1.56.

Ginkgo Bioworks Trading Up 7.1 %

Shares of NYSE:DNA opened at $0.33 on Wednesday. Ginkgo Bioworks has a 12 month low of $0.26 and a 12 month high of $2.55. The firm’s 50-day moving average is $0.65 and its 200 day moving average is $1.08.

Ginkgo Bioworks (NYSE:DNA) last issued its quarterly earnings results on Thursday, May 9th. The company reported ($0.08) earnings per share for the quarter, hitting the consensus estimate of ($0.08). Ginkgo Bioworks had a negative return on equity of 56.09% and a negative net margin of 409.11%. The firm had revenue of $37.94 million for the quarter, compared to the consensus estimate of $45.50 million. During the same period in the prior year, the business posted ($0.08) earnings per share. Sell-side analysts anticipate that Ginkgo Bioworks will post -0.3 earnings per share for the current year.

Insider Activity

In other news, insider Mark E. Dmytruk sold 47,806 shares of the stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $0.84, for a total transaction of $40,157.04. Following the transaction, the insider now directly owns 925,400 shares in the company, valued at $777,336. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, insider Mark E. Dmytruk sold 47,806 shares of the company’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $0.84, for a total transaction of $40,157.04. Following the completion of the sale, the insider now directly owns 925,400 shares in the company, valued at approximately $777,336. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Mark E. Dmytruk sold 51,169 shares of Ginkgo Bioworks stock in a transaction dated Tuesday, April 2nd. The shares were sold at an average price of $1.05, for a total value of $53,727.45. Following the completion of the transaction, the insider now owns 865,079 shares in the company, valued at approximately $908,332.95. The disclosure for this sale can be found here. In the last quarter, insiders sold 377,415 shares of company stock worth $321,226. 15.05% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Ginkgo Bioworks

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. ARK Investment Management LLC increased its position in shares of Ginkgo Bioworks by 9.0% during the fourth quarter. ARK Investment Management LLC now owns 198,606,619 shares of the company’s stock worth $335,645,000 after purchasing an additional 16,414,434 shares in the last quarter. Vanguard Group Inc. increased its position in Ginkgo Bioworks by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 132,780,095 shares of the company’s stock valued at $224,398,000 after buying an additional 463,096 shares in the last quarter. Norges Bank purchased a new stake in Ginkgo Bioworks in the fourth quarter valued at about $24,967,000. Lingotto Investment Management LLP boosted its holdings in Ginkgo Bioworks by 34.9% in the fourth quarter. Lingotto Investment Management LLP now owns 8,511,301 shares of the company’s stock worth $14,384,000 after acquiring an additional 2,200,000 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Ginkgo Bioworks by 3.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 7,661,303 shares of the company’s stock worth $12,948,000 after acquiring an additional 242,906 shares during the last quarter. Hedge funds and other institutional investors own 78.63% of the company’s stock.

Ginkgo Bioworks Company Profile

Ginkgo Bioworks Holdings, Inc, together with its subsidiaries, develops platform for cell programming in the United States. Its platform is used to program cells to enable biological production of products, such as novel therapeutics, food ingredients, and chemicals derived from petroleum. It serves pharma and biotech, agriculture, industrial and environment, food and nutrition, consumer and technology, and government and defense industries.