Ginkgo Bioworks (NYSE:DNA) Shares Gap Down to $0.37

Ginkgo Bioworks Holdings, Inc. (NYSE:DNA)’s stock price gapped down before the market opened on Friday . The stock had previously closed at $0.37, but opened at $0.34. Ginkgo Bioworks shares last traded at $0.30, with a volume of 2,895,224 shares.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on DNA. William Blair cut Ginkgo Bioworks from a “market perform” rating to an “underperform” rating in a report on Friday, May 10th. The Goldman Sachs Group dropped their price target on Ginkgo Bioworks from $0.80 to $0.30 and set a “sell” rating on the stock in a research note on Tuesday, July 9th. Morgan Stanley dropped their price target on Ginkgo Bioworks from $2.00 to $1.00 and set an “equal weight” rating on the stock in a research note on Wednesday, May 15th. Finally, BTIG Research dropped their price target on Ginkgo Bioworks from $0.50 to $0.20 and set a “sell” rating on the stock in a research note on Wednesday, June 26th. Three research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $1.40.

Ginkgo Bioworks Price Performance

The firm has a market capitalization of $621.59 million, a PE ratio of -0.64 and a beta of 1.14. The firm’s fifty day moving average is $0.41 and its two-hundred day moving average is $0.87.

Ginkgo Bioworks (NYSE:DNA) last announced its quarterly earnings data on Thursday, May 9th. The company reported ($0.08) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.08). The business had revenue of $37.94 million for the quarter, compared to analysts’ expectations of $45.50 million. Ginkgo Bioworks had a negative return on equity of 56.09% and a negative net margin of 409.11%. During the same period in the previous year, the business posted ($0.08) EPS. As a group, equities research analysts predict that Ginkgo Bioworks Holdings, Inc. will post -0.3 EPS for the current fiscal year.

Insider Activity

In related news, Director Marijn E. Dekkers sold 265,000 shares of the business’s stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $0.83, for a total transaction of $219,950.00. Following the completion of the transaction, the director now owns 5,515,364 shares of the company’s stock, valued at $4,577,752.12. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, Director Harry Sloan purchased 297,619 shares of the stock in a transaction that occurred on Tuesday, May 14th. The stock was bought at an average cost of $0.91 per share, for a total transaction of $270,833.29. Following the acquisition, the director now directly owns 718,540 shares of the company’s stock, valued at approximately $653,871.40. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Marijn E. Dekkers sold 265,000 shares of the company’s stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $0.83, for a total transaction of $219,950.00. Following the sale, the director now owns 5,515,364 shares of the company’s stock, valued at $4,577,752.12. The disclosure for this sale can be found here. Insiders have sold a total of 291,960 shares of company stock valued at $231,804 over the last quarter. Company insiders own 15.05% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in DNA. Spire Wealth Management bought a new position in Ginkgo Bioworks in the 4th quarter worth $25,000. Paloma Partners Management Co purchased a new position in Ginkgo Bioworks during the 1st quarter valued at about $28,000. First Trust Direct Indexing L.P. purchased a new position in Ginkgo Bioworks during the 1st quarter valued at about $35,000. Prime Capital Investment Advisors LLC purchased a new position in Ginkgo Bioworks during the 4th quarter valued at about $37,000. Finally, Russell Investments Group Ltd. lifted its position in Ginkgo Bioworks by 9,440.6% during the 1st quarter. Russell Investments Group Ltd. now owns 31,961 shares of the company’s stock valued at $37,000 after acquiring an additional 31,626 shares during the period. 78.63% of the stock is currently owned by institutional investors.

About Ginkgo Bioworks

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.