Ginkgo Bioworks (NYSE:DNA) Trading Up 10.4% – Should You Buy?

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

Analyst Upgrades and Downgrades

DNA has been the topic of several recent analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Ginkgo Bioworks in a report on Monday, April 20th. Wall Street Zen raised shares of Ginkgo Bioworks from a “sell” rating to a “hold” rating in a report on Saturday, June 27th. Finally, BTIG Research dropped their target price 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. One equities research analyst has rated the stock with a Buy rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Reduce” and a consensus price target of $8.50.

Ginkgo Bioworks Stock Performance

The company has a market cap of $677.08 million, a P/E ratio of -1.93 and a beta of 1.77. The business has a fifty day simple moving average of $8.71 and a 200 day simple moving average of $8.37.

Ginkgo Bioworks (NYSE:DNA) last issued its quarterly 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). Ginkgo Bioworks had a negative net margin of 215.41% and a negative return on equity of 56.08%. The firm had revenue of $19.00 million during the quarter, compared to the consensus estimate of $42.93 million.

Insider Buying and Selling 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 shares were sold at an average price of $6.41, for a total value of $212,626.11. Following the completion of the transaction, the insider directly owned 49,849 shares of the company’s stock, valued at approximately $319,532.09. The trade was a 39.96% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Reshma P. Shetty sold 124,727 shares of the business’s stock in a transaction dated Friday, April 10th. The shares were sold at an average price of $6.43, for a total transaction of $801,994.61. Following the sale, the insider directly owned 436,422 shares of the company’s stock, valued at approximately $2,806,193.46. This represents a 22.23% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 542,580 shares of company stock worth $3,546,784 in the last ninety days. 12.69% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Ginkgo Bioworks

A number of large investors have recently bought and sold shares of the business. AQR Capital Management LLC boosted its stake in Ginkgo Bioworks by 322.6% in the first quarter. AQR Capital Management LLC now owns 158,939 shares of the company’s stock valued at $906,000 after acquiring an additional 121,326 shares during the period. 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 worth $8,137,000 after purchasing an additional 757,535 shares during the period. Goldman Sachs Group Inc. raised its position in shares of Ginkgo Bioworks by 25.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 686,767 shares of the company’s stock worth $3,915,000 after purchasing an additional 139,126 shares during the period. Acadian Asset Management LLC bought a new stake in shares of Ginkgo Bioworks in the 1st quarter worth approximately $120,000. Finally, Rhumbline Advisers bought a new stake in shares of Ginkgo Bioworks in the 2nd quarter worth approximately $666,000. Institutional investors own 78.63% of the company’s stock.

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.