Ginkgo Bioworks (NYSE:DNA) Shares Down 4.5% – Here’s What Happened

Ginkgo Bioworks Holdings, Inc. (NYSE:DNA)’s share price dropped 4.5% during mid-day trading on Wednesday. The stock traded as low as $11.63 and last traded at $11.4710. 749,288 shares changed hands during mid-day trading, a decline of 51% from the average daily volume of 1,521,052 shares. The stock had previously closed at $12.01.

Analyst Ratings Changes

DNA has been the subject of several research reports. Zacks Research raised shares of Ginkgo Bioworks to a “hold” rating in a research report on Monday, August 17th. BTIG Research reaffirmed a “sell” rating and set a $5.00 target price on shares of Ginkgo Bioworks in a research report on Friday, September 4th. Wall Street Zen raised shares of Ginkgo Bioworks from a “sell” rating to a “hold” rating in a research report on Saturday, September 26th. Oppenheimer set a $5.00 price target on shares of Ginkgo Bioworks in a research note on Wednesday, September 9th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Ginkgo Bioworks in a report on Thursday, October 15th. Two investment analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Reduce” and a consensus target price of $7.00.

Ginkgo Bioworks Price Performance

The firm has a fifty day moving average of $10.24 and a two-hundred day moving average of $8.64. The stock has a market capitalization of $688.55 million, a P/E ratio of -2.43 and a beta of 1.74.

Ginkgo Bioworks (NYSE:DNA) last released its quarterly earnings data on Thursday, November 5th. The company reported ($0.64) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.68) by $0.04. Ginkgo Bioworks had a negative net margin of 249.20% and a negative return on equity of 56.97%. The company had revenue of $27.71 million during the quarter, compared to analyst estimates of $21.50 million. As a group, sell-side analysts forecast that Ginkgo Bioworks Holdings, Inc. will post -3.20 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Steven Coen sold 2,403 shares of the company’s stock in a transaction that occurred on Monday, October 5th. The shares were sold at an average price of $15.00, for a total value of $36,045.00. Following the completion of the sale, the insider owned 49,448 shares of the company’s stock, valued at approximately $741,720. This represents a 4.63% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jason Kelly sold 45,682 shares of the stock in a transaction that occurred on Monday, October 19th. The shares were sold at an average price of $10.14, for a total transaction of $463,215.48. Following the transaction, the insider owned 129,065 shares in the company, valued at approximately $1,308,719.10. This represents a 26.14% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 136,525 shares of company stock worth $1,379,699. 12.69% of the stock is owned by corporate insiders.

Institutional Trading of Ginkgo Bioworks

Hedge funds have recently bought and sold shares of the stock. Integrated Wealth Concepts LLC bought a new position in shares of Ginkgo Bioworks in the 2nd quarter worth $50,000. Arizona State Retirement System bought a new stake in Ginkgo Bioworks during the second quarter valued at about $102,000. Entropy Technologies LP purchased a new position in Ginkgo Bioworks in the first quarter valued at about $67,000. AXQ Capital LP purchased a new position in Ginkgo Bioworks in the second quarter valued at about $262,000. Finally, Q Fund Management Hong Kong Ltd purchased a new position in Ginkgo Bioworks in the third quarter valued at about $505,000. Hedge funds and other institutional investors own 78.63% of the company’s stock.

About Ginkgo Bioworks

Ginkgo Bioworks is a biotechnology company that develops and engineers microorganisms and other cells for use in commercial products. Its platform combines biological research, automation, and software to help customers design, build, and test organisms with desired characteristics. The company provides cell-engineering services and capabilities to organizations in areas including pharmaceuticals, agriculture, food, and industrial chemicals. Its work can include developing and optimizing microbial strains and supporting the production of ingredients and other materials.