Ginkgo Bioworks (NYSE:DNA) Stock Price Up 9.3% – What’s Next?

Shares of Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) shot up 9.3% on Wednesday . The stock traded as high as $9.61 and last traded at $9.6880. Approximately 500,503 shares were traded during trading, a decline of 58% from the average session volume of 1,182,675 shares. The stock had previously closed at $8.86.

Analyst Upgrades and Downgrades

DNA has been the topic of several recent analyst reports. BTIG Research decreased their target price on shares of Ginkgo Bioworks from $9.00 to $5.00 and set a “sell” rating on the stock in a report on Thursday, March 12th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Ginkgo Bioworks in a research report on Monday, April 20th. Finally, Wall Street Zen cut Ginkgo Bioworks from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. One investment 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 stock has a market capitalization of $616.59 million, a price-to-earnings ratio of -1.76 and a beta of 1.79. The business has a 50-day moving average of $8.39 and a 200-day moving average of $8.34.

Ginkgo Bioworks (NYSE:DNA) last posted its earnings results on Thursday, May 7th. The company reported ($1.39) EPS for the quarter, missing analysts’ consensus estimates of ($1.21) by ($0.18). The company had revenue of $19.00 million during the quarter, compared to analyst estimates of $42.93 million. Ginkgo Bioworks had a negative net margin of 215.41% and a negative return on equity of 56.08%.

Insider Activity at Ginkgo Bioworks

In other Ginkgo Bioworks news, insider Steven P. Coen sold 33,171 shares of the company’s stock in a transaction on Monday, April 13th. The stock was sold at an average price of $6.41, for a total transaction of $212,626.11. Following the transaction, the insider directly owned 49,849 shares in the company, valued at $319,532.09. This represents a 39.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, major shareholder Barry Canton sold 124,727 shares of the firm’s stock in a transaction on Friday, April 10th. The stock was sold at an average price of $6.43, for a total value of $801,994.61. Following the transaction, the insider owned 436,422 shares of the company’s stock, valued at approximately $2,806,193.46. This represents a 22.23% 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. Over the last 90 days, insiders sold 542,580 shares of company stock worth $3,546,784. Company insiders own 12.69% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Quarry LP acquired a new position in shares of Ginkgo Bioworks in the third quarter valued at approximately $29,000. Raymond James Financial Inc. acquired a new stake in Ginkgo Bioworks during the 2nd quarter worth approximately $29,000. Strategic Advocates LLC boosted its position in Ginkgo Bioworks by 808.9% in the 4th quarter. Strategic Advocates LLC now owns 4,381 shares of the company’s stock valued at $36,000 after buying an additional 3,899 shares during the period. Daiwa Securities Group Inc. purchased a new position in Ginkgo Bioworks in the 2nd quarter valued at approximately $71,000. Finally, Western Wealth Management LLC acquired a new position in shares of Ginkgo Bioworks in the fourth quarter worth $83,000. Hedge funds and other 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.