Ginkgo Bioworks (NYSE:DNA) Stock Price Down 7.9% Following Analyst Downgrade

Shares of Ginkgo Bioworks Holdings, Inc. (NYSE:DNAGet Free Report) fell 7.9% on Wednesday after Morgan Stanley lowered their price target on the stock from $2.00 to $1.00. Morgan Stanley currently has an equal weight rating on the stock. Ginkgo Bioworks traded as low as $0.79 and last traded at $0.80. 9,847,250 shares were traded during mid-day trading, a decline of 68% from the average session volume of 30,570,205 shares. The stock had previously closed at $0.86.

Other equities analysts have also recently issued research reports about the company. BTIG Research cut Ginkgo Bioworks from a “neutral” rating to a “sell” rating in a report on Wednesday. TD Cowen decreased their price objective on Ginkgo Bioworks from $7.00 to $3.00 and set an “outperform” rating for the company in a report on Friday, March 1st. The Goldman Sachs Group dropped their price objective on Ginkgo Bioworks from $1.25 to $1.10 and set a “sell” rating on the stock in a research note on Monday, January 22nd. Finally, William Blair downgraded Ginkgo Bioworks from a “market perform” rating to an “underperform” rating in a research report 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 data from MarketBeat, Ginkgo Bioworks presently has a consensus rating of “Hold” and an average target price of $1.90.

Get Our Latest Report on DNA

Insider Activity

In other Ginkgo Bioworks 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 completion of the sale, the insider now owns 925,400 shares of the company’s stock, valued at approximately $777,336. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Harry Sloan bought 297,619 shares of the business’s stock in a transaction that occurred on Tuesday, May 14th. The shares were 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 in the company, valued at $653,871.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Mark E. Dmytruk sold 47,806 shares of the stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $0.84, for a total value of $40,157.04. Following the completion of the transaction, the insider now owns 925,400 shares in the company, valued at $777,336. The disclosure for this sale can be found here. 15.05% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Ginkgo Bioworks

Several large investors have recently made changes to their positions in the business. Exchange Traded Concepts LLC grew its holdings in Ginkgo Bioworks by 27.6% during the 4th quarter. Exchange Traded Concepts LLC now owns 507,814 shares of the company’s stock valued at $858,000 after buying an additional 109,927 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Ginkgo Bioworks by 3.1% during the third quarter. Vanguard Group Inc. now owns 132,316,999 shares of the company’s stock valued at $239,494,000 after buying an additional 4,016,221 shares during the period. B. Riley Wealth Advisors Inc. boosted its position in shares of Ginkgo Bioworks by 79.2% during the third quarter. B. Riley Wealth Advisors Inc. now owns 115,803 shares of the company’s stock valued at $210,000 after purchasing an additional 51,170 shares in the last quarter. Nordea Investment Management AB boosted its holdings in Ginkgo Bioworks by 5.2% in the fourth quarter. Nordea Investment Management AB now owns 4,412,457 shares of the company’s stock worth $7,435,000 after acquiring an additional 216,434 shares in the last quarter. Finally, Welch & Forbes LLC purchased a new position in shares of Ginkgo Bioworks in the third quarter worth $12,670,000. 78.63% of the stock is owned by hedge funds and other institutional investors.

Ginkgo Bioworks Price Performance

The company has a 50 day moving average price of $1.01 and a two-hundred day moving average price of $1.28. The stock has a market cap of $1.81 billion, a PE ratio of -1.81 and a beta of 1.42.

Ginkgo Bioworks (NYSE:DNAGet Free Report) last posted 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 during the quarter, compared to analysts’ expectations of $45.50 million. During the same quarter in the previous year, the business earned ($0.08) earnings per share. As a group, equities analysts predict that Ginkgo Bioworks Holdings, Inc. will post -0.31 earnings per share for the current fiscal year.

Ginkgo Bioworks Company Profile

(Get Free Report)

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.

Read More

Receive News & Ratings for Ginkgo Bioworks Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ginkgo Bioworks and related companies with MarketBeat.com's FREE daily email newsletter.