Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) Given Average Rating of “Reduce” by Brokerages

Shares of Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) have received a consensus recommendation of “Reduce” from the six analysts that are presently covering the company, Marketbeat reports. Three investment analysts have rated the stock with a sell recommendation, two have assigned a hold recommendation and one has assigned a buy recommendation to the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $1.40.

Several analysts recently weighed in on the company. Morgan Stanley decreased their price objective on Ginkgo Bioworks from $2.00 to $1.00 and set an “equal weight” rating for the company in a report on Wednesday, May 15th. William Blair cut shares of Ginkgo Bioworks from a “market perform” rating to an “underperform” rating in a research report on Friday, May 10th. BTIG Research dropped their price objective on shares of Ginkgo Bioworks from $0.50 to $0.20 and set a “sell” rating on the stock in a research note on Wednesday, June 26th. Finally, The Goldman Sachs Group reduced their price objective on shares of Ginkgo Bioworks from $0.80 to $0.30 and set a “sell” rating for the company in a research note on Tuesday, July 9th.

Insider Buying and Selling

In other Ginkgo Bioworks news, Director Marijn E. Dekkers sold 265,000 shares of the firm’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 value of $219,950.00. Following the completion of the sale, the director now directly owns 5,515,364 shares in the company, valued at $4,577,752.12. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, Director Marijn E. Dekkers sold 265,000 shares of the business’s stock in a transaction dated Thursday, May 16th. The stock was 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 in the company, valued at $4,577,752.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Harry Sloan acquired 297,619 shares of the firm’s stock in a transaction that occurred on Tuesday, May 14th. The stock was bought at an average cost of $0.91 per share, with a total value of $270,833.29. Following the completion of the transaction, the director now directly owns 718,540 shares in the company, valued at $653,871.40. The disclosure for this purchase can be found here. Insiders sold a total of 291,960 shares of company stock worth $231,804 in the last 90 days. 15.05% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Ginkgo Bioworks

Several hedge funds have recently made changes to their positions in DNA. Norges Bank acquired a new stake in Ginkgo Bioworks during the 4th quarter worth about $24,967,000. Vestmark Advisory Solutions Inc. purchased a new position in Ginkgo Bioworks during the 4th quarter worth approximately $5,044,000. Salem Investment Counselors Inc. lifted its stake in Ginkgo Bioworks by 110.6% during the 1st quarter. Salem Investment Counselors Inc. now owns 4,758,585 shares of the company’s stock valued at $5,520,000 after acquiring an additional 2,499,425 shares during the period. Lingotto Investment Management LLP boosted its holdings in shares of Ginkgo Bioworks by 34.9% in the 4th quarter. Lingotto Investment Management LLP now owns 8,511,301 shares of the company’s stock valued at $14,384,000 after acquiring an additional 2,200,000 shares during the last quarter. Finally, Cetera Investment Advisers increased its stake in shares of Ginkgo Bioworks by 2,683.7% in the first quarter. Cetera Investment Advisers now owns 2,264,107 shares of the company’s stock worth $2,626,000 after acquiring an additional 2,182,773 shares during the period. 78.63% of the stock is owned by institutional investors and hedge funds.

Ginkgo Bioworks Stock Performance

Shares of NYSE:DNA opened at $0.31 on Monday. The firm’s 50 day simple moving average is $0.40 and its 200-day simple moving average is $0.86. Ginkgo Bioworks has a one year low of $0.26 and a one year high of $2.47. The firm has a market cap of $695.67 million, a PE ratio of -0.72 and a beta of 1.14.

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, hitting the consensus estimate of ($0.08). The company 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 quarter in the prior year, the firm earned ($0.08) earnings per share. Equities research analysts predict that Ginkgo Bioworks will post -0.3 EPS for the current fiscal year.

Ginkgo Bioworks Company Profile

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.