Ginkgo Bioworks (NYSE:DNA) Shares Down 5.6% Following Insider Selling

Ginkgo Bioworks Holdings, Inc. (NYSE:DNA – Get Rating)’s share price fell 5.6% during trading on Thursday after an insider sold shares in the company. The company traded as low as $1.52 and last traded at $1.53. 4,772,628 shares changed hands during mid-day trading, a decline of 76% from the average session volume of 19,748,082 shares. The stock had previously closed at $1.62.

Specifically, Director Shyam Sankar bought 400,000 shares of Ginkgo Bioworks stock in a transaction on Thursday, May 18th. The stock was purchased at an average cost of $1.28 per share, for a total transaction of $512,000.00. Following the completion of the purchase, the director now directly owns 1,731,874 shares of the company’s stock, valued at $2,216,798.72. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, Director Shyam Sankar purchased 400,000 shares of the company’s stock in a transaction dated Thursday, May 18th. The shares were bought at an average price of $1.28 per share, with a total value of $512,000.00. Following the completion of the transaction, the director now directly owns 1,731,874 shares in the company, valued at approximately $2,216,798.72. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, insider Mark E. Dmytruk sold 29,762 shares of Ginkgo Bioworks stock in a transaction that occurred on Wednesday, March 15th. The shares were sold at an average price of $1.31, for a total transaction of $38,988.22. Following the completion of the transaction, the insider now directly owns 530,736 shares in the company, valued at approximately $695,264.16. The disclosure for this sale can be found here. Over the last three months, insiders sold 724,954 shares of company stock worth $979,767. 17.47% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

DNA has been the topic of several analyst reports. Raymond James lowered their price target on shares of Ginkgo Bioworks from $6.00 to $5.00 and set an “outperform” rating on the stock in a report on Friday, March 3rd. BTIG Research dropped their price objective on Ginkgo Bioworks from $4.00 to $3.00 in a report on Sunday, March 5th. Finally, William Blair cut Ginkgo Bioworks from an “outperform” rating to a “market perform” rating in a research note on Thursday, May 11th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, Ginkgo Bioworks has a consensus rating of “Moderate Buy” and a consensus target price of $4.67.

Ginkgo Bioworks Trading Down 5.6 %

The business has a 50 day moving average of $1.29 and a 200-day moving average of $1.62. The firm has a market capitalization of $3.19 billion, a P/E ratio of -1.49 and a beta of 0.88.

Ginkgo Bioworks (NYSE:DNA – Get Rating) last released its quarterly earnings results on Wednesday, March 1st. The company reported ($0.04) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.30) by $0.26. Ginkgo Bioworks had a negative return on equity of 97.13% and a negative net margin of 440.87%. The firm had revenue of $98.29 million during the quarter, compared to the consensus estimate of $84.41 million. On average, analysts anticipate that Ginkgo Bioworks Holdings, Inc. will post -0.29 EPS for the current fiscal year.

Institutional Investors Weigh In On Ginkgo Bioworks

Large investors have recently made changes to their positions in the stock. Phillips Financial Management LLC acquired a new stake in shares of Ginkgo Bioworks in the 4th quarter valued at approximately $25,000. Private Advisor Group LLC bought a new position in shares of Ginkgo Bioworks in the fourth quarter worth $25,000. Kestra Private Wealth Services LLC bought a new position in shares of Ginkgo Bioworks in the fourth quarter worth $25,000. Creative Planning acquired a new stake in Ginkgo Bioworks in the fourth quarter valued at about $25,000. Finally, Silverlake Wealth Management LLC acquired a new stake in shares of Ginkgo Bioworks during the fourth quarter valued at about $25,000. Institutional investors and hedge funds own 61.83% of the company’s stock.

Ginkgo Bioworks Company Profile

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Ginkgo Bioworks Holdings, Inc, together with its subsidiaries, develops platform for cell programming. Its platform is used to program cells to enable biological production of products, such as novel therapeutics, food ingredients, and chemicals derived from petroleum. The company serves various end markets, including specialty chemicals, agriculture, food, consumer products, and pharmaceuticals.