Ginkgo Bioworks (NYSE:DNA) Shares Gap Down to $1.96

Ginkgo Bioworks Holdings, Inc. (NYSE:DNA)’s share price gapped down before the market opened on Friday . The stock had previously closed at $1.96, but opened at $1.92. Ginkgo Bioworks shares last traded at $1.97, with a volume of 788,225 shares changing hands.

Wall Street Analyst Weigh In

Several research firms have commented on DNA. Raymond James lowered their target price on shares of Ginkgo Bioworks from $5.00 to $3.50 and set an “outperform” rating on the stock in a research note on Thursday, August 31st. The Goldman Sachs Group cut shares of Ginkgo Bioworks from a “neutral” rating to a “sell” rating and lowered their price objective for the stock from $3.00 to $1.25 in a research note on Friday, June 2nd. One investment analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $3.75.

Ginkgo Bioworks Stock Performance

The company’s 50 day moving average price is $2.06 and its 200-day moving average price is $1.66. The company has a market cap of $4.07 billion, a price-to-earnings ratio of -2.75 and a beta of 1.17.

Ginkgo Bioworks (NYSE:DNA) last announced its earnings results on Wednesday, August 9th. The company reported ($0.09) EPS for the quarter, hitting the consensus estimate of ($0.09). Ginkgo Bioworks had a negative net margin of 375.48% and a negative return on equity of 66.58%. The company had revenue of $80.57 million during the quarter, compared to analysts’ expectations of $70.41 million. As a group, sell-side analysts forecast that Ginkgo Bioworks Holdings, Inc. will post -0.35 earnings per share for the current year.

Insiders Place Their Bets

In other Ginkgo Bioworks news, insider Reshma P. Shetty sold 37,650 shares of the firm’s stock in a transaction dated Wednesday, August 16th. The shares were sold at an average price of $1.68, for a total value of $63,252.00. Following the completion of the transaction, the insider now directly owns 13,052,254 shares in the company, valued at $21,927,786.72. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, insider Jason R. Kelly sold 100,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 28th. The shares were sold at an average price of $1.70, for a total transaction of $170,000.00. Following the completion of the sale, the insider now directly owns 9,194,680 shares in the company, valued at $15,630,956. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Reshma P. Shetty sold 37,650 shares of the firm’s stock in a transaction that occurred on Wednesday, August 16th. The stock was sold at an average price of $1.68, for a total transaction of $63,252.00. Following the sale, the insider now owns 13,052,254 shares of the company’s stock, valued at $21,927,786.72. The disclosure for this sale can be found here. Insiders sold a total of 1,293,870 shares of company stock worth $2,608,342 over the last ninety days. 15.05% of the stock is currently owned by company insiders.

Institutional Trading of Ginkgo Bioworks

Institutional investors have recently added to or reduced their stakes in the business. Cambridge Investment Research Advisors Inc. acquired a new stake in Ginkgo Bioworks in the first quarter valued at approximately $43,000. Atria Wealth Solutions Inc. acquired a new stake in Ginkgo Bioworks in the second quarter valued at approximately $30,000. Yousif Capital Management LLC acquired a new stake in Ginkgo Bioworks in the second quarter valued at approximately $25,000. Creative Planning acquired a new stake in Ginkgo Bioworks in the fourth quarter valued at approximately $25,000. Finally, Cigna Investments Inc. New acquired a new stake in Ginkgo Bioworks in the second quarter valued at approximately $28,000. 56.84% of the stock is currently owned by institutional investors and hedge funds.

Ginkgo Bioworks Company Profile

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.