Ginkgo Bioworks (NYSE:DNA) Trading Up 7.7%

Ginkgo Bioworks Holdings, Inc. (NYSE:DNAGet Free Report)’s stock price shot up 7.7% on Thursday . The stock traded as high as $1.19 and last traded at $1.19. 9,571,491 shares traded hands during trading, a decline of 57% from the average session volume of 22,361,441 shares. The stock had previously closed at $1.10.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on DNA shares. TD Cowen lowered their price objective on shares of Ginkgo Bioworks from $7.00 to $3.00 and set an “outperform” rating for the company in a research report on Friday, March 1st. The Goldman Sachs Group dropped their price target 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. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $2.20.

Get Our Latest Research Report on Ginkgo Bioworks

Ginkgo Bioworks Price Performance

The stock has a 50 day moving average of $1.27 and a 200 day moving average of $1.46.

Ginkgo Bioworks (NYSE:DNAGet Free Report) last issued its earnings results on Thursday, February 29th. The company reported ($0.10) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.01). The business had revenue of $34.76 million for the quarter, compared to analyst estimates of $40.37 million. Ginkgo Bioworks had a negative return on equity of 48.23% and a negative net margin of 355.08%. The firm’s revenue was down 64.6% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.04) EPS. Equities analysts expect that Ginkgo Bioworks Holdings, Inc. will post -0.33 EPS for the current year.

Insider Activity at Ginkgo Bioworks

In other Ginkgo Bioworks news, insider Mark E. Dmytruk sold 39,569 shares of the company’s stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $1.21, for a total value of $47,878.49. Following the completion of the transaction, the insider now directly owns 761,737 shares in the company, valued at approximately $921,701.77. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, insider Mark E. Dmytruk sold 39,569 shares of the stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $1.21, for a total transaction of $47,878.49. Following the completion of the sale, the insider now directly owns 761,737 shares in the company, valued at $921,701.77. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Jason R. Kelly sold 100,000 shares of the stock in a transaction on Wednesday, January 3rd. The stock was sold at an average price of $1.54, for a total transaction of $154,000.00. Following the sale, the insider now owns 3,994,680 shares of the company’s stock, valued at $6,151,807.20. The disclosure for this sale can be found here. 15.05% of the stock is owned by insiders.

Hedge Funds Weigh In On Ginkgo Bioworks

Hedge funds have recently added to or reduced their stakes in the stock. Exchange Traded Concepts LLC raised its holdings in shares of Ginkgo Bioworks by 27.6% in the fourth quarter. Exchange Traded Concepts LLC now owns 507,814 shares of the company’s stock valued at $858,000 after purchasing an additional 109,927 shares during the last quarter. B. Riley Wealth Advisors Inc. raised its stake in Ginkgo Bioworks by 79.2% in the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 115,803 shares of the company’s stock valued at $210,000 after acquiring an additional 51,170 shares during the period. Nordea Investment Management AB boosted its holdings in Ginkgo Bioworks by 5.2% in the 4th quarter. Nordea Investment Management AB now owns 4,412,457 shares of the company’s stock worth $7,435,000 after buying an additional 216,434 shares during the period. Sumitomo Mitsui Trust Holdings Inc. grew its position in shares of Ginkgo Bioworks by 15.7% in the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 58,746,160 shares of the company’s stock valued at $106,331,000 after purchasing an additional 7,958,613 shares in the last quarter. Finally, Welch & Forbes LLC bought a new stake in shares of Ginkgo Bioworks during the third quarter valued at about $12,670,000. Institutional investors and hedge funds own 78.63% of the company’s stock.

About Ginkgo Bioworks

(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.

See Also

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.