Ginkgo Bioworks (NYSE:DNA) Sees Strong Trading Volume

Shares of Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) saw strong trading volume on Thursday . 32,277,849 shares changed hands during trading, an increase of 2% from the previous session’s volume of 31,557,998 shares.The stock last traded at $0.68 and had previously closed at $0.70.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. BTIG Research lowered shares of Ginkgo Bioworks from a “neutral” rating to a “sell” rating in a research note on Wednesday, May 15th. TD Cowen lowered their target price on shares of Ginkgo Bioworks from $7.00 to $3.00 and set an “outperform” rating for the company in a research note on Friday, March 1st. Morgan Stanley lowered their target price on shares of Ginkgo Bioworks from $2.00 to $1.00 and set an “equal weight” rating for the company in a research note on Wednesday, May 15th. Finally, William Blair lowered shares of Ginkgo Bioworks from a “market perform” rating to an “underperform” rating in a research note on Friday, May 10th. Three research analysts have rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the company. According to MarketBeat, Ginkgo Bioworks has a consensus rating of “Hold” and a consensus target price of $1.90.

Ginkgo Bioworks Stock Performance

The firm’s fifty day moving average price is $0.95 and its 200-day moving average price is $1.24.

Ginkgo Bioworks (NYSE:DNA) last announced its quarterly earnings results on Thursday, May 9th. The company reported ($0.08) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.08). Ginkgo Bioworks had a negative net margin of 409.11% and a negative return on equity of 56.09%. The company had revenue of $37.94 million during the quarter, compared to the consensus estimate of $45.50 million. During the same quarter in the previous year, the company posted ($0.08) earnings per share. Sell-side analysts expect that Ginkgo Bioworks Holdings, Inc. will post -0.3 EPS for the current year.

Insider Buying and Selling

In related news, Director Harry Sloan acquired 297,619 shares of Ginkgo Bioworks stock in a transaction that occurred on Tuesday, May 14th. The stock was acquired at an average price of $0.91 per share, with a total value of $270,833.29. Following the completion of the acquisition, the director now directly owns 718,540 shares of the company’s stock, valued at approximately $653,871.40. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, Director Harry Sloan acquired 297,619 shares of Ginkgo Bioworks stock in a transaction that occurred on Tuesday, May 14th. The stock was acquired at an average price of $0.91 per share, with a total value of $270,833.29. Following the completion of the acquisition, the director now directly owns 718,540 shares of the company’s stock, valued at approximately $653,871.40. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Marijn E. Dekkers sold 265,000 shares of the company’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 completion of the sale, the director now directly owns 5,515,364 shares of the company’s stock, valued at approximately $4,577,752.12. The disclosure for this sale can be found here. Insiders sold 363,975 shares of company stock valued at $313,834 over the last 90 days. 15.05% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Ginkgo Bioworks

A number of institutional investors and hedge funds have recently bought and sold shares of the business. ARK Investment Management LLC lifted its holdings in Ginkgo Bioworks by 9.0% in the 4th quarter. ARK Investment Management LLC now owns 198,606,619 shares of the company’s stock valued at $335,645,000 after acquiring an additional 16,414,434 shares during the last quarter. Vanguard Group Inc. lifted its holdings in Ginkgo Bioworks by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 132,780,095 shares of the company’s stock valued at $224,398,000 after acquiring an additional 463,096 shares during the last quarter. Norges Bank acquired a new stake in Ginkgo Bioworks in the 4th quarter valued at about $24,967,000. Lingotto Investment Management LLP lifted its holdings in 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, Charles Schwab Investment Management Inc. lifted its holdings in Ginkgo Bioworks by 3.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 7,661,303 shares of the company’s stock valued at $12,948,000 after acquiring an additional 242,906 shares during the last quarter. 78.63% of the stock is owned by institutional investors and hedge funds.

About Ginkgo Bioworks

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.