Ginkgo Bioworks (NYSE:DNA) Trading 9.8% Higher

Ginkgo Bioworks Holdings, Inc. (NYSE:DNA)’s stock price rose 9.8% on Friday . The stock traded as high as $0.34 and last traded at $0.34. Approximately 34,801,129 shares were traded during mid-day trading, a decline of 7% from the average daily volume of 37,466,285 shares. The stock had previously closed at $0.31.

Wall Street Analyst Weigh In

DNA has been the subject of a number of research reports. BTIG Research reduced their target price on shares of Ginkgo Bioworks from $0.50 to $0.20 and set a “sell” rating for the company in a report on Wednesday. William Blair cut shares of Ginkgo Bioworks from a “market perform” rating to an “underperform” rating in a research note on Friday, May 10th. TD Cowen cut their price target on Ginkgo Bioworks from $7.00 to $3.00 and set an “outperform” rating for the company in a research note on Friday, March 1st. Finally, Morgan Stanley lowered their price objective on Ginkgo Bioworks from $2.00 to $1.00 and set an “equal weight” rating on the stock in a research report on Wednesday, May 15th. Three investment analysts have rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, Ginkgo Bioworks presently has an average rating of “Hold” and a consensus target price of $1.56.

Ginkgo Bioworks Trading Up 5.3 %

The firm’s 50 day simple moving average is $0.66 and its 200 day simple moving average is $1.09. The firm has a market cap of $719.99 million, a PE ratio of -0.77 and a beta of 1.24.

Ginkgo Bioworks (NYSE:DNA) last issued 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). Ginkgo Bioworks had a negative return on equity of 56.09% and a negative net margin of 409.11%. The business had revenue of $37.94 million for the quarter, compared to analysts’ expectations of $45.50 million. During the same period in the prior year, the firm earned ($0.08) EPS. As a group, equities research analysts predict that Ginkgo Bioworks Holdings, Inc. will post -0.3 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Ginkgo Bioworks news, Director Harry Sloan bought 297,619 shares of the firm’s stock in a transaction dated Tuesday, May 14th. The shares were purchased at an average cost of $0.91 per share, for a total transaction of $270,833.29. Following the transaction, the director now owns 718,540 shares of the company’s stock, valued at $653,871.40. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other Ginkgo Bioworks news, Director Harry Sloan acquired 297,619 shares of the business’s stock in a transaction that occurred on Tuesday, May 14th. The shares were bought at an average cost 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 in the company, valued at approximately $653,871.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Marijn E. Dekkers sold 265,000 shares of Ginkgo Bioworks stock in a transaction 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 transaction, the director now owns 5,515,364 shares in the company, valued at $4,577,752.12. The disclosure for this sale can be found here. Insiders sold 377,415 shares of company stock valued at $321,226 in the last three months. Corporate insiders own 15.05% of the company’s stock.

Institutional Trading of Ginkgo Bioworks

Several hedge funds have recently modified their holdings of DNA. Salem Investment Counselors Inc. grew its holdings in Ginkgo Bioworks by 110.6% in the first quarter. Salem Investment Counselors Inc. now owns 4,758,585 shares of the company’s stock worth $5,520,000 after purchasing an additional 2,499,425 shares during the last quarter. Norges Bank purchased a new stake in shares of Ginkgo Bioworks during the fourth quarter worth about $24,967,000. Exchange Traded Concepts LLC increased its holdings in shares of Ginkgo Bioworks by 27.6% during the fourth quarter. Exchange Traded Concepts LLC now owns 507,814 shares of the company’s stock valued at $858,000 after acquiring an additional 109,927 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Ginkgo Bioworks by 3.1% in the 3rd quarter. Vanguard Group Inc. now owns 132,316,999 shares of the company’s stock valued at $239,494,000 after purchasing an additional 4,016,221 shares during the last quarter. Finally, Pinebridge Investments L.P. boosted its stake in Ginkgo Bioworks by 358.2% in the 4th quarter. Pinebridge Investments L.P. now owns 140,935 shares of the company’s stock worth $238,000 after purchasing an additional 110,177 shares in the last quarter. 78.63% of the stock is owned by hedge funds and other institutional investors.

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.