Ginkgo Bioworks (NYSE:DNA) Shares Gap Down Following Weak Earnings

Shares of Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) gapped down prior to trading on Friday following a weaker than expected earnings announcement. The stock had previously closed at $11.30, but opened at $10.29. Ginkgo Bioworks shares last traded at $9.1610, with a volume of 444,562 shares.

The company reported ($1.45) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.24) by ($0.21). The firm had revenue of $38.84 million during the quarter, compared to analysts’ expectations of $38.95 million. Ginkgo Bioworks had a negative net margin of 136.56% and a negative return on equity of 43.25%. Ginkgo Bioworks has set its FY 2025 guidance at EPS.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on DNA. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Ginkgo Bioworks in a research note on Wednesday, October 8th. BTIG Research upped their price target on shares of Ginkgo Bioworks from $6.00 to $9.00 and gave the company a “sell” rating in a research report on Monday, August 25th. Wall Street Zen raised Ginkgo Bioworks from a “sell” rating to a “hold” rating in a research report on Saturday, August 30th. Finally, Cowen reissued a “buy” rating on shares of Ginkgo Bioworks in a report on Friday, August 8th. One analyst has rated the stock with a Buy rating and two have given a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Reduce” and an average target price of $9.00.

Insiders Place Their Bets

In other Ginkgo Bioworks news, insider Steven P. Coen sold 5,609 shares of the company’s stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $15.00, for a total value of $84,135.00. Following the completion of the transaction, the insider directly owned 5,503 shares in the company, valued at approximately $82,545. This represents a 50.48% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 9.72% of the stock is owned by insiders.

Institutional Investors Weigh In On Ginkgo Bioworks

Hedge funds have recently made changes to their positions in the business. Bank of New York Mellon Corp boosted its position in Ginkgo Bioworks by 14.4% during the first quarter. Bank of New York Mellon Corp now owns 26,392 shares of the company’s stock worth $150,000 after purchasing an additional 3,331 shares during the period. CWM LLC increased its position in shares of Ginkgo Bioworks by 667.6% during the first quarter. CWM LLC now owns 12,274 shares of the company’s stock valued at $70,000 after buying an additional 10,675 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Ginkgo Bioworks during the first quarter valued at approximately $587,000. Forbes J M & Co. LLP lifted its stake in Ginkgo Bioworks by 56.0% in the 1st quarter. Forbes J M & Co. LLP now owns 1,094,564 shares of the company’s stock worth $6,239,000 after purchasing an additional 392,832 shares in the last quarter. Finally, Prescott Group Capital Management L.L.C. grew its position in shares of Ginkgo Bioworks by 1.1% during the 1st quarter. Prescott Group Capital Management L.L.C. now owns 365,717 shares of the company’s stock valued at $2,085,000 after purchasing an additional 3,967 shares in the last quarter. 78.63% of the stock is currently owned by institutional investors.

Ginkgo Bioworks Price Performance

The stock has a market cap of $537.54 million, a P/E ratio of -1.56 and a beta of 1.53. The firm’s fifty day moving average price is $12.68 and its two-hundred day moving average price is $10.88.

Ginkgo Bioworks Company Profile

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.