Ginkgo Bioworks (NYSE:DNA) Trading 6.9% Higher – Here’s What Happened

Ginkgo Bioworks Holdings, Inc. (NYSE:DNA)’s share price traded up 6.9% on Tuesday . The company traded as high as $8.59 and last traded at $8.5320. 146,850 shares changed hands during trading, a decline of 87% from the average session volume of 1,128,184 shares. The stock had previously closed at $7.98.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the stock. TD Cowen reduced their target price on shares of Ginkgo Bioworks from $14.00 to $12.00 and set a “buy” rating for the company in a research report on Thursday, January 8th. BTIG Research cut their price target on Ginkgo Bioworks from $9.00 to $5.00 and set a “sell” rating for the company in a research note on Thursday, March 12th. Wall Street Zen upgraded Ginkgo Bioworks from a “sell” rating to a “hold” rating in a research note on Saturday, April 11th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Ginkgo Bioworks in a research note on Wednesday, January 21st. One investment analyst has rated the stock with a Buy rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Reduce” and an average target price of $8.50.

Ginkgo Bioworks Trading Up 3.5%

The company’s fifty day moving average is $7.46 and its 200 day moving average is $9.24. The company has a market capitalization of $511.64 million, a P/E ratio of -1.47 and a beta of 1.56.

Ginkgo Bioworks (NYSE:DNA) last released its quarterly earnings data on Thursday, February 26th. The company reported ($1.42) EPS for the quarter, topping the consensus estimate of ($1.80) by $0.38. Ginkgo Bioworks had a negative net margin of 183.81% and a negative return on equity of 52.82%. The company had revenue of $33.40 million during the quarter, compared to the consensus estimate of $37.57 million. Equities research analysts predict that Ginkgo Bioworks Holdings, Inc. will post -4.33 EPS for the current year.

Insider Buying and Selling

In other Ginkgo Bioworks news, insider Steven P. Coen sold 33,171 shares of the firm’s stock in a transaction on Monday, April 13th. The shares were sold at an average price of $6.41, for a total value of $212,626.11. Following the completion of the transaction, the insider directly owned 49,849 shares of the company’s stock, valued at $319,532.09. This trade represents a 39.96% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Reshma P. Shetty sold 124,727 shares of the firm’s stock in a transaction on Friday, April 10th. The shares were sold at an average price of $6.43, for a total transaction of $801,994.61. Following the completion of the transaction, the insider directly owned 436,422 shares of the company’s stock, valued at approximately $2,806,193.46. The trade was a 22.23% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 542,981 shares of company stock worth $3,548,999 in the last 90 days. 9.72% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Quarry LP bought a new stake in shares of Ginkgo Bioworks during the 3rd quarter valued at about $29,000. Raymond James Financial Inc. bought a new stake in shares of Ginkgo Bioworks during the 2nd quarter worth $29,000. Strategic Advocates LLC lifted its holdings in shares of Ginkgo Bioworks by 808.9% during the 4th quarter. Strategic Advocates LLC now owns 4,381 shares of the company’s stock worth $36,000 after acquiring an additional 3,899 shares during the last quarter. Strs Ohio bought a new stake in shares of Ginkgo Bioworks during the 3rd quarter worth $44,000. Finally, Daiwa Securities Group Inc. bought a new stake in shares of Ginkgo Bioworks during the 2nd quarter worth $71,000. 78.63% of the stock is owned by institutional investors.

About Ginkgo Bioworks

Ginkgo Bioworks, Inc is a synthetic biology company that designs custom microbes for customers across a range of industries. Utilizing a proprietary organism foundry platform, the company engineers cells to produce high-value chemicals, enzymes, and other biological materials. By integrating automation, data analytics and machine learning, Ginkgo Bioworks seeks to accelerate the development of biologically derived solutions at industrial scale.

The company’s services span the entire development cycle, from genetic design and strain optimization to fermentation and downstream processing.