Ginkgo Bioworks (NYSE:DNA) Stock Price Down 5.3% – Should You Sell?

Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) shares fell 5.3% during mid-day trading on Monday . The stock traded as low as $9.72 and last traded at $9.8460. 132,077 shares were traded during mid-day trading, a decline of 89% from the average daily volume of 1,195,168 shares. The stock had previously closed at $10.40.

Analyst Upgrades and Downgrades

DNA has been the subject of several research analyst reports. Wall Street Zen raised shares of Ginkgo Bioworks from a “sell” rating to a “hold” rating in a research report on Saturday, June 27th. BTIG Research decreased their price target on shares of Ginkgo Bioworks from $9.00 to $5.00 and set a “sell” rating on the stock in a report on Thursday, March 12th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Ginkgo Bioworks in a research note on Monday, April 20th. One investment analyst has rated the stock with a Buy rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Reduce” and an average price target of $8.50.

Ginkgo Bioworks Price Performance

The firm’s 50-day moving average price is $8.75 and its 200-day moving average price is $8.38. The company has a market cap of $669.86 million, a price-to-earnings ratio of -1.90 and a beta of 1.77.

Ginkgo Bioworks (NYSE:DNA) last posted its earnings results on Thursday, May 7th. The company reported ($1.39) earnings per share for the quarter, missing the consensus estimate of ($1.21) by ($0.18). Ginkgo Bioworks had a negative net margin of 215.41% and a negative return on equity of 56.08%. The business had revenue of $19.00 million for the quarter, compared to analyst estimates of $42.93 million.

Insider Buying and Selling

In other news, major shareholder Barry Canton sold 124,727 shares of the company’s stock in a transaction dated Friday, April 10th. The stock was sold at an average price of $6.43, for a total value of $801,994.61. Following the completion of the sale, the insider owned 436,422 shares of the company’s stock, valued at $2,806,193.46. This represents a 22.23% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Jason R. Kelly sold 109,767 shares of the stock in a transaction dated Thursday, April 9th. The shares were sold at an average price of $6.40, for a total value of $702,508.80. Following the completion of the sale, the insider owned 316,483 shares of the company’s stock, valued at approximately $2,025,491.20. This trade represents a 25.75% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders sold 542,580 shares of company stock valued at $3,546,784. 12.69% of the stock is owned by company insiders.

Hedge Funds Weigh In On Ginkgo Bioworks

A number of institutional investors and hedge funds have recently bought and sold shares of DNA. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in Ginkgo Bioworks by 3.8% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 30,727 shares of the company’s stock valued at $267,000 after acquiring an additional 1,122 shares in the last quarter. Shay Capital LLC lifted its position in shares of Ginkgo Bioworks by 6.2% during the second quarter. Shay Capital LLC now owns 19,382 shares of the company’s stock worth $218,000 after purchasing an additional 1,124 shares in the last quarter. Deutsche Bank AG boosted its stake in shares of Ginkgo Bioworks by 3.5% in the fourth quarter. Deutsche Bank AG now owns 35,689 shares of the company’s stock valued at $297,000 after purchasing an additional 1,207 shares during the period. Green Alpha Advisors LLC boosted its stake in shares of Ginkgo Bioworks by 10.6% in the fourth quarter. Green Alpha Advisors LLC now owns 14,327 shares of the company’s stock valued at $119,000 after purchasing an additional 1,378 shares during the period. Finally, Price T Rowe Associates Inc. MD grew its holdings in Ginkgo Bioworks by 2.0% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 94,873 shares of the company’s stock valued at $789,000 after purchasing an additional 1,869 shares in the last quarter. Hedge funds and other institutional investors own 78.63% of the company’s stock.

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.