Ginkgo Bioworks (NYSE:DNA) Trading Down 6.7% – Here’s What Happened

Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) shares traded down 6.7% on Friday . The stock traded as low as $7.77 and last traded at $7.7350. 456,574 shares changed hands during mid-day trading, a decline of 61% from the average session volume of 1,184,940 shares. The stock had previously closed at $8.29.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Wall Street Zen raised shares of Ginkgo Bioworks from a “sell” rating to a “hold” rating in a report on Saturday, June 27th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Ginkgo Bioworks in a research note on Monday, April 20th. One research analyst has rated the stock with a Buy rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Reduce” and a consensus price target of $8.50.

Ginkgo Bioworks Price Performance

The stock has a market capitalization of $521.32 million, a P/E ratio of -1.49 and a beta of 1.77. The stock has a fifty day moving average price of $8.86 and a 200 day moving average price of $8.43.

Ginkgo Bioworks (NYSE:DNA) last released its quarterly earnings data on Thursday, May 7th. The company reported ($1.39) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 company had revenue of $19.00 million for the quarter, compared to the consensus estimate of $42.93 million.

Hedge Funds Weigh In On Ginkgo Bioworks

Large investors have recently modified their holdings of the company. Entropy Technologies LP purchased a new position in Ginkgo Bioworks during the first quarter valued at approximately $67,000. Renaissance Technologies LLC bought a new position in Ginkgo Bioworks in the 1st quarter valued at $616,000. Dimensional Fund Advisors LP grew its position in shares of Ginkgo Bioworks by 23.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 127,048 shares of the company’s stock valued at $779,000 after purchasing an additional 24,434 shares in the last quarter. Bank of New York Mellon Corp grew its position in shares of Ginkgo Bioworks by 1.8% during the 1st quarter. Bank of New York Mellon Corp now owns 123,959 shares of the company’s stock valued at $760,000 after purchasing an additional 2,178 shares in the last quarter. Finally, Inspire Investing LLC increased its holdings in shares of Ginkgo Bioworks by 46.4% in the first quarter. Inspire Investing LLC now owns 83,905 shares of the company’s stock worth $514,000 after purchasing an additional 26,612 shares during the period. 78.63% of the stock is currently owned by institutional investors.

Ginkgo Bioworks Company Profile

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.