Ginkgo Bioworks (NYSE:DNA) Trading Down 8.7% – Here’s What Happened

Ginkgo Bioworks Holdings, Inc. (NYSE:DNA)’s stock price fell 8.7% on Wednesday . The stock traded as low as $8.46 and last traded at $8.52. 329,634 shares were traded during trading, a decline of 72% from the average session volume of 1,169,410 shares. The stock had previously closed at $9.33.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on DNA. Wall Street Zen downgraded Ginkgo Bioworks from a “hold” rating to a “sell” rating in a research report on Saturday, May 9th. BTIG Research decreased their price objective on Ginkgo Bioworks from $9.00 to $5.00 and set a “sell” rating for the company in a report on Thursday, March 12th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Ginkgo Bioworks in a report on Monday, April 20th. One analyst has rated the stock with a Buy rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Reduce” and a consensus price target of $8.50.

Ginkgo Bioworks Price Performance

The company has a market capitalization of $590.82 million, a price-to-earnings ratio of -1.69 and a beta of 1.79. The stock has a fifty day simple moving average of $7.91 and a 200-day simple moving average of $8.35.

Insider Buying and Selling

In other news, insider Steven P. Coen sold 33,171 shares of the company’s stock in a transaction that occurred on Monday, April 13th. The stock was sold at an average price of $6.41, for a total transaction 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 represents a 39.96% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through 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 company’s stock in a transaction that occurred on Friday, April 10th. The stock was sold at an average price of $6.43, for a total value of $801,994.61. Following 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. Over the last three months, insiders sold 543,288 shares of company stock valued at $3,551,556. Insiders own 12.69% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Erste Asset Management GmbH raised its stake in shares of Ginkgo Bioworks by 10.0% during the 3rd quarter. Erste Asset Management GmbH now owns 2,200,000 shares of the company’s stock worth $32,076,000 after buying an additional 200,000 shares during the period. Allianz Asset Management GmbH acquired a new position in shares of Ginkgo Bioworks during the 3rd quarter worth approximately $2,802,000. Prescott Group Capital Management L.L.C. acquired a new position in shares of Ginkgo Bioworks during the 4th quarter worth approximately $4,503,000. UBS Group AG raised its stake in shares of Ginkgo Bioworks by 86.4% during the 4th quarter. UBS Group AG now owns 489,418 shares of the company’s stock worth $4,067,000 after buying an additional 226,861 shares during the period. Finally, SPX Gestao de Recursos Ltda acquired a new position in Ginkgo Bioworks in the 3rd quarter valued at $1,458,000. 78.63% of the stock is owned by institutional investors and hedge funds.

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.