Ginkgo Bioworks (NYSE:DNA) PT Lowered to $0.30

Ginkgo Bioworks (NYSE:DNA) had its target price reduced by The Goldman Sachs Group from $0.80 to $0.30 in a research note issued to investors on Tuesday morning, Benzinga reports. They currently have a sell rating on the stock.

DNA has been the subject of a number of other reports. BTIG Research reduced their price objective on shares of Ginkgo Bioworks from $0.50 to $0.20 and set a sell rating for the company in a research note on Wednesday, June 26th. William Blair cut shares of Ginkgo Bioworks from a market perform rating to an underperform rating in a research note on Friday, May 10th. Finally, Morgan Stanley reduced their price objective on shares of Ginkgo Bioworks from $2.00 to $1.00 and set an equal weight rating for the company in a research note on Wednesday, May 15th. Three research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of Hold and an average price target of $1.40.

Ginkgo Bioworks Stock Performance

NYSE DNA opened at $0.32 on Tuesday. The company has a 50 day moving average price of $0.56 and a two-hundred day moving average price of $1.00. Ginkgo Bioworks has a 12-month low of $0.26 and a 12-month high of $2.55.

Ginkgo Bioworks (NYSE:DNA) last issued its quarterly earnings data on Thursday, May 9th. The company reported ($0.08) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.08). Ginkgo Bioworks had a negative net margin of 409.11% and a negative return on equity of 56.09%. The business had revenue of $37.94 million during the quarter, compared to analysts’ expectations of $45.50 million. During the same period in the previous year, the company earned ($0.08) earnings per share. As a group, analysts anticipate that Ginkgo Bioworks will post -0.3 EPS for the current fiscal year.

Insider Activity at Ginkgo Bioworks

In related news, Director Harry Sloan bought 297,619 shares of the business’s stock in a transaction that occurred on Tuesday, May 14th. The stock was purchased at an average cost of $0.91 per share, for a total transaction of $270,833.29. Following the purchase, the director now directly owns 718,540 shares in the company, valued at $653,871.40. The purchase was disclosed in a filing with the SEC, which is available through this link. In other Ginkgo Bioworks news, Director Harry Sloan purchased 297,619 shares of the stock in a transaction on Tuesday, May 14th. The shares were purchased at an average price of $0.91 per share, with a total value of $270,833.29. Following the acquisition, the director now directly owns 718,540 shares of the company’s stock, valued at approximately $653,871.40. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Marijn E. Dekkers sold 265,000 shares of the business’s stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $0.83, for a total transaction of $219,950.00. Following the completion of the sale, the director now directly owns 5,515,364 shares in the company, valued at approximately $4,577,752.12. The disclosure for this sale can be found here. Insiders sold a total of 339,766 shares of company stock worth $271,961 in the last ninety days. 15.05% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Ginkgo Bioworks

Several institutional investors and hedge funds have recently bought and sold shares of DNA. Spire Wealth Management bought a new stake in Ginkgo Bioworks in the 4th quarter valued at $25,000. Paloma Partners Management Co bought a new stake in shares of Ginkgo Bioworks in the 1st quarter worth about $28,000. First Trust Direct Indexing L.P. bought a new stake in shares of Ginkgo Bioworks in the 1st quarter worth about $35,000. Prime Capital Investment Advisors LLC bought a new stake in shares of Ginkgo Bioworks in the 4th quarter worth about $37,000. Finally, Russell Investments Group Ltd. grew its holdings in shares of Ginkgo Bioworks by 9,440.6% in the 1st quarter. Russell Investments Group Ltd. now owns 31,961 shares of the company’s stock worth $37,000 after purchasing an additional 31,626 shares during the last quarter. Institutional investors own 78.63% of the company’s stock.

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.