Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) Given Average Recommendation of “Reduce” by Brokerages

Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) has been assigned a consensus rating of “Reduce” from the six brokerages that are covering the firm, Marketbeat reports. Three equities research analysts have rated the stock with a sell recommendation, two have issued a hold recommendation and one has assigned a buy recommendation to the company. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $1.40.

Several equities research analysts have recently issued reports on DNA shares. The Goldman Sachs Group decreased their price target on shares of Ginkgo Bioworks from $0.80 to $0.30 and set a “sell” rating for the company in a research note on Tuesday, July 9th. Morgan Stanley decreased their price target 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. William Blair lowered shares of Ginkgo Bioworks from a “market perform” rating to an “underperform” rating in a research note on Friday, May 10th. Finally, BTIG Research decreased their price target 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.

Insider Buying and Selling at Ginkgo Bioworks

In related news, Director Harry Sloan acquired 297,619 shares of the company’s stock in a transaction dated Tuesday, May 14th. The stock was bought at an average cost of $0.91 per share, with a total value of $270,833.29. Following the acquisition, the director now owns 718,540 shares of the company’s stock, valued at approximately $653,871.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Ginkgo Bioworks news, 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 value of $219,950.00. Following the completion of the sale, the director now directly owns 5,515,364 shares of the company’s stock, valued at $4,577,752.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Harry Sloan purchased 297,619 shares of the stock in a transaction on Tuesday, May 14th. The stock was acquired at an average cost of $0.91 per share, with a total value of $270,833.29. Following the completion of the purchase, the director now directly owns 718,540 shares of the company’s stock, valued at $653,871.40. The disclosure for this purchase can be found here. Insiders sold a total of 291,960 shares of company stock valued at $231,804 in the last three months. Company insiders own 15.05% of the company’s stock.

Hedge Funds Weigh In On Ginkgo Bioworks

Hedge funds have recently modified their holdings of the company. Norges Bank purchased a new position in shares of Ginkgo Bioworks during the fourth quarter valued at about $24,967,000. Vestmark Advisory Solutions Inc. purchased a new position in shares of Ginkgo Bioworks during the fourth quarter valued at about $5,044,000. Salem Investment Counselors Inc. increased its position in shares of Ginkgo Bioworks by 110.6% during the first quarter. Salem Investment Counselors Inc. now owns 4,758,585 shares of the company’s stock valued at $5,520,000 after buying an additional 2,499,425 shares during the period. Lingotto Investment Management LLP increased its position in shares of Ginkgo Bioworks by 34.9% during the fourth quarter. Lingotto Investment Management LLP now owns 8,511,301 shares of the company’s stock valued at $14,384,000 after buying an additional 2,200,000 shares during the period. Finally, Cetera Investment Advisers boosted its stake in Ginkgo Bioworks by 2,683.7% during the first quarter. Cetera Investment Advisers now owns 2,264,107 shares of the company’s stock worth $2,626,000 after acquiring an additional 2,182,773 shares in the last quarter. Hedge funds and other institutional investors own 78.63% of the company’s stock.

Ginkgo Bioworks Stock Performance

NYSE:DNA opened at $0.31 on Monday. The firm has a market cap of $695.45 million, a price-to-earnings ratio of -0.64 and a beta of 1.14. Ginkgo Bioworks has a 52 week low of $0.26 and a 52 week high of $2.47. The firm has a 50-day moving average price of $0.41 and a two-hundred day moving average price of $0.87.

Ginkgo Bioworks (NYSE:DNA) last posted its quarterly earnings data on Thursday, May 9th. The company reported ($0.08) EPS for the quarter, meeting the consensus estimate of ($0.08). The firm had revenue of $37.94 million during the quarter, compared to analyst estimates of $45.50 million. Ginkgo Bioworks had a negative net margin of 409.11% and a negative return on equity of 56.09%. During the same quarter last year, the business posted ($0.08) EPS. As a group, sell-side analysts forecast that Ginkgo Bioworks will post -0.3 earnings per share for the current year.

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.