BTIG Research Reiterates Sell Rating for Ginkgo Bioworks (NYSE:DNA)

Key Points

• BTIG Research reaffirmed its Sell rating on Ginkgo Bioworks and set a $5.00 price target, implying 27.85% downside from the prior close.
• Analyst sentiment remains cautious: MarketBeat reports a consensus rating of “Reduce” and an average target price of $7.00, with two Hold and two Sell ratings.
• Ginkgo reported a quarterly loss of $0.75 per share—better than estimates—but revenue of $20.16 million missed expectations, while the company continued to post substantial negative margins and return on equity.

Ginkgo Bioworks (NYSE:DNA - Get Free Report)'s stock had its "sell" rating restated by equities researchers at BTIG Research in a research report issued on Friday, Marketbeat Ratings reports. They presently have a $5.00 price target on the stock. BTIG Research's price objective would indicate a potential downside of 27.85% from the stock's previous close.

Several other equities analysts have also weighed in on DNA. Weiss Ratings reissued a "sell (d-)" rating on shares of Ginkgo Bioworks in a research report on Friday, July 17th. Wall Street Zen upgraded shares of Ginkgo Bioworks from a "sell" rating to a "hold" rating in a research report on Saturday, August 8th. TD Cowen lowered Ginkgo Bioworks from a "buy" rating to a "hold" rating and lowered their target price for the stock from $12.00 to $9.00 in a research note on Friday, August 7th. Finally, Zacks Research raised Ginkgo Bioworks to a "hold" rating in a research report on Monday, August 17th. Two equities research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Reduce" and a consensus target price of $7.00.

Ginkgo Bioworks Stock Performance

Shares of NYSE:DNA opened at $6.93 on Friday. Ginkgo Bioworks has a 52-week low of $5.37 and a 52-week high of $17.58. The company has a market capitalization of $466.67 million, a P/E ratio of -1.38 and a beta of 1.76. The company has a 50-day simple moving average of $8.18 and a 200 day simple moving average of $8.01.

Ginkgo Bioworks (NYSE:DNA - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The company reported ($0.75) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.90) by $0.15. The firm had revenue of $20.16 million for the quarter, compared to analyst estimates of $24.05 million. Ginkgo Bioworks had a negative return on equity of 60.27% and a negative net margin of 259.96%. As a group, equities analysts forecast that Ginkgo Bioworks will post -3.2 earnings per share for the current year.

Hedge Funds Weigh In On Ginkgo Bioworks

A number of institutional investors and hedge funds have recently bought and sold shares of DNA. California State Teachers Retirement System raised its position in Ginkgo Bioworks by 1,663.2% in the second quarter. California State Teachers Retirement System now owns 543,980 shares of the company's stock valued at $54,892,000 after purchasing an additional 513,128 shares during the last quarter. AXQ Capital LP bought a new stake in shares of Ginkgo Bioworks during the second quarter worth about $262,000. Balance Capital Partners L.P. bought a new stake in shares of Ginkgo Bioworks during the second quarter worth about $1,972,179. Entropy Technologies LP acquired a new position in shares of Ginkgo Bioworks in the first quarter valued at approximately $67,000. Finally, Renaissance Technologies LLC acquired a new position in shares of Ginkgo Bioworks in the first quarter valued at approximately $616,000. Institutional investors and hedge funds 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.

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