Ginkgo Bioworks (NYSE:DNA) Major Shareholder Barry Canton Sells 124,727 Shares

Key Points

• Barry Canton sold 124,727 shares on April 10 at an average price of $6.43 for about $801,995, trimming his holding by 22.23% to 436,422 shares; the sale was disclosed to the SEC and was made to cover tax withholding on vested equity awards.
• He also sold 13,155 shares on April 8 and 13,116 on April 9, meaning he disposed of roughly 151,000 shares over the three days for about $977,100 in total.
• Ginkgo trades near $6.69 with a market cap around $414M, remains unprofitable, and carries a consensus analyst rating of "Reduce" with an average price target of $8.50 amid recent downgrades.

Ginkgo Bioworks Holdings, Inc. (NYSE:DNA - Get Free Report) major shareholder Barry Canton sold 124,727 shares of the stock in a transaction that occurred on Friday, April 10th. The stock was sold at an average price of $6.43, for a total transaction of $801,994.61. Following the completion of the transaction, the insider owned 436,422 shares in the company, valued at $2,806,193.46. This trade represents a 22.23% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Major shareholders that own more than 10% of a company's stock are required to disclose their transactions with the SEC.

Barry Canton also recently made the following trade(s):

• On Thursday, April 9th, Barry Canton sold 13,116 shares of Ginkgo Bioworks stock. The stock was sold at an average price of $6.40, for a total transaction of $83,942.40.
• On Wednesday, April 8th, Barry Canton sold 13,155 shares of Ginkgo Bioworks stock. The stock was sold at an average price of $6.93, for a total transaction of $91,164.15.

Ginkgo Bioworks Price Performance

Shares of NYSE:DNA traded up $0.24 during trading on Monday, hitting $6.69. The company's stock had a trading volume of 1,017,957 shares, compared to its average volume of 1,126,379. The company has a 50-day moving average of $7.63 and a 200-day moving average of $9.48. Ginkgo Bioworks Holdings, Inc. has a 12 month low of $5.37 and a 12 month high of $17.58. The firm has a market cap of $414.00 million, a price-to-earnings ratio of -1.18 and a beta of 1.56.

Ginkgo Bioworks (NYSE:DNA - Get Free Report) last issued its quarterly earnings data on Thursday, February 26th. The company reported ($1.42) earnings per share for the quarter, topping the consensus estimate of ($1.80) by $0.38. Ginkgo Bioworks had a negative net margin of 183.81% and a negative return on equity of 52.82%. The firm had revenue of $33.40 million for the quarter, compared to analysts' expectations of $37.57 million. As a group, research analysts anticipate that Ginkgo Bioworks Holdings, Inc. will post -10.02 earnings per share for the current year.

Institutional Investors Weigh In On Ginkgo Bioworks

A number of institutional investors have recently added to or reduced their stakes in the stock. Quarry LP purchased a new position in shares of Ginkgo Bioworks in the third quarter worth $29,000. Raymond James Financial Inc. purchased a new position in shares of Ginkgo Bioworks in the second quarter worth $29,000. Strs Ohio purchased a new position in shares of Ginkgo Bioworks in the third quarter worth $44,000. Strategic Advocates LLC lifted its holdings in shares of Ginkgo Bioworks by 808.9% in the fourth quarter. Strategic Advocates LLC now owns 4,381 shares of the company's stock worth $36,000 after buying an additional 3,899 shares in the last quarter. Finally, State of Wyoming purchased a new position in shares of Ginkgo Bioworks in the third quarter worth $74,000. 78.63% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Weiss Ratings reissued a "sell (d-)" rating on shares of Ginkgo Bioworks in a report on Wednesday, January 21st. BTIG Research reduced their target price on shares of Ginkgo Bioworks from $9.00 to $5.00 and set a "sell" rating for the company in a report on Thursday, March 12th. Wall Street Zen raised shares of Ginkgo Bioworks from a "sell" rating to a "hold" rating in a report on Saturday. Finally, TD Cowen reduced their target price on shares of Ginkgo Bioworks from $14.00 to $12.00 and set a "buy" rating for the company in a report on Thursday, January 8th. One research analyst has rated the stock with a Buy rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Ginkgo Bioworks currently has a consensus rating of "Reduce" and an average price target of $8.50.

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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