Ginkgo Bioworks (NYSE:DNA) Shares Gap Up - Here's Why

Key Points

• Ginkgo Bioworks shares jumped 15%, opening at $6.98 after closing at $6.53 and later trading around $7.56.
• Analyst sentiment remains cautious: the stock carries an average “Reduce” rating and a $7.00 price target, with recent firms mostly moving to “Hold” or maintaining “Sell” ratings.
• The company beat quarterly EPS expectations, reporting a loss of $0.75 per share versus the anticipated $0.90 loss, but revenue of $20.16 million fell short of the $24.05 million estimate and losses remain substantial.

Ginkgo Bioworks Holdings, Inc. (NYSE:DNA - Get Free Report)'s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $6.53, but opened at $6.98. Ginkgo Bioworks shares last traded at $7.5620, with a volume of 741,349 shares changing hands.

Analyst Ratings Changes

Several research firms have commented on DNA. Zacks Research upgraded shares of Ginkgo Bioworks to a "hold" rating in a research report on Monday. Wall Street Zen raised Ginkgo Bioworks from a "sell" rating to a "hold" rating in a report on Saturday, August 8th. TD Cowen downgraded Ginkgo Bioworks from a "buy" rating to a "hold" rating and reduced their price objective for the stock from $12.00 to $9.00 in a research report on Friday, August 7th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Ginkgo Bioworks in a report on Friday, July 17th. Two research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat, the stock has an average rating of "Reduce" and an average price target of $7.00.

Ginkgo Bioworks Stock Up 15.0%

The business's 50 day moving average is $8.56 and its two-hundred day moving average is $8.18. The firm has a market capitalization of $505.86 million, a P/E ratio of -1.50 and a beta of 1.78.

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in Ginkgo Bioworks by 3.8% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 30,727 shares of the company's stock worth $267,000 after acquiring an additional 1,122 shares in the last quarter. Shay Capital LLC lifted its stake in Ginkgo Bioworks by 6.2% in the second quarter. Shay Capital LLC now owns 19,382 shares of the company's stock valued at $218,000 after acquiring an additional 1,124 shares during the last quarter. Deutsche Bank AG boosted its holdings in Ginkgo Bioworks by 3.5% in the fourth quarter. Deutsche Bank AG now owns 35,689 shares of the company's stock worth $297,000 after purchasing an additional 1,207 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Ginkgo Bioworks by 2.0% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 94,873 shares of the company's stock worth $789,000 after acquiring an additional 1,869 shares in the last quarter. Finally, Quarry LP bought a new stake in Ginkgo Bioworks during the third quarter worth approximately $29,000. 78.63% of the stock is currently owned by institutional investors.

Ginkgo Bioworks Company Profile

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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