Ginkgo Bioworks (NYSE:DNA) Shares Down 6.2% - Here's Why

Key Points

• Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) saw its stock price drop by 6.2%, trading as low as $12.62 compared to a previous close of $13.46.
• The company reported a quarterly earnings result of ($1.10) EPS, surpassing the consensus estimate of ($1.44) by $0.34, with revenues of $49.60 million compared to estimates of $41.60 million.
• 78.63% of Ginkgo Bioworks stock is held by institutional investors, indicating significant interest from large managers in the company's potential.

Ginkgo Bioworks Holdings, Inc. (NYSE:DNA - Get Free Report)'s stock price dropped 6.2% during trading on Friday . The stock traded as low as $12.77 and last traded at $12.62. Approximately 345,252 shares were traded during mid-day trading, a decline of 77% from the average daily volume of 1,514,668 shares. The stock had previously closed at $13.46.

Analyst Upgrades and Downgrades

Separately, Cowen reiterated a "buy" rating on shares of Ginkgo Bioworks in a report on Friday.

Ginkgo Bioworks Stock Up 6.8%

The company's 50 day moving average is $10.87 and its 200 day moving average is $9.41. The firm has a market capitalization of $722.32 million, a price-to-earnings ratio of -2.10 and a beta of 1.50.

Ginkgo Bioworks (NYSE:DNA - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The company reported ($1.10) EPS for the quarter, beating the consensus estimate of ($1.44) by $0.34. Ginkgo Bioworks had a negative net margin of 136.56% and a negative return on equity of 43.25%. The business had revenue of $49.60 million for the quarter, compared to the consensus estimate of $41.60 million. On average, analysts expect that Ginkgo Bioworks Holdings, Inc. will post -10.02 EPS for the current year.

Hedge Funds Weigh In On Ginkgo Bioworks

Institutional investors and hedge funds have recently modified their holdings of the business. XTX Topco Ltd bought a new stake in Ginkgo Bioworks during the second quarter worth about $607,000. Ameritas Investment Partners Inc. bought a new stake in Ginkgo Bioworks during the second quarter worth about $45,000. American Century Companies Inc. lifted its position in Ginkgo Bioworks by 73.9% during the second quarter. American Century Companies Inc. now owns 57,865 shares of the company's stock worth $651,000 after purchasing an additional 24,586 shares during the period. Rhumbline Advisers bought a new stake in Ginkgo Bioworks during the second quarter worth about $666,000. Finally, Legal & General Group Plc lifted its position in Ginkgo Bioworks by 5.1% during the second quarter. Legal & General Group Plc now owns 1,490,521 shares of the company's stock worth $16,768,000 after purchasing an additional 71,927 shares during the period. 78.63% of the stock is currently owned by institutional investors and hedge funds.

About Ginkgo Bioworks

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.