Ginkgo Bioworks (NYSE:DNA) Stock Price Down 8.5% - Here's What Happened

Key Points

• Ginkgo Bioworks' stock price fell by 8.5%, closing at $13.63, following a trading session where nearly 500,000 shares exchanged hands, significantly lower than its average volume.
• The company reported a quarterly loss with an EPS of ($1.58), missing expectations, although it generated $48.32 million in revenue, surpassing analysts' predictions.
• Institutional investors hold 78.63% of Ginkgo Bioworks' shares, with significant increases in stakes from entities like Bank of America, Erste Asset Management, and Millennium Management.
• The stock has a market capitalization of $802.45 million, a PE ratio of -1.50, and a negative return on equity of 52.35%.

Ginkgo Bioworks Holdings, Inc. (NYSE:DNA - Get Free Report)'s stock price traded down 8.5% during trading on Friday . The stock traded as low as $13.57 and last traded at $13.63. 498,892 shares traded hands during mid-day trading, a decline of 67% from the average session volume of 1,521,465 shares. The stock had previously closed at $14.90.

Ginkgo Bioworks Stock Down 8.0%

The stock has a market cap of $802.45 million, a PE ratio of -1.50 and a beta of 1.48. The firm has a fifty day moving average of $9.38 and a 200 day moving average of $9.22.

Ginkgo Bioworks (NYSE:DNA - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The company reported ($1.58) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($1.23) by ($0.35). The company had revenue of $48.32 million for the quarter, compared to analysts' expectations of $38.70 million. Ginkgo Bioworks had a negative return on equity of 52.35% and a negative net margin of 198.84%. On average, equities research analysts forecast that Ginkgo Bioworks Holdings, Inc. will post -10.02 EPS for the current fiscal year.

Institutional Investors Weigh In On Ginkgo Bioworks

Hedge funds have recently added to or reduced their stakes in the company. Bank of America Corp DE lifted its position in shares of Ginkgo Bioworks by 780.6% during the 4th quarter. Bank of America Corp DE now owns 3,764,455 shares of the company's stock valued at $36,967,000 after acquiring an additional 3,336,964 shares during the period. Erste Asset Management GmbH grew its stake in Ginkgo Bioworks by 123.2% in the 1st quarter. Erste Asset Management GmbH now owns 1,650,000 shares of the company's stock worth $9,405,000 after acquiring an additional 910,668 shares during the period. Millennium Management LLC boosted its holdings in shares of Ginkgo Bioworks by 113.1% in the 1st quarter. Millennium Management LLC now owns 1,427,600 shares of the company's stock valued at $8,137,000 after purchasing an additional 757,535 shares during the last quarter. Forbes J M & Co. LLP boosted its holdings in shares of Ginkgo Bioworks by 56.0% in the 1st quarter. Forbes J M & Co. LLP now owns 1,094,564 shares of the company's stock valued at $6,239,000 after purchasing an additional 392,832 shares during the last quarter. Finally, Cubist Systematic Strategies LLC boosted its holdings in shares of Ginkgo Bioworks by 188.9% in the 1st quarter. Cubist Systematic Strategies LLC now owns 439,259 shares of the company's stock valued at $2,504,000 after purchasing an additional 287,221 shares during the last quarter. Institutional investors and hedge funds own 78.63% of the company's stock.

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.

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