Ginkgo Bioworks (NYSE:DNA) Trading 14.8% Higher - Still a Buy?

Key Points

• Ginkgo Bioworks shares surged 14.8%, reaching a high of $17.02, despite trading volume dropping significantly by 84% compared to the average.
• Analysts have mixed sentiments on the stock, with one buy rating and two sell ratings, resulting in a consensus rating of "Reduce" and a price target of $9.00.
• Ginkgo's latest quarterly earnings showed a loss of ($1.10) per share, surpassing estimates, and revenue of $49.60 million, which was above the forecast of $41.60 million.

Ginkgo Bioworks Holdings, Inc. (NYSE:DNA - Get Free Report) traded up 14.8% during mid-day trading on Wednesday . The company traded as high as $16.27 and last traded at $17.02. 242,237 shares traded hands during mid-day trading, a decline of 84% from the average session volume of 1,550,940 shares. The stock had previously closed at $14.82.

Wall Street Analysts Forecast Growth

DNA has been the subject of several analyst reports. Cowen restated a "buy" rating on shares of Ginkgo Bioworks in a report on Friday, August 8th. Wall Street Zen raised shares of Ginkgo Bioworks from a "sell" rating to a "hold" rating in a research report on Saturday, August 30th. BTIG Research raised their price objective on shares of Ginkgo Bioworks from $6.00 to $9.00 and gave the stock a "sell" rating in a research report on Monday, August 25th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Ginkgo Bioworks in a research report on Wednesday. One analyst has rated the stock with a Buy rating and two have assigned a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of "Reduce" and a consensus price target of $9.00.

Ginkgo Bioworks Trading Up 10.8%

The firm's 50-day moving average is $12.40 and its 200-day moving average is $9.88. The firm has a market cap of $972.06 million, a price-to-earnings ratio of -2.78 and a beta of 1.54.

Ginkgo Bioworks (NYSE:DNA - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported ($1.10) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.44) by $0.34. The business had revenue of $49.60 million during the quarter, compared to the consensus estimate of $41.60 million. Ginkgo Bioworks had a negative net margin of 136.56% and a negative return on equity of 43.25%. Ginkgo Bioworks has set its FY 2025 guidance at EPS. Analysts forecast that Ginkgo Bioworks Holdings, Inc. will post -10.02 EPS for the current fiscal year.

Insider Transactions at Ginkgo Bioworks

In other Ginkgo Bioworks news, insider Steven P. Coen sold 5,609 shares of Ginkgo Bioworks stock in a transaction on Wednesday, October 1st. The shares were sold at an average price of $15.00, for a total transaction of $84,135.00. Following the transaction, the insider directly owned 5,503 shares of the company's stock, valued at $82,545. The trade was a 50.48% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 9.72% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Ginkgo Bioworks

A number of hedge funds have recently bought and sold shares of the company. Shay Capital LLC boosted its position in shares of Ginkgo Bioworks by 6.2% during the 2nd 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. US Bancorp DE lifted its position in Ginkgo Bioworks by 43.5% during the first quarter. US Bancorp DE now owns 6,302 shares of the company's stock valued at $36,000 after purchasing an additional 1,911 shares during the last quarter. California State Teachers Retirement System grew its stake in Ginkgo Bioworks by 10.0% in the 2nd quarter. California State Teachers Retirement System now owns 26,674 shares of the company's stock worth $300,000 after buying an additional 2,426 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of Ginkgo Bioworks in the 2nd quarter worth $29,000. Finally, Bank of New York Mellon Corp raised its position in shares of Ginkgo Bioworks by 14.4% during the 1st quarter. Bank of New York Mellon Corp now owns 26,392 shares of the company's stock valued at $150,000 after buying an additional 3,331 shares in the last quarter. 78.63% of the stock is owned by hedge funds and other institutional investors.

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.

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