Ginkgo Bioworks (NYSE:DNA) Shares Down 9.3% - What's Next?

Key Points

• Ginkgo Bioworks' stock price dropped 9.3%, closing at $11.92 after trading as low as $11.75, with trading volume down 34% from the average.
• The company reported a loss of ($1.58) earnings per share in its latest quarter, missing analysts' expectations of ($1.23), despite revenues exceeding forecasts at $48.32 million.
• Approximately 78.63% of Ginkgo Bioworks' stock is owned by institutional investors, with several firms increasing their stakes recently.

Ginkgo Bioworks Holdings, Inc. (NYSE:DNA - Get Free Report) was down 9.3% on Friday . The company traded as low as $11.75 and last traded at $11.92. Approximately 998,733 shares changed hands during trading, a decline of 34% from the average daily volume of 1,520,572 shares. The stock had previously closed at $13.14.

Ginkgo Bioworks Price Performance

The company has a market capitalization of $847.51 million, a P/E ratio of -1.58 and a beta of 1.50. The business's 50-day moving average price is $10.18 and its two-hundred day moving average price is $9.36.

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

Hedge Funds Weigh In On Ginkgo Bioworks

Large investors have recently modified their holdings of the business. Bank of America Corp DE raised its holdings in shares of Ginkgo Bioworks by 780.6% in 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 purchasing an additional 3,336,964 shares during the period. Erste Asset Management GmbH raised its holdings in shares of Ginkgo Bioworks by 123.2% in the 1st quarter. Erste Asset Management GmbH now owns 1,650,000 shares of the company's stock valued at $9,405,000 after purchasing an additional 910,668 shares during the period. Millennium Management LLC raised 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 period. Forbes J M & Co. LLP raised 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 period. Finally, Cubist Systematic Strategies LLC raised 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 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.