Ginkgo Bioworks (NYSE:DNA) Upgraded to Hold at Zacks Research

Key Points

• Zacks Research upgraded Ginkgo Bioworks to “hold,” although the broader analyst consensus remains “Reduce,” with two Hold and two Sell ratings and a $7.00 target price.
• DNA shares fell 6.0% to open at $6.50, well below their 50-day and 200-day moving averages. The stock has traded between $5.37 and $17.58 over the past year.
• Ginkgo reported a quarterly loss of $0.75 per share, better than estimates for a $0.90 loss, but revenue of $20.16 million fell short of the $24.05 million forecast; institutional investors own 78.63% of the stock.

Ginkgo Bioworks (NYSE:DNA - Get Free Report) was upgraded by equities researchers at Zacks Research to a "hold" rating in a note issued to investors on Monday,Zacks.com reports.

DNA has been the topic of several other research reports. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Ginkgo Bioworks in a report on Friday, July 17th. Wall Street Zen upgraded shares of Ginkgo Bioworks from a "sell" rating to a "hold" rating in a report on Saturday, August 8th. Finally, TD Cowen downgraded shares of Ginkgo Bioworks from a "buy" rating to a "hold" rating and dropped their price objective for the company from $12.00 to $9.00 in a research report on Friday, August 7th. Two equities research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of "Reduce" and a consensus target price of $7.00.

Ginkgo Bioworks Trading Down 6.0%

Shares of DNA opened at $6.50 on Monday. The company's 50-day moving average price is $8.56 and its 200 day moving average price is $8.18. Ginkgo Bioworks has a 12-month low of $5.37 and a 12-month high of $17.58. The firm has a market cap of $438.05 million, a P/E ratio of -1.30 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. Ginkgo Bioworks had a negative return on equity of 60.27% and a negative net margin of 259.96%.The company had revenue of $20.16 million for the quarter, compared to analyst estimates of $24.05 million. Equities research analysts forecast that Ginkgo Bioworks will post -3.2 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. AQR Capital Management LLC lifted its position in Ginkgo Bioworks by 322.6% in the first quarter. AQR Capital Management LLC now owns 158,939 shares of the company's stock valued at $906,000 after purchasing an additional 121,326 shares during the period. Millennium Management LLC boosted its holdings in 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 in the last quarter. Goldman Sachs Group Inc. boosted its holdings in Ginkgo Bioworks by 25.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 686,767 shares of the company's stock valued at $3,915,000 after purchasing an additional 139,126 shares in the last quarter. Acadian Asset Management LLC acquired a new position in Ginkgo Bioworks during the 1st quarter worth approximately $120,000. Finally, Rhumbline Advisers acquired a new position in Ginkgo Bioworks during the 2nd quarter worth approximately $666,000. 78.63% of the stock is currently owned by institutional investors and hedge funds.

About Ginkgo Bioworks

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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