Ginkgo Bioworks (NYSE:DNA) Major Shareholder Barry Canton Sells 22,369 Shares of Stock

Key Points

• Major shareholder Barry Canton sold 22,369 Ginkgo Bioworks shares at an average price of $10.14, worth approximately $226,822. The sale reduced his direct ownership by 4.7% and was made to cover tax withholding tied to vested equity awards.
• Ginkgo Bioworks shares recently traded at $9.97, with a market capitalization of about $671.7 million. The company reported a quarterly loss of $0.75 per share, although it beat analysts’ expected loss of $0.90; revenue of $20.16 million fell short of estimates.
• Analyst sentiment remains cautious, with the stock carrying a consensus “Reduce” rating and an average price target of $7.00. Institutional investors and hedge funds own approximately 78.63% of the company.

Ginkgo Bioworks Holdings, Inc. (NYSE:DNA - Get Free Report) major shareholder Barry Canton sold 22,369 shares of Ginkgo Bioworks stock in a transaction dated Monday, October 19th. The shares were sold at an average price of $10.14, for a total value of $226,821.66. Following the sale, the insider directly owned 453,951 shares in the company, valued at $4,603,063.14. The trade was a 4.70% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Major shareholders that own at least 10% of a company's stock are required to disclose their transactions with the SEC.

Barry Canton also recently made the following trade(s):

• On Monday, October 19th, Barry Canton sold 18,803 shares of Ginkgo Bioworks stock. The shares were sold at an average price of $10.14, for a total value of $190,662.42.

Ginkgo Bioworks Price Performance

NYSE DNA traded up $0.11 during trading hours on Wednesday, reaching $9.97. The company's stock had a trading volume of 1,766,599 shares, compared to its average volume of 1,454,035. The firm has a fifty day simple moving average of $8.91 and a 200-day simple moving average of $8.60. The stock has a market cap of $671.65 million, a P/E ratio of -1.99 and a beta of 1.79. Ginkgo Bioworks Holdings, Inc. has a 52 week low of $5.37 and a 52 week high of $18.22.

Ginkgo Bioworks (NYSE:DNA - Get Free Report) last posted its earnings results on Wednesday, August 5th. The company reported ($0.75) earnings per share for the quarter, topping analysts' consensus estimates of ($0.90) by $0.15. Ginkgo Bioworks had a negative net margin of 259.96% and a negative return on equity of 60.27%. The firm had revenue of $20.16 million for the quarter, compared to analyst estimates of $24.05 million. On average, research analysts expect that Ginkgo Bioworks Holdings, Inc. will post -3.20 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in DNA. Integrated Wealth Concepts LLC bought a new stake in shares of Ginkgo Bioworks during the 2nd quarter valued at about $50,000. Arizona State Retirement System acquired a new stake in Ginkgo Bioworks during the second quarter worth approximately $102,000. Entropy Technologies LP bought a new stake in Ginkgo Bioworks in the first quarter worth approximately $67,000. Boston Standard Wealth Management LLC bought a new stake in Ginkgo Bioworks in the first quarter worth approximately $97,000. Finally, AXQ Capital LP acquired a new position in Ginkgo Bioworks in the second quarter valued at approximately $262,000. 78.63% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

DNA has been the subject of several analyst reports. Oppenheimer set a $5.00 target price on Ginkgo Bioworks in a research report on Wednesday, September 9th. TD Cowen increased their price target on Ginkgo Bioworks from $9.00 to $11.00 and gave the company a "hold" rating in a research note on Tuesday, October 13th. Zacks Research raised Ginkgo Bioworks to a "hold" rating in a research note on Monday, August 17th. Wall Street Zen upgraded Ginkgo Bioworks from a "sell" rating to a "hold" rating in a research report on Saturday, September 26th. Finally, BTIG Research reaffirmed a "sell" rating and issued a $5.00 price objective on shares of Ginkgo Bioworks in a research note on Friday, September 4th. Two 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 price target of $7.00.

Ginkgo Bioworks Company Profile

Ginkgo Bioworks, Inc is a biotechnology company that develops biological engineering technologies and services. Its platform is designed to help customers program cells and microorganisms to produce products or perform functions for applications in areas such as pharmaceuticals, agriculture, food, chemicals and materials.

The company combines biological research, laboratory automation, genetic engineering, data analysis and software through its cell-programming platform and foundry operations.

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