Insider Selling: Ginkgo Bioworks (NYSE:DNA) Insider Sells 45,682 Shares of Company Stock

Key Points

• Insider sale: Jason Kelly sold 45,682 Ginkgo Bioworks shares for approximately $463,215 at an average price of $10.14. The sale covered tax-withholding obligations from vested equity awards, reducing his stake by 26.14% to 129,065 shares.
• Financial performance: Ginkgo reported a quarterly loss of $0.75 per share, better than analysts’ expected $0.90 loss, but revenue of $20.16 million fell short of the $24.05 million estimate. Analysts expect a full-year loss of $3.20 per share.
• Market outlook: Shares traded near $9.97, while the analyst consensus rating was “Reduce” with a $7.00 target price; two analysts rated the stock Hold and two rated it Sell.

Ginkgo Bioworks Holdings, Inc. (NYSE:DNA - Get Free Report) insider Jason Kelly sold 45,682 shares of the company's stock in a transaction that occurred on Monday, October 19th. The stock was sold at an average price of $10.14, for a total value of $463,215.48. Following the completion of the sale, the insider owned 129,065 shares in the company, valued at approximately $1,308,719.10. This represents a 26.14% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Ginkgo Bioworks Stock Performance

DNA stock traded up $0.11 during midday trading on Wednesday, hitting $9.97. 1,766,599 shares of the stock were exchanged, compared to its average volume of 1,454,035. The stock's 50-day moving average price is $8.91 and its 200-day moving average price is $8.60. The stock has a market cap of $671.65 million, a price-to-earnings ratio of -1.99 and a beta of 1.79. Ginkgo Bioworks Holdings, Inc. has a fifty-two week low of $5.37 and a fifty-two 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) EPS for the quarter, topping analysts' consensus estimates of ($0.90) by $0.15. The company had revenue of $20.16 million for the quarter, compared to the consensus estimate of $24.05 million. Ginkgo Bioworks had a negative return on equity of 60.27% and a negative net margin of 259.96%. Research analysts anticipate that Ginkgo Bioworks Holdings, Inc. will post -3.20 EPS for the current year.

Analyst Ratings Changes

Several equities research analysts recently commented on DNA shares. Weiss Ratings reissued a "sell (d-)" rating on shares of Ginkgo Bioworks in a research note on Thursday, October 15th. Wall Street Zen upgraded shares of Ginkgo Bioworks from a "sell" rating to a "hold" rating in a report on Saturday, September 26th. Zacks Research upgraded shares of Ginkgo Bioworks to a "hold" rating in a research report on Monday, August 17th. Oppenheimer set a $5.00 price target on shares of Ginkgo Bioworks in a report on Wednesday, September 9th. Finally, BTIG Research reiterated a "sell" rating and issued a $5.00 price target on shares of Ginkgo Bioworks in a research report on Friday, September 4th. Two research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of "Reduce" and a consensus target price of $7.00.

Institutional Trading of Ginkgo Bioworks

Several institutional investors and hedge funds have recently made changes to their positions in DNA. Bank of New York Mellon Corp lifted its holdings in Ginkgo Bioworks by 1.8% in the 1st quarter. Bank of New York Mellon Corp now owns 123,959 shares of the company's stock valued at $760,000 after purchasing an additional 2,178 shares in the last quarter. Integrated Wealth Concepts LLC acquired a new stake in shares of Ginkgo Bioworks during the 2nd quarter worth about $50,000. Arizona State Retirement System purchased a new stake in shares of Ginkgo Bioworks during the second quarter worth about $102,000. Entropy Technologies LP purchased a new stake in shares of Ginkgo Bioworks during the first quarter worth about $67,000. Finally, Boston Standard Wealth Management LLC purchased a new stake in shares of Ginkgo Bioworks during the first quarter worth about $97,000. 78.63% of the stock is currently owned by hedge funds and other institutional investors.

About Ginkgo Bioworks

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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