Insider Selling: Ginkgo Bioworks (NYSE:DNA) Major Shareholder Sells 13,116 Shares of Stock

Key Points

• Barry Canton, a major Ginkgo Bioworks shareholder, sold 13,116 shares on April 9 at $6.40 (and 13,155 shares on April 8 at $6.93) to cover tax withholding from vesting equity awards, cutting his stake by 3.73% to 338,568 shares.
• Shares traded at $6.46 (up 0.4%) with a market cap of roughly $400M; the company reported Q4 EPS of -$1.42 (beating estimates) but revenue of $33.4M missed expectations, and analysts carry an average Reduce rating with an $8.50 price target.

Ginkgo Bioworks Holdings, Inc. (NYSE:DNA - Get Free Report) major shareholder Barry Canton sold 13,116 shares of the business's stock in a transaction on Thursday, April 9th. The stock was sold at an average price of $6.40, for a total transaction of $83,942.40. Following the completion of the sale, the insider directly owned 338,568 shares of the company's stock, valued at $2,166,835.20. This represents a 3.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed 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 Wednesday, April 8th, Barry Canton sold 13,155 shares of Ginkgo Bioworks stock. The shares were sold at an average price of $6.93, for a total transaction of $91,164.15.

Ginkgo Bioworks Trading Up 0.4%

Shares of NYSE:DNA traded up $0.03 on Friday, reaching $6.46. 747,077 shares of the company traded hands, compared to its average volume of 1,127,962. The stock has a market capitalization of $399.76 million, a P/E ratio of -1.14 and a beta of 1.56. The business's 50-day simple moving average is $7.68 and its 200 day simple moving average is $9.56. Ginkgo Bioworks Holdings, Inc. has a 52 week low of $5.37 and a 52 week high of $17.58.

Ginkgo Bioworks (NYSE:DNA - Get Free Report) last released its earnings results on Thursday, February 26th. The company reported ($1.42) earnings per share for the quarter, beating analysts' consensus estimates of ($1.80) by $0.38. Ginkgo Bioworks had a negative return on equity of 52.82% and a negative net margin of 183.81%.The company had revenue of $33.40 million during the quarter, compared to analyst estimates of $37.57 million. Sell-side analysts expect that Ginkgo Bioworks Holdings, Inc. will post -10.02 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. TD Cowen cut their target price on shares of Ginkgo Bioworks from $14.00 to $12.00 and set a "buy" rating on the stock in a report on Thursday, January 8th. Weiss Ratings reissued a "sell (d-)" rating on shares of Ginkgo Bioworks in a research report on Wednesday, January 21st. BTIG Research cut their price target on shares of Ginkgo Bioworks from $9.00 to $5.00 and set a "sell" rating on the stock in a report on Thursday, March 12th. Finally, Wall Street Zen downgraded shares of Ginkgo Bioworks from a "hold" rating to a "sell" rating in a research note on Saturday, March 28th. One research analyst has rated the stock with a Buy rating and two have issued a Sell rating to the company. According to MarketBeat.com, Ginkgo Bioworks currently has an average rating of "Reduce" and an average price target of $8.50.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in shares of Ginkgo Bioworks by 3.8% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 30,727 shares of the company's stock worth $267,000 after purchasing an additional 1,122 shares during the period. Shay Capital LLC increased its position in shares of Ginkgo Bioworks by 6.2% during the second quarter. Shay Capital LLC now owns 19,382 shares of the company's stock valued at $218,000 after buying an additional 1,124 shares during the period. Deutsche Bank AG increased its position in shares of Ginkgo Bioworks by 3.5% during the fourth quarter. Deutsche Bank AG now owns 35,689 shares of the company's stock valued at $297,000 after buying an additional 1,207 shares during the period. Savant Capital LLC raised its stake in Ginkgo Bioworks by 7.9% in the third quarter. Savant Capital LLC now owns 17,509 shares of the company's stock worth $255,000 after buying an additional 1,276 shares in the last quarter. Finally, Green Alpha Advisors LLC boosted its position in Ginkgo Bioworks by 10.6% during the 4th quarter. Green Alpha Advisors LLC now owns 14,327 shares of the company's stock valued at $119,000 after acquiring an additional 1,378 shares in the last quarter. 78.63% of the stock is currently owned by institutional investors.

Ginkgo Bioworks Company Profile

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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