Ginkgo Bioworks (NYSE:DNA) Downgraded by BTIG Research

Ginkgo Bioworks (NYSE:DNA - Get Free Report) was downgraded by research analysts at BTIG Research from a "neutral" rating to a "sell" rating in a report released on Wednesday, MarketBeat Ratings reports.

Several other analysts have also issued reports on DNA. TD Cowen cut their price target on shares of Ginkgo Bioworks from $7.00 to $3.00 and set an "outperform" rating for the company in a research report on Friday, March 1st. William Blair lowered shares of Ginkgo Bioworks from a "market perform" rating to an "underperform" rating in a research report on Friday, May 10th. Finally, The Goldman Sachs Group dropped their target price on shares of Ginkgo Bioworks from $1.25 to $1.10 and set a "sell" rating for the company in a report on Monday, January 22nd. Three analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, Ginkgo Bioworks currently has a consensus rating of "Hold" and an average target price of $1.90.

Ginkgo Bioworks Price Performance

NYSE DNA traded down $0.02 during trading on Wednesday, hitting $0.85. 66,373,584 shares of the company's stock traded hands, compared to its average volume of 31,229,992. The stock has a fifty day moving average of $1.01 and a two-hundred day moving average of $1.28. Ginkgo Bioworks has a 12-month low of $0.72 and a 12-month high of $2.55. The firm has a market cap of $1.82 billion, a P/E ratio of -1.81 and a beta of 1.42.

Ginkgo Bioworks (NYSE:DNA - Get Free Report) last posted its quarterly earnings results on Thursday, May 9th. The company reported ($0.08) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.08). Ginkgo Bioworks had a negative net margin of 409.11% and a negative return on equity of 56.09%. The business had revenue of $37.94 million during the quarter, compared to analyst estimates of $45.50 million. During the same period in the prior year, the business posted ($0.08) earnings per share. As a group, analysts expect that Ginkgo Bioworks will post -0.31 earnings per share for the current fiscal year.

Insider Transactions at Ginkgo Bioworks

In related news, Director Harry Sloan acquired 297,619 shares of the stock in a transaction on Tuesday, May 14th. The stock was acquired at an average cost of $0.91 per share, for a total transaction of $270,833.29. Following the completion of the acquisition, the director now directly owns 718,540 shares of the company's stock, valued at approximately $653,871.40. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Ginkgo Bioworks news, insider Mark E. Dmytruk sold 51,169 shares of the firm's stock in a transaction dated Tuesday, April 2nd. The shares were sold at an average price of $1.05, for a total value of $53,727.45. Following the completion of the sale, the insider now directly owns 865,079 shares in the company, valued at $908,332.95. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Harry Sloan acquired 297,619 shares of the stock in a transaction on Tuesday, May 14th. The stock was bought at an average price of $0.91 per share, with a total value of $270,833.29. Following the completion of the acquisition, the director now directly owns 718,540 shares of the company's stock, valued at $653,871.40. The disclosure for this purchase can be found here. 15.05% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Ginkgo Bioworks

Several large investors have recently made changes to their positions in the business. ARK Investment Management LLC lifted its holdings in shares of Ginkgo Bioworks by 9.0% during the fourth quarter. ARK Investment Management LLC now owns 198,606,619 shares of the company's stock valued at $335,645,000 after purchasing an additional 16,414,434 shares during the last quarter. Vanguard Group Inc. raised its holdings in Ginkgo Bioworks by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 132,780,095 shares of the company's stock worth $224,398,000 after acquiring an additional 463,096 shares during the last quarter. Norges Bank purchased a new position in Ginkgo Bioworks in the 4th quarter worth approximately $24,967,000. Lingotto Investment Management LLP raised its holdings in Ginkgo Bioworks by 34.9% in the 4th quarter. Lingotto Investment Management LLP now owns 8,511,301 shares of the company's stock worth $14,384,000 after acquiring an additional 2,200,000 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in Ginkgo Bioworks by 3.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 7,661,303 shares of the company's stock worth $12,948,000 after acquiring an additional 242,906 shares during the last quarter. 78.63% of the stock is currently owned by hedge funds and other institutional investors.

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.