Insider Buying: Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) Director Buys 297,619 Shares of Stock

Ginkgo Bioworks Holdings, Inc. (NYSE:DNA - Get Free Report) Director Harry Sloan acquired 297,619 shares of the firm's stock in a transaction dated Tuesday, May 14th. The shares were purchased 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 in the company, valued at $653,871.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Ginkgo Bioworks Stock Up 2.6 %

Shares of NYSE DNA traded up $0.02 during mid-day trading on Tuesday, reaching $0.86. 72,323,778 shares of the company were exchanged, compared to its average volume of 30,848,900. The stock has a market cap of $1.86 billion, a price-to-earnings ratio of -1.95 and a beta of 1.42. Ginkgo Bioworks Holdings, Inc. has a 1 year low of $0.72 and a 1 year high of $2.55. The firm has a 50-day moving average of $1.02 and a 200 day moving average of $1.28.

Ginkgo Bioworks (NYSE:DNA - Get Free Report) last released its quarterly earnings results on Thursday, May 9th. The company reported ($0.08) EPS for the quarter, meeting analysts' consensus estimates of ($0.08). The company had revenue of $37.94 million during the quarter, compared to analysts' expectations of $45.50 million. Ginkgo Bioworks had a negative return on equity of 52.85% and a negative net margin of 409.11%. During the same period last year, the business posted ($0.08) earnings per share. On average, equities analysts forecast that Ginkgo Bioworks Holdings, Inc. will post -0.32 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages have commented on DNA. TD Cowen cut their price objective on Ginkgo Bioworks from $7.00 to $3.00 and set an "outperform" rating on the stock in a research report on Friday, March 1st. William Blair cut Ginkgo Bioworks from a "market perform" rating to an "underperform" rating in a report on Friday. Finally, The Goldman Sachs Group lowered their target price on Ginkgo Bioworks from $1.25 to $1.10 and set a "sell" rating for the company in a report on Monday, January 22nd. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $2.20.

Institutional Trading of Ginkgo Bioworks

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. CANADA LIFE ASSURANCE Co grew its holdings in Ginkgo Bioworks by 260.2% during the first quarter. CANADA LIFE ASSURANCE Co now owns 451,383 shares of the company's stock worth $525,000 after acquiring an additional 326,070 shares during the period. Interchange Capital Partners LLC boosted its position in Ginkgo Bioworks by 30.9% during the first quarter. Interchange Capital Partners LLC now owns 166,040 shares of the company's stock worth $203,000 after purchasing an additional 39,193 shares in the last quarter. Russell Investments Group Ltd. increased its position in shares of Ginkgo Bioworks by 9,440.6% in the first quarter. Russell Investments Group Ltd. now owns 31,961 shares of the company's stock valued at $37,000 after buying an additional 31,626 shares in the last quarter. QRG Capital Management Inc. increased its position in shares of Ginkgo Bioworks by 44.2% in the first quarter. QRG Capital Management Inc. now owns 218,170 shares of the company's stock valued at $253,000 after buying an additional 66,832 shares in the last quarter. Finally, Swiss National Bank increased its position in shares of Ginkgo Bioworks by 1.4% in the first quarter. Swiss National Bank now owns 2,078,500 shares of the company's stock valued at $2,411,000 after buying an additional 27,700 shares in the last quarter. 78.63% of the stock is owned by institutional investors and hedge funds.

Ginkgo Bioworks Company Profile

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.

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