Morgan Stanley Lowers Ginkgo Bioworks (NYSE:DNA) Price Target to $1.00

Ginkgo Bioworks (NYSE:DNA - Free Report) had its price target decreased by Morgan Stanley from $2.00 to $1.00 in a research report sent to investors on Wednesday, Benzinga reports. Morgan Stanley currently has an equal weight rating on the stock.

Other equities analysts have also recently issued research reports about the company. TD Cowen decreased their price objective on Ginkgo Bioworks from $7.00 to $3.00 and set an outperform rating for the company in a research note on Friday, March 1st. BTIG Research cut shares of Ginkgo Bioworks from a neutral rating to a sell rating in a report on Wednesday. The Goldman Sachs Group reduced their price objective on shares of Ginkgo Bioworks from $1.25 to $1.10 and set a sell rating on the stock in a report on Monday, January 22nd. Finally, William Blair downgraded shares of Ginkgo Bioworks from a market perform rating to an underperform rating in a research note on Friday, May 10th. Three investment 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. Based on data from MarketBeat.com, the company currently has a consensus rating of Hold and a consensus target price of $1.90.

Ginkgo Bioworks Price Performance

Shares of NYSE DNA traded down $0.02 during midday trading on Wednesday, hitting $0.85. The company's stock had a trading volume of 66,373,584 shares, compared to its average volume of 31,229,992. The firm has a market capitalization of $1.82 billion, a price-to-earnings ratio of -1.92 and a beta of 1.42. The business's fifty day simple moving average is $1.01 and its two-hundred day simple moving average is $1.28. Ginkgo Bioworks has a 1 year low of $0.72 and a 1 year high of $2.55.

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

Insider Activity at Ginkgo Bioworks

In other Ginkgo Bioworks news, insider Mark E. Dmytruk sold 51,169 shares of the company's stock in a transaction on 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 transaction, the insider now owns 865,079 shares in the company, valued at $908,332.95. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, insider Mark E. Dmytruk sold 51,169 shares of Ginkgo Bioworks stock in a transaction dated Tuesday, April 2nd. The stock was sold at an average price of $1.05, for a total transaction of $53,727.45. Following the sale, the insider now owns 865,079 shares in the company, valued at $908,332.95. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Harry Sloan bought 297,619 shares of the firm's stock in a transaction that occurred on Tuesday, May 14th. The stock was purchased at an average cost of $0.91 per share, with a total value of $270,833.29. Following the completion of the transaction, the director now owns 718,540 shares in the company, valued at $653,871.40. The disclosure for this purchase can be found here. Insiders own 15.05% of the company's stock.

Hedge Funds Weigh In On Ginkgo Bioworks

A number of institutional investors have recently modified their holdings of the business. Commonwealth Equity Services LLC increased its stake in Ginkgo Bioworks by 52.4% in the third quarter. Commonwealth Equity Services LLC now owns 369,061 shares of the company's stock valued at $668,000 after purchasing an additional 126,924 shares during the period. Raymond James & Associates raised its stake in Ginkgo Bioworks by 4.6% during the 3rd quarter. Raymond James & Associates now owns 193,589 shares of the company's stock valued at $350,000 after acquiring an additional 8,455 shares during the last quarter. Raymond James Financial Services Advisors Inc. raised its stake in Ginkgo Bioworks by 68.5% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 123,923 shares of the company's stock valued at $224,000 after acquiring an additional 50,374 shares during the last quarter. Bank of New York Mellon Corp lifted its position in Ginkgo Bioworks by 2.9% during the 3rd quarter. Bank of New York Mellon Corp now owns 4,165,325 shares of the company's stock worth $7,539,000 after acquiring an additional 117,893 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Ginkgo Bioworks by 36.9% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 184,761 shares of the company's stock valued at $334,000 after purchasing an additional 49,827 shares during the last quarter. 78.63% of the stock is owned by institutional investors and hedge funds.

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.