Ginkgo Bioworks (NYSE:DNA) Shares Gap Down After Insider Selling

Key Points

• Ginkgo Bioworks shares fell 2.9%, opening at $10.92 versus a prior close of $11.47, after insider Steven Coen sold 2,403 shares for $36,045.
• Analyst sentiment remains weak: the stock carries a consensus “Reduce” rating and an average price target of $6.33, with ratings split between Hold and Sell.
• The company reported a quarterly loss of $0.75 per share, better than estimates, but revenue of $20.16 million missed forecasts and profitability metrics remained deeply negative.

Ginkgo Bioworks Holdings, Inc. (NYSE:DNA - Get Free Report)'s share price gapped down before the market opened on Thursday after an insider sold shares in the company. The stock had previously closed at $11.47, but opened at $10.92. Ginkgo Bioworks shares last traded at $11.1270, with a volume of 898,667 shares trading hands.

Specifically, insider Steven Coen sold 2,403 shares of the firm's stock in a transaction on Monday, October 5th. The stock was sold at an average price of $15.00, for a total transaction of $36,045.00. Following the completion of the transaction, the insider owned 49,448 shares of the company's stock, valued at approximately $741,720. This trade represents a 4.63% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on DNA shares. Weiss Ratings restated a "sell (d-)" rating on shares of Ginkgo Bioworks in a research report on Friday, July 17th. Oppenheimer set a $5.00 target price on Ginkgo Bioworks in a research note on Wednesday, September 9th. TD Cowen lowered Ginkgo Bioworks from a "buy" rating to a "hold" rating and decreased their price target for the stock from $12.00 to $9.00 in a research note on Friday, August 7th. Wall Street Zen upgraded shares of Ginkgo Bioworks from a "sell" rating to a "hold" rating in a report on Saturday, September 26th. Finally, Zacks Research raised shares of Ginkgo Bioworks to a "hold" rating in a research note on Monday, August 17th. Two analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, Ginkgo Bioworks currently has an average rating of "Reduce" and a consensus price target of $6.33.

Ginkgo Bioworks Trading Down 2.9%

The stock has a market cap of $750.37 million, a PE ratio of -2.21 and a beta of 1.79. The company's 50 day moving average is $8.40 and its 200-day moving average is $8.30.

Ginkgo Bioworks (NYSE:DNA - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The company reported ($0.75) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.90) by $0.15. Ginkgo Bioworks had a negative net margin of 259.96% and a negative return on equity of 60.27%. The business had revenue of $20.16 million during the quarter, compared to analyst estimates of $24.05 million. As a group, analysts forecast that Ginkgo Bioworks Holdings, Inc. will post -3.2 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Strategic Advocates LLC increased its stake in shares of Ginkgo Bioworks by 808.9% during the fourth quarter. Strategic Advocates LLC now owns 4,381 shares of the company's stock valued at $36,000 after acquiring an additional 3,899 shares during the period. Integrated Wealth Concepts LLC acquired a new position in Ginkgo Bioworks during the second quarter worth about $50,000. Arizona State Retirement System bought a new stake in Ginkgo Bioworks in the second quarter worth about $102,000. Entropy Technologies LP acquired a new stake in Ginkgo Bioworks in the 1st quarter valued at about $67,000. Finally, Boston Standard Wealth Management LLC acquired a new position in shares of Ginkgo Bioworks in the 1st quarter worth approximately $97,000. 78.63% of the stock is owned by institutional investors and hedge funds.

Ginkgo Bioworks Company Profile

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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