Ginkgo Bioworks (NYSE:DNA) Sees Unusually-High Trading Volume

Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) shares saw unusually-high trading volume on Wednesday . Approximately 24,105,615 shares traded hands during trading, a decline of 33% from the previous session’s volume of 35,817,949 shares.The stock last traded at $0.29 and had previously closed at $0.32.

Wall Street Analysts Forecast Growth

DNA has been the subject of several recent research reports. TD Cowen cut their target price on shares of Ginkgo Bioworks from $7.00 to $3.00 and set an “outperform” rating for the company in a research note on Friday, March 1st. William Blair lowered shares of Ginkgo Bioworks from a “market perform” rating to an “underperform” rating in a research note on Friday, May 10th. Morgan Stanley reduced their price target on shares of Ginkgo Bioworks from $2.00 to $1.00 and set an “equal weight” rating for the company in a research report on Wednesday, May 15th. Finally, BTIG Research reduced their price target on shares of Ginkgo Bioworks from $0.50 to $0.20 and set a “sell” rating for the company in a research report on Wednesday. Three research analysts have rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, Ginkgo Bioworks presently has an average rating of “Hold” and a consensus price target of $1.56.

Ginkgo Bioworks Stock Performance

The business’s 50 day moving average is $0.69 and its 200-day moving average is $1.10. The firm has a market capitalization of $640.61 million, a price-to-earnings ratio of -0.66 and a beta of 1.24.

Ginkgo Bioworks (NYSE:DNA) last posted its quarterly earnings results on Thursday, May 9th. The company reported ($0.08) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.08). The company had revenue of $37.94 million for the quarter, compared to analyst estimates 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 period last year, the business posted ($0.08) EPS. Equities research analysts forecast that Ginkgo Bioworks Holdings, Inc. will post -0.3 EPS for the current fiscal year.

Insider Transactions at Ginkgo Bioworks

In related news, insider Mark E. Dmytruk sold 47,806 shares of Ginkgo Bioworks stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $0.84, for a total transaction of $40,157.04. Following the completion of the transaction, the insider now directly owns 925,400 shares of the company’s stock, valued at approximately $777,336. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Ginkgo Bioworks news, Director Marijn E. Dekkers sold 265,000 shares of the firm’s stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $0.83, for a total value of $219,950.00. Following the completion of the sale, the director now owns 5,515,364 shares in the company, valued at approximately $4,577,752.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Mark E. Dmytruk sold 47,806 shares of the firm’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $0.84, for a total transaction of $40,157.04. Following the completion of the sale, the insider now owns 925,400 shares of the company’s stock, valued at approximately $777,336. The disclosure for this sale can be found here. In the last three months, insiders sold 377,415 shares of company stock valued at $321,226. Company insiders own 15.05% of the company’s stock.

Institutional Investors Weigh In On Ginkgo Bioworks

Several hedge funds and other institutional investors have recently added to or reduced their stakes in DNA. Spire Wealth Management acquired a new stake in Ginkgo Bioworks in the 4th quarter valued at about $25,000. Paloma Partners Management Co acquired a new stake in shares of Ginkgo Bioworks during the 1st quarter worth approximately $28,000. First Trust Direct Indexing L.P. acquired a new stake in shares of Ginkgo Bioworks during the 1st quarter worth approximately $35,000. Prime Capital Investment Advisors LLC bought a new stake in Ginkgo Bioworks in the fourth quarter valued at approximately $37,000. Finally, Russell Investments Group Ltd. increased its stake in 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 purchasing an additional 31,626 shares in the last quarter. Institutional investors and hedge funds own 78.63% of the company’s stock.

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.