Ginkgo Bioworks (NYSE:DNA) Shares Up 10.4% – What’s Next?

Ginkgo Bioworks Holdings, Inc. (NYSE:DNA)’s share price shot up 10.4% during mid-day trading on Wednesday . The stock traded as high as $10.43 and last traded at $10.9440. 141,585 shares were traded during mid-day trading, a decline of 88% from the average session volume of 1,192,727 shares. The stock had previously closed at $9.91.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. Wall Street Zen raised Ginkgo Bioworks from a “sell” rating to a “hold” rating in a research report on Saturday. BTIG Research lowered their target price on Ginkgo Bioworks from $9.00 to $5.00 and set a “sell” rating for the company in a research note on Thursday, March 12th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Ginkgo Bioworks in a research note on Monday, April 20th. One investment analyst has rated the stock with a Buy rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Ginkgo Bioworks currently has an average rating of “Reduce” and an average target price of $8.50.

Ginkgo Bioworks Trading Up 7.6%

The stock has a market cap of $696.64 million, a price-to-earnings ratio of -1.99 and a beta of 1.79. The company has a 50 day simple moving average of $8.62 and a 200-day simple moving average of $8.36.

Ginkgo Bioworks (NYSE:DNA) last posted its quarterly earnings data on Thursday, May 7th. The company reported ($1.39) earnings per share for the quarter, missing the consensus estimate of ($1.21) by ($0.18). The firm had revenue of $19.00 million for the quarter, compared to analyst estimates of $42.93 million. Ginkgo Bioworks had a negative return on equity of 56.08% and a negative net margin of 215.41%.

Insider Buying and Selling at Ginkgo Bioworks

In related news, insider Reshma P. Shetty sold 124,727 shares of the stock in a transaction on Friday, April 10th. The shares were sold at an average price of $6.43, for a total transaction of $801,994.61. Following the completion of the transaction, the insider owned 436,422 shares in the company, valued at approximately $2,806,193.46. This represents a 22.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Steven P. Coen sold 33,171 shares of the firm’s stock in a transaction on Monday, April 13th. The shares were sold at an average price of $6.41, for a total transaction of $212,626.11. Following the completion of the transaction, the insider directly owned 49,849 shares of the company’s stock, valued at approximately $319,532.09. This trade represents a 39.96% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 542,580 shares of company stock valued at $3,546,784 over the last quarter. Insiders own 12.69% of the company’s stock.

Institutional Trading of Ginkgo Bioworks

Institutional investors and hedge funds have recently bought and sold shares of the stock. AQR Capital Management LLC raised its stake in shares of Ginkgo Bioworks by 322.6% during the 1st quarter. AQR Capital Management LLC now owns 158,939 shares of the company’s stock worth $906,000 after purchasing an additional 121,326 shares in the last quarter. Millennium Management LLC boosted its holdings in shares of Ginkgo Bioworks by 113.1% during the first quarter. Millennium Management LLC now owns 1,427,600 shares of the company’s stock worth $8,137,000 after acquiring an additional 757,535 shares during the period. Goldman Sachs Group Inc. grew its holdings in Ginkgo Bioworks by 25.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 686,767 shares of the company’s stock valued at $3,915,000 after buying an additional 139,126 shares in the last quarter. Acadian Asset Management LLC bought a new position in Ginkgo Bioworks during the first quarter worth about $120,000. Finally, Rhumbline Advisers acquired a new stake in shares of Ginkgo Bioworks in the second quarter valued at approximately $666,000. Institutional investors own 78.63% of the company’s stock.

About Ginkgo Bioworks

Ginkgo Bioworks, Inc is a synthetic biology company that designs custom microbes for customers across a range of industries. Utilizing a proprietary organism foundry platform, the company engineers cells to produce high-value chemicals, enzymes, and other biological materials. By integrating automation, data analytics and machine learning, Ginkgo Bioworks seeks to accelerate the development of biologically derived solutions at industrial scale.

The company’s services span the entire development cycle, from genetic design and strain optimization to fermentation and downstream processing.