Ginkgo Bioworks (NYSE:DNA) Stock Price Down 9.6% – Here’s Why

Ginkgo Bioworks Holdings, Inc. (NYSE:DNA)’s share price fell 9.6% during mid-day trading on Thursday . The stock traded as low as $8.63 and last traded at $8.4730. Approximately 190,661 shares traded hands during mid-day trading, a decline of 83% from the average session volume of 1,151,240 shares. The stock had previously closed at $9.37.

Analysts Set New Price Targets

Several brokerages have recently issued reports on DNA. Wall Street Zen upgraded shares of Ginkgo Bioworks from a “sell” rating to a “hold” rating in a research note on Saturday. TD Cowen downgraded shares of Ginkgo Bioworks from a “buy” rating to a “hold” rating and reduced their price target for the company from $12.00 to $9.00 in a research report on Friday. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Ginkgo Bioworks in a report on Friday, July 17th. One investment analyst has rated the stock with a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Sell” and an average target price of $7.00.

Ginkgo Bioworks Trading Down 6.4%

The firm has a market capitalization of $519.62 million, a PE ratio of -1.48 and a beta of 1.78. The business’s 50 day simple moving average is $8.77 and its two-hundred day simple moving average is $8.32.

Ginkgo Bioworks (NYSE:DNA) last released its quarterly earnings results on Wednesday, August 5th. The company reported ($0.75) earnings per share for the quarter, beating the consensus estimate of ($0.90) by $0.15. The firm had revenue of $20.16 million for the quarter, compared to analysts’ expectations of $24.05 million. Ginkgo Bioworks had a negative return on equity of 56.08% and a negative net margin of 215.41%.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Prescott Group Capital Management L.L.C. bought a new stake in Ginkgo Bioworks during the fourth quarter valued at approximately $4,503,000. UBS Group AG increased its holdings in Ginkgo Bioworks by 86.4% during the fourth quarter. UBS Group AG now owns 489,418 shares of the company’s stock valued at $4,067,000 after buying an additional 226,861 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its position in Ginkgo Bioworks by 28,457.3% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 228,744 shares of the company’s stock worth $1,901,000 after acquiring an additional 227,943 shares during the period. Nano Cap New Millennium Growth Fund L P bought a new position in Ginkgo Bioworks in the fourth quarter worth approximately $166,000. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Ginkgo Bioworks by 23.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 127,048 shares of the company’s stock worth $779,000 after acquiring an additional 24,434 shares during the last quarter. 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.