Ginkgo Bioworks (NYSE:DNA) Price Target Cut to $5.00 by Analysts at BTIG Research

Ginkgo Bioworks (NYSE:DNA) had its price target cut by equities research analysts at BTIG Research from $9.00 to $5.00 in a report released on Thursday,Benzinga reports. The brokerage currently has a “sell” rating on the stock. BTIG Research’s price objective indicates a potential downside of 26.86% from the stock’s current price.

A number of other equities analysts have also commented on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Ginkgo Bioworks in a research report on Wednesday, January 21st. TD Cowen dropped their price objective on Ginkgo Bioworks from $14.00 to $12.00 and set a “buy” rating on the stock in a research note on Thursday, January 8th. Finally, Wall Street Zen upgraded Ginkgo Bioworks from a “sell” rating to a “hold” rating in a report on Sunday. 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.com, Ginkgo Bioworks presently has an average rating of “Reduce” and a consensus price target of $8.50.

Ginkgo Bioworks Price Performance

Shares of NYSE DNA opened at $6.84 on Thursday. Ginkgo Bioworks has a 1-year low of $5.00 and a 1-year high of $17.58. The business’s 50 day moving average is $8.85 and its two-hundred day moving average is $10.23. The stock has a market capitalization of $414.19 million, a P/E ratio of -1.21 and a beta of 1.58.

Ginkgo Bioworks (NYSE:DNA) last announced its earnings results on Thursday, February 26th. The company reported ($1.42) EPS for the quarter, topping analysts’ consensus estimates of ($1.80) by $0.38. Ginkgo Bioworks had a negative return on equity of 52.82% and a negative net margin of 183.81%.The firm had revenue of $33.40 million during the quarter, compared to analysts’ expectations of $37.57 million. As a group, equities research analysts anticipate that Ginkgo Bioworks will post -10.02 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in DNA. Millennium Management LLC lifted its stake 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 buying an additional 757,535 shares during the period. Prescott Group Capital Management L.L.C. purchased a new position in Ginkgo Bioworks in the 4th quarter worth $4,503,000. Geode Capital Management LLC lifted its position in Ginkgo Bioworks by 104.5% during the 2nd quarter. Geode Capital Management LLC now owns 937,583 shares of the company’s stock worth $10,549,000 after acquiring an additional 479,154 shares during the period. Jump Financial LLC acquired a new position in shares of Ginkgo Bioworks in the second quarter valued at about $4,163,000. Finally, State Street Corp increased its holdings in Ginkgo Bioworks by 38.4% in the 4th quarter. State Street Corp now owns 1,292,071 shares of the company’s stock worth $10,737,000 after buying an additional 358,231 shares during the period. Hedge funds and other 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.