Ginkgo Bioworks Holdings, Inc. (NYSE:DNA – Get Rating)’s stock price dropped 8.2% during trading on Tuesday after an insider sold shares in the company. The company traded as low as $2.40 and last traded at $2.46. Approximately 555,980 shares were traded during mid-day trading, a decline of 98% from the average daily volume of 23,885,838 shares. The stock had previously closed at $2.68.Specifically, insider Jason R. Kelly sold 197,964 shares of the firm’s stock in a transaction on Friday, November 11th. The stock was sold at an average price of $2.65, for a total value of $524,604.60. Following the transaction, the insider now directly owns 21,583,782 shares in the company, valued at approximately $57,197,022.30. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In related news, insider Marie E. Fallon sold 102,254 shares of the business’s stock in a transaction that occurred on Thursday, October 6th. The shares were sold at an average price of $3.25, for a total transaction of $332,325.50. Following the completion of the sale, the insider now directly owns 127,534 shares in the company, valued at $414,485.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jason R. Kelly sold 197,964 shares of the company’s stock in a transaction that occurred on Friday, November 11th. The shares were sold at an average price of $2.65, for a total transaction of $524,604.60. Following the sale, the insider now directly owns 21,583,782 shares of the company’s stock, valued at $57,197,022.30. The disclosure for this sale can be found here. In the last quarter, insiders sold 5,638,459 shares of company stock valued at $15,162,964. Company insiders own 17.47% of the company’s stock.
Analyst Upgrades and Downgrades
A number of equities analysts recently commented on the company. Raymond James raised their target price on Ginkgo Bioworks from $11.50 to $14.50 and gave the stock an “outperform” rating in a report on Tuesday, August 16th. Morgan Stanley started coverage on Ginkgo Bioworks in a research report on Tuesday, October 4th. They set an “equal weight” rating and a $5.00 price objective on the stock. Finally, BTIG Research increased their target price on shares of Ginkgo Bioworks from $5.00 to $6.00 and gave the stock a “buy” rating in a report on Tuesday, August 16th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, Ginkgo Bioworks has an average rating of “Hold” and an average price target of $7.41.
Ginkgo Bioworks Trading Down 9.7 %
The company has a debt-to-equity ratio of 0.03, a current ratio of 11.84 and a quick ratio of 11.78. The stock has a market cap of $4.32 billion, a PE ratio of -1.37 and a beta of 0.89. The stock has a 50-day moving average price of $2.83 and a two-hundred day moving average price of $2.86.
Ginkgo Bioworks (NYSE:DNA – Get Rating) last released its quarterly earnings results on Monday, August 15th. The company reported ($0.41) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.36). The firm had revenue of $144.62 million for the quarter, compared to analysts’ expectations of $69.95 million. Ginkgo Bioworks had a negative net margin of 549.38% and a negative return on equity of 47.12%. Sell-side analysts forecast that Ginkgo Bioworks Holdings, Inc. will post -1.24 earnings per share for the current fiscal year.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently modified their holdings of the business. ARK Investment Management LLC increased its position in shares of Ginkgo Bioworks by 45.2% during the 3rd quarter. ARK Investment Management LLC now owns 126,818,856 shares of the company’s stock valued at $395,675,000 after purchasing an additional 39,460,799 shares during the last quarter. Baillie Gifford & Co. raised its stake in shares of Ginkgo Bioworks by 22.4% in the second quarter. Baillie Gifford & Co. now owns 205,327,786 shares of the company’s stock valued at $488,680,000 after acquiring an additional 37,575,106 shares during the period. Sumitomo Mitsui Trust Holdings Inc. bought a new stake in shares of Ginkgo Bioworks in the 2nd quarter worth about $52,022,000. State Street Corp boosted its stake in shares of Ginkgo Bioworks by 210.3% during the 2nd quarter. State Street Corp now owns 12,411,855 shares of the company’s stock worth $29,540,000 after purchasing an additional 8,411,787 shares during the period. Finally, Nikko Asset Management Americas Inc. grew its holdings in Ginkgo Bioworks by 46.5% during the 2nd quarter. Nikko Asset Management Americas Inc. now owns 21,858,173 shares of the company’s stock valued at $52,678,000 after purchasing an additional 6,937,185 shares during the last quarter. 53.37% of the stock is owned by hedge funds and other institutional investors.
About Ginkgo Bioworks
Ginkgo Bioworks Holdings, Inc, together with its subsidiaries, develops platform for cell programming. Its platform is used to program cells to enable biological production of products, such as novel therapeutics, food ingredients, and chemicals derived from petroleum. The company serves various end markets, including specialty chemicals, agriculture, food, consumer products, and pharmaceuticals.