Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) Receives Consensus Recommendation of “Reduce” from Brokerages

Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) has been assigned an average rating of “Reduce” from the six analysts that are presently covering the firm, MarketBeat Ratings reports. Three research analysts have rated the stock with a sell recommendation, two have assigned a hold recommendation and one has assigned a buy recommendation to the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $4.16.

DNA has been the topic of a number of recent analyst reports. TD Cowen increased their price target on shares of Ginkgo Bioworks from $3.00 to $10.00 and gave the stock a “buy” rating in a report on Friday, September 20th. BTIG Research raised their target price on Ginkgo Bioworks from $0.20 to $7.00 and gave the company a “sell” rating in a research report on Friday, August 23rd. Finally, The Goldman Sachs Group reduced their price target on Ginkgo Bioworks from $0.80 to $0.30 and set a “sell” rating for the company in a report on Tuesday, July 9th.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Paloma Partners Management Co purchased a new stake in Ginkgo Bioworks during the 1st quarter worth approximately $28,000. First Trust Direct Indexing L.P. purchased a new stake in shares of Ginkgo Bioworks during the first quarter worth approximately $35,000. Algert Global LLC acquired a new position in Ginkgo Bioworks in the 2nd quarter valued at $36,000. Russell Investments Group Ltd. lifted its holdings in Ginkgo Bioworks by 9,440.6% in the 1st 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. Finally, Wellington Wealth Strategies LLC. acquired a new stake in Ginkgo Bioworks during the 2nd quarter worth $41,000. Institutional investors and hedge funds own 78.63% of the company’s stock.

Ginkgo Bioworks Price Performance

NYSE DNA opened at $8.89 on Friday. The stock has a market cap of $19.65 billion, a price-to-earnings ratio of -20.19 and a beta of 1.10. The company’s 50-day moving average is $7.37. Ginkgo Bioworks has a fifty-two week low of $5.26 and a fifty-two week high of $75.20.

Ginkgo Bioworks (NYSE:DNA) last announced its quarterly earnings results on Thursday, August 8th. The company reported ($3.20) earnings per share for the quarter, meeting the consensus estimate of ($3.20). Ginkgo Bioworks had a negative return on equity of 63.09% and a negative net margin of 486.98%. The company had revenue of $56.21 million during the quarter, compared to analysts’ expectations of $41.46 million. Sell-side analysts expect that Ginkgo Bioworks will post -12.6 earnings per share for the current year.

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.