Ginkgo Bioworks (NYSE:DNA) Stock Price Down 8.7% – Here’s Why

Ginkgo Bioworks Holdings, Inc. (NYSE:DNA)’s share price was down 8.7% on Wednesday . The company traded as low as $8.46 and last traded at $8.52. Approximately 329,634 shares traded hands during mid-day trading, a decline of 72% from the average daily volume of 1,169,410 shares. The stock had previously closed at $9.33.

Analysts Set New Price Targets

Several equities research analysts have commented on DNA shares. Wall Street Zen lowered Ginkgo Bioworks from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. Weiss Ratings reissued a “sell (d-)” rating on shares of Ginkgo Bioworks in a research report on Monday, April 20th. Finally, BTIG Research reduced their price target on shares of Ginkgo Bioworks from $9.00 to $5.00 and set a “sell” rating on the stock in a research report on Thursday, March 12th. One investment analyst has rated the stock with a Buy rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Reduce” and an average target price of $8.50.

Ginkgo Bioworks Price Performance

The company has a market cap of $569.59 million, a PE ratio of -1.63 and a beta of 1.79. The company has a 50-day moving average price of $7.79 and a two-hundred day moving average price of $8.33.

Insider Buying and Selling

In other news, insider Reshma P. Shetty sold 124,727 shares of the business’s 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 transaction, the insider directly owned 436,422 shares of the company’s stock, valued at approximately $2,806,193.46. The trade was a 22.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at 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 company’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 owned 49,849 shares of the company’s stock, valued at $319,532.09. This trade represents a 39.96% decrease in their ownership of the stock. 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 have sold 543,288 shares of company stock worth $3,551,556 in the last 90 days. 12.69% of the stock is owned by insiders.

Hedge Funds Weigh In On Ginkgo Bioworks

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Entropy Technologies LP acquired a new stake in shares of Ginkgo Bioworks during the first quarter valued at about $67,000. Renaissance Technologies LLC acquired a new position in shares of Ginkgo Bioworks in the first quarter worth about $616,000. Dimensional Fund Advisors LP boosted its holdings in Ginkgo Bioworks by 23.8% in the first quarter. Dimensional Fund Advisors LP now owns 127,048 shares of the company’s stock valued at $779,000 after purchasing an additional 24,434 shares during the last quarter. Bank of New York Mellon Corp grew its stake in Ginkgo Bioworks by 1.8% during the 1st quarter. Bank of New York Mellon Corp now owns 123,959 shares of the company’s stock valued at $760,000 after purchasing an additional 2,178 shares in the last quarter. Finally, Inspire Investing LLC grew its stake in Ginkgo Bioworks by 46.4% during the 1st quarter. Inspire Investing LLC now owns 83,905 shares of the company’s stock valued at $514,000 after purchasing an additional 26,612 shares in the last quarter. 78.63% of the stock is owned by hedge funds and other institutional investors.

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.