Insider Selling: Ginkgo Bioworks (NYSE:DNA) Insider Sells $463,215.48 in Stock

Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) insider Jason Kelly sold 45,682 shares of the business’s stock in a transaction that occurred on Monday, October 19th. The shares were sold at an average price of $10.14, for a total transaction of $463,215.48. Following the transaction, the insider directly owned 129,065 shares of the company’s stock, valued at $1,308,719.10. The trade was a 26.14% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Ginkgo Bioworks Stock Up 2.7%

NYSE:DNA opened at $9.97 on Friday. Ginkgo Bioworks Holdings, Inc. has a 12 month low of $5.37 and a 12 month high of $18.22. The company has a 50 day simple moving average of $9.08 and a two-hundred day simple moving average of $8.65.

Ginkgo Bioworks (NYSE:DNA) last posted its quarterly earnings data on Wednesday, August 5th. The company reported ($0.75) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.90) by $0.15. Ginkgo Bioworks had a negative net margin of 259.96% and a negative return on equity of 60.27%. The company had revenue of $20.16 million for the quarter, compared to the consensus estimate of $24.05 million. As a group, equities analysts forecast that Ginkgo Bioworks Holdings, Inc. will post -3.20 earnings per share for the current year.

Wall Street Analyst Weigh In

DNA has been the subject of a number of analyst reports. Wall Street Zen upgraded Ginkgo Bioworks from a “sell” rating to a “hold” rating in a research note on Saturday, September 26th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Ginkgo Bioworks in a research note on Thursday, October 15th. BTIG Research reiterated a “sell” rating and set a $5.00 target price on shares of Ginkgo Bioworks in a research report on Friday, September 4th. Oppenheimer set a $5.00 price target on Ginkgo Bioworks in a research note on Wednesday, September 9th. Finally, TD Cowen increased their price objective on shares of Ginkgo Bioworks from $9.00 to $11.00 and gave the company a “hold” rating in a report on Tuesday, October 13th. Two equities research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Reduce” and a consensus target price of $7.00.

Hedge Funds Weigh In On Ginkgo Bioworks

Institutional investors have recently added to or reduced their stakes in the company. Balance Capital Partners L.P. bought a new stake in shares of Ginkgo Bioworks in the 2nd quarter worth about $1,972,179. Renaissance Technologies LLC bought a new stake in Ginkgo Bioworks during the first quarter worth approximately $616,000. Entropy Technologies LP purchased a new stake in Ginkgo Bioworks during the first quarter valued at approximately $67,000. Q Fund Management Hong Kong Ltd purchased a new stake in Ginkgo Bioworks during the third quarter valued at approximately $505,000. Finally, Integrated Wealth Concepts LLC bought a new stake in shares of Ginkgo Bioworks in the 2nd quarter valued at approximately $50,000. Hedge funds and other institutional investors own 78.63% of the company’s stock.

About Ginkgo Bioworks

Ginkgo Bioworks is a biotechnology company that develops and deploys biological systems for commercial and industrial applications. Its platform is designed to help customers program cells to produce a wide range of products, including pharmaceuticals, food ingredients, agricultural inputs, specialty chemicals and materials. The company combines biological engineering, automation, software and data science to design, build and test engineered organisms.

Ginkgo provides services through its cell-programming platform and biological engineering foundry, supporting activities such as genetic design, strain construction, laboratory testing and process development.