Ginkgo Bioworks (NYSE:DNA) Trading 6.9% Higher – Here’s What Happened

Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) rose 6.9% during mid-day trading on Tuesday . The company traded as high as $8.59 and last traded at $8.5320. Approximately 146,850 shares changed hands during trading, a decline of 87% from the average daily volume of 1,128,184 shares. The stock had previously closed at $7.98.

Wall Street Analysts Forecast Growth

DNA has been the subject of a number of research analyst reports. Wall Street Zen raised shares of Ginkgo Bioworks from a “sell” rating to a “hold” rating in a report on Saturday, April 11th. BTIG Research dropped their target price on Ginkgo Bioworks from $9.00 to $5.00 and set a “sell” rating for the company in a research report on Thursday, March 12th. Weiss Ratings restated a “sell (d-)” rating on shares of Ginkgo Bioworks in a research report on Wednesday, January 21st. Finally, TD Cowen lowered their price objective on shares of Ginkgo Bioworks from $14.00 to $12.00 and set a “buy” rating for the company in a report on Thursday, January 8th. One equities research analyst has rated the stock with a Buy rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Reduce” and an average target price of $8.50.

Ginkgo Bioworks Stock Up 3.5%

The company has a fifty day moving average price of $7.46 and a 200 day moving average price of $9.24. The stock has a market cap of $511.64 million, a PE ratio of -1.47 and a beta of 1.56.

Ginkgo Bioworks (NYSE:DNA) last announced its quarterly earnings data on Thursday, February 26th. The company reported ($1.42) earnings per share for the quarter, beating the consensus estimate 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 the consensus estimate of $37.57 million. As a group, research analysts predict that Ginkgo Bioworks Holdings, Inc. will post -4.33 earnings per share for the current year.

Insider Buying and Selling

In other Ginkgo Bioworks news, insider Reshma P. Shetty sold 124,727 shares of the business’s stock in a transaction that occurred on Friday, April 10th. The stock was sold at an average price of $6.43, for a total value of $801,994.61. Following the completion of the sale, the insider owned 436,422 shares in the company, valued at approximately $2,806,193.46. The trade was a 22.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through 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 business’s stock in a transaction dated 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 in the company, valued at $319,532.09. The trade was a 39.96% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders have sold 542,981 shares of company stock worth $3,548,999. Company insiders own 9.72% of the company’s stock.

Institutional Trading of Ginkgo Bioworks

Large investors have recently modified their holdings of the business. Quarry LP bought a new stake in shares of Ginkgo Bioworks in the third quarter worth about $29,000. Raymond James Financial Inc. bought a new stake in shares of Ginkgo Bioworks in the second quarter worth about $29,000. Strategic Advocates LLC grew its stake in shares of Ginkgo Bioworks by 808.9% in the fourth quarter. Strategic Advocates LLC now owns 4,381 shares of the company’s stock worth $36,000 after purchasing an additional 3,899 shares during the last quarter. Strs Ohio bought a new stake in shares of Ginkgo Bioworks in the third quarter worth about $44,000. Finally, Daiwa Securities Group Inc. bought a new stake in shares of Ginkgo Bioworks in the second quarter worth about $71,000. 78.63% of the stock is owned by 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.