Shares of Ginkgo Bioworks Holdings, Inc. (NYSE:DNA – Get Free Report) rose 12.3% during mid-day trading on Friday. The stock traded as high as $12.18 and last traded at $12.73. Approximately 373,851 shares changed hands during trading, a decline of 73% from the average session volume of 1,394,338 shares. The stock had previously closed at $11.34.
Analysts Set New Price Targets
DNA has been the topic of several recent analyst reports. Zacks Research raised Ginkgo Bioworks to a “hold” rating in a report on Monday, August 17th. Weiss Ratings restated a “sell (d-)” rating on shares of Ginkgo Bioworks in a report on Friday, July 17th. TD Cowen lowered Ginkgo Bioworks from a “buy” rating to a “hold” rating and lowered their target price for the company from $12.00 to $9.00 in a research note on Friday, August 7th. BTIG Research reiterated a “sell” rating and set a $5.00 price target on shares of Ginkgo Bioworks in a research report on Friday, September 4th. Finally, Wall Street Zen raised shares of Ginkgo Bioworks from a “sell” rating to a “hold” rating in a report on Saturday, September 26th. Two equities research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Ginkgo Bioworks has a consensus rating of “Reduce” and an average target price of $6.33.
Read Our Latest Report on Ginkgo Bioworks
Ginkgo Bioworks Trading Up 11.3%
Ginkgo Bioworks (NYSE:DNA – Get Free Report) last released its earnings results on Wednesday, August 5th. The company reported ($0.75) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.90) by $0.15. The company had revenue of $20.16 million for the quarter, compared to the consensus estimate of $24.05 million. Ginkgo Bioworks had a negative net margin of 259.96% and a negative return on equity of 60.27%. As a group, analysts forecast that Ginkgo Bioworks Holdings, Inc. will post -3.2 earnings per share for the current fiscal year.
Insider Activity at Ginkgo Bioworks
In other Ginkgo Bioworks news, insider Steven P. Coen sold 2,403 shares of Ginkgo Bioworks stock in a transaction on Monday, October 5th. The shares were sold at an average price of $15.00, for a total transaction of $36,045.00. Following the completion of the sale, the insider owned 49,448 shares of the company’s stock, valued at approximately $741,720. The trade was a 4.63% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Christian O. Henry sold 5,000 shares of the company’s stock in a transaction on Tuesday, September 15th. The shares were sold at an average price of $7.08, for a total transaction of $35,400.00. Following the sale, the director owned 19,310 shares of the company’s stock, valued at $136,714.80. The trade was a 20.57% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 7,733 shares of company stock worth $73,748 over the last 90 days. 12.69% of the stock is currently owned by company insiders.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Integrated Wealth Concepts LLC bought a new stake in shares of Ginkgo Bioworks during the second quarter worth $50,000. Arizona State Retirement System bought a new stake in Ginkgo Bioworks in the 2nd quarter valued at $102,000. AXQ Capital LP acquired a new position in Ginkgo Bioworks in the 2nd quarter worth $262,000. Balance Capital Partners L.P. acquired a new position in Ginkgo Bioworks in the 2nd quarter worth $1,972,179. Finally, Entropy Technologies LP bought a new position in Ginkgo Bioworks during the 1st quarter worth about $67,000. 78.63% of the stock is currently owned by institutional investors.
About Ginkgo Bioworks
Ginkgo Bioworks, Inc is a biotechnology company that develops biological engineering technologies and services. Its platform is designed to help customers program cells and microorganisms to produce products or perform functions for applications in areas such as pharmaceuticals, agriculture, food, chemicals and materials.
The company combines biological research, laboratory automation, genetic engineering, data analysis and software through its cell-programming platform and foundry operations.
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