Ginkgo Bioworks (NYSE:DNA) Upgraded at Wall Street Zen
by Teresa Graham · The Cerbat GemWall Street Zen upgraded shares of Ginkgo Bioworks (NYSE:DNA – Free Report) from a sell rating to a hold rating in a research note published on Saturday.
Several other research firms have also commented on DNA. TD Cowen lowered their target price on Ginkgo Bioworks from $14.00 to $12.00 and set a “buy” rating for the company in a report on Thursday, January 8th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Ginkgo Bioworks in a report on Wednesday, January 21st. Finally, BTIG Research lowered their target price on Ginkgo Bioworks from $9.00 to $5.00 and set a “sell” rating for the company in a 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 company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Reduce” and a consensus target price of $8.50.
Check Out Our Latest Stock Report on DNA
Ginkgo Bioworks Stock Up 3.7%
Shares of NYSE DNA opened at $6.69 on Friday. The stock’s 50 day moving average price is $7.58 and its two-hundred day moving average price is $9.45. Ginkgo Bioworks has a 52-week low of $5.37 and a 52-week high of $17.58. The stock has a market capitalization of $414.00 million, a P/E ratio of -1.18 and a beta of 1.56.
Ginkgo Bioworks (NYSE:DNA – Get Free Report) last announced its quarterly earnings data on Thursday, February 26th. The company reported ($1.42) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.80) by $0.38. The firm had revenue of $33.40 million for the quarter, compared to analysts’ expectations of $37.57 million. Ginkgo Bioworks had a negative return on equity of 52.82% and a negative net margin of 183.81%. On average, analysts anticipate that Ginkgo Bioworks will post -10.02 EPS for the current year.
Insider Buying and Selling
In related news, insider Reshma P. Shetty sold 124,727 shares of the 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 transaction, the insider directly owned 436,422 shares of the company’s stock, valued at $2,806,193.46. This represents a 22.23% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Jason R. Kelly sold 109,767 shares of the stock in a transaction that occurred on Thursday, April 9th. The stock was sold at an average price of $6.40, for a total value of $702,508.80. Following the completion of the transaction, the insider directly owned 316,483 shares of the company’s stock, valued at $2,025,491.20. This trade represents a 25.75% decrease in their ownership of the stock. 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. Insiders sold 510,458 shares of company stock valued at $3,342,467 in the last three months. 9.72% of the stock is currently owned by corporate insiders.
Hedge Funds Weigh In On Ginkgo Bioworks
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Quarry LP bought a new position in Ginkgo Bioworks in the 3rd quarter worth approximately $29,000. Raymond James Financial Inc. bought a new position in Ginkgo Bioworks in the 2nd quarter worth approximately $29,000. Strategic Advocates LLC grew its holdings in Ginkgo Bioworks by 808.9% in the 4th quarter. Strategic Advocates LLC now owns 4,381 shares of the company’s stock worth $36,000 after buying an additional 3,899 shares in the last quarter. Strs Ohio bought a new position in Ginkgo Bioworks in the 3rd quarter worth approximately $44,000. Finally, Daiwa Securities Group Inc. bought a new position in Ginkgo Bioworks in the 2nd quarter worth approximately $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.