Ginkgo Bioworks (NYSE:DNA) Releases Quarterly Earnings Results, Beats Expectations By $0.15 EPS

Ginkgo Bioworks (NYSE:DNA) posted its earnings results on Wednesday. The company reported ($0.75) EPS for the quarter, beating analysts’ consensus estimates of ($0.90) by $0.15, FiscalAI reports. The firm had revenue of $20.16 million for the quarter, compared to analysts’ expectations of $24.05 million. Ginkgo Bioworks had a negative return on equity of 56.08% and a negative net margin of 215.41%.

Ginkgo Bioworks Stock Performance

Shares of DNA stock traded down $0.01 on Wednesday, reaching $9.37. 980,022 shares of the company were exchanged, compared to its average volume of 1,158,171. The company has a market cap of $611.72 million, a price-to-earnings ratio of -1.75 and a beta of 1.78. The business has a 50-day moving average price of $8.81 and a 200 day moving average price of $8.34. Ginkgo Bioworks has a 1 year low of $5.37 and a 1 year high of $17.58.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on DNA. Weiss Ratings reiterated a “sell (d-)” rating on shares of Ginkgo Bioworks in a research report on Friday, July 17th. Wall Street Zen downgraded Ginkgo Bioworks from a “hold” rating to a “sell” rating in a research note on Saturday, July 18th. One investment analyst has rated the stock with a Buy rating and two have issued a Sell rating to the company. Based on data from MarketBeat, Ginkgo Bioworks has an average rating of “Reduce” and an average price target of $8.50.

Institutional Investors Weigh In On Ginkgo Bioworks

Institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in Ginkgo Bioworks by 4.2% during the 3rd quarter. Vanguard Group Inc. now owns 2,480,504 shares of the company’s stock worth $36,166,000 after buying an additional 99,379 shares in the last quarter. Legal & General Group Plc lifted its position in shares of Ginkgo Bioworks by 7.9% in the third quarter. Legal & General Group Plc now owns 1,608,923 shares of the company’s stock valued at $23,458,000 after acquiring an additional 118,402 shares in the last quarter. Millennium Management LLC boosted its stake in shares of Ginkgo Bioworks by 113.1% in the first quarter. Millennium Management LLC now owns 1,427,600 shares of the company’s stock worth $8,137,000 after acquiring an additional 757,535 shares during the last quarter. State Street Corp boosted its stake in shares of Ginkgo Bioworks by 38.4% in the fourth quarter. State Street Corp now owns 1,292,071 shares of the company’s stock worth $10,737,000 after acquiring an additional 358,231 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in shares of Ginkgo Bioworks by 23.7% in the fourth quarter. Geode Capital Management LLC now owns 999,600 shares of the company’s stock worth $8,309,000 after acquiring an additional 191,240 shares during the last quarter. 78.63% of the stock is currently owned by institutional investors and hedge funds.

Ginkgo Bioworks Company Profile

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.