Ginkgo Bioworks (NYSE:DNA) Stock Price Down 9.6% – Time to Sell?

Shares of Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) were down 9.6% during trading on Thursday . The company traded as low as $8.63 and last traded at $8.4730. 190,661 shares were traded during mid-day trading, a decline of 83% from the average session volume of 1,151,240 shares. The stock had previously closed at $9.37.

Wall Street Analysts Forecast Growth

DNA has been the subject of a number of recent analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Ginkgo Bioworks in a research report on Friday, July 17th. Wall Street Zen lowered Ginkgo Bioworks from a “hold” rating to a “sell” rating in a report on Saturday, July 18th. One research analyst has rated the stock with a Buy rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Reduce” and an average target price of $8.50.

Ginkgo Bioworks Price Performance

The firm has a 50-day simple moving average of $8.82 and a 200 day simple moving average of $8.33. The stock has a market capitalization of $564.14 million, a P/E ratio of -1.63 and a beta of 1.78.

Ginkgo Bioworks (NYSE:DNA) last released its quarterly earnings data on Wednesday, August 5th. The company reported ($0.75) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.90) by $0.15. Ginkgo Bioworks had a negative return on equity of 56.08% and a negative net margin of 215.41%.The company had revenue of $20.16 million during the quarter, compared to the consensus estimate of $24.05 million.

Hedge Funds Weigh In On Ginkgo Bioworks

Several large investors have recently modified their holdings of the business. Millennium Management LLC boosted its holdings in shares of Ginkgo Bioworks by 113.1% during the 1st quarter. Millennium Management LLC now owns 1,427,600 shares of the company’s stock worth $8,137,000 after buying an additional 757,535 shares in the last quarter. Prescott Group Capital Management L.L.C. acquired a new stake in shares of Ginkgo Bioworks during the 4th quarter worth approximately $4,503,000. State Street Corp increased its stake in shares of Ginkgo Bioworks by 38.4% in the 4th quarter. State Street Corp now owns 1,292,071 shares of the company’s stock valued at $10,737,000 after acquiring an additional 358,231 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its stake in shares of Ginkgo Bioworks by 28,457.3% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 228,744 shares of the company’s stock valued at $1,901,000 after acquiring an additional 227,943 shares in the last quarter. Finally, UBS Group AG lifted its position in shares of Ginkgo Bioworks by 86.4% during the 4th quarter. UBS Group AG now owns 489,418 shares of the company’s stock valued at $4,067,000 after acquiring an additional 226,861 shares during the period. Institutional investors own 78.63% of the company’s stock.

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.