Ginkgo Bioworks (NYSE:DNA) Shares Gap Down Following Insider Selling

Shares of Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) gapped down before the market opened on Thursday following insider selling activity. The stock had previously closed at $11.47, but opened at $10.92. Ginkgo Bioworks shares last traded at $11.1270, with a volume of 898,667 shares changing hands.

Specifically, insider Steven Coen sold 2,403 shares of Ginkgo Bioworks stock in a transaction on Monday, October 5th. The stock was sold at an average price of $15.00, for a total value of $36,045.00. Following the transaction, the insider directly owned 49,448 shares in the company, valued at $741,720. The trade was a 4.63% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link.

Wall Street Analyst Weigh In

DNA has been the topic of several research analyst reports. Wall Street Zen upgraded shares of Ginkgo Bioworks from a “sell” rating to a “hold” rating in a research report on Saturday, September 26th. BTIG Research reaffirmed a “sell” rating and issued a $5.00 target price on shares of Ginkgo Bioworks in a research report on Friday, September 4th. TD Cowen downgraded Ginkgo Bioworks from a “buy” rating to a “hold” rating and lowered their price target for the company from $12.00 to $9.00 in a report on Friday, August 7th. Weiss Ratings reissued a “sell (d-)” rating on shares of Ginkgo Bioworks in a research note on Friday, July 17th. Finally, Zacks Research upgraded Ginkgo Bioworks to a “hold” rating in a research report on Monday, August 17th. Two equities research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Reduce” and a consensus price target of $6.33.

Ginkgo Bioworks Stock Down 2.9%

The business has a 50-day simple moving average of $8.40 and a 200-day simple moving average of $8.30. The stock has a market cap of $750.37 million, a P/E ratio of -2.21 and a beta of 1.79.

Ginkgo Bioworks (NYSE:DNA) last issued its quarterly earnings results on Wednesday, August 5th. The company reported ($0.75) EPS for the quarter, topping analysts’ consensus estimates of ($0.90) by $0.15. Ginkgo Bioworks had a negative return on equity of 60.27% and a negative net margin of 259.96%.The company had revenue of $20.16 million during the quarter, compared to analyst estimates of $24.05 million. On average, analysts predict that Ginkgo Bioworks Holdings, Inc. will post -3.2 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of DNA. Bank of New York Mellon Corp increased its stake in shares of Ginkgo Bioworks by 1.8% in the first quarter. Bank of New York Mellon Corp now owns 123,959 shares of the company’s stock worth $760,000 after buying an additional 2,178 shares during the last quarter. Strategic Advocates LLC increased its position in shares of 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 purchasing an additional 3,899 shares during the last quarter. Integrated Wealth Concepts LLC bought a new stake in shares of Ginkgo Bioworks in the 2nd quarter worth about $50,000. Arizona State Retirement System acquired a new stake in shares of Ginkgo Bioworks in the 2nd quarter valued at about $102,000. Finally, Entropy Technologies LP bought a new position in shares of Ginkgo Bioworks during the first quarter worth about $67,000. Institutional investors own 78.63% of the company’s stock.

Ginkgo Bioworks Company Profile

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.