Ginkgo Bioworks (NYSE:DNA) Price Target Cut to $0.20

Ginkgo Bioworks (NYSE:DNA) had its price target cut by BTIG Research from $0.50 to $0.20 in a research report sent to investors on Wednesday, Benzinga reports. They currently have a sell rating on the stock.

A number of other research firms also recently issued reports on DNA. William Blair downgraded shares of Ginkgo Bioworks from a market perform rating to an underperform rating in a report on Friday, May 10th. TD Cowen reduced their target price on shares of Ginkgo Bioworks from $7.00 to $3.00 and set an outperform rating for the company in a research note on Friday, March 1st. Finally, Morgan Stanley reduced their target price on shares of Ginkgo Bioworks from $2.00 to $1.00 and set an equal weight rating for the company in a research note on Wednesday, May 15th. Three research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of Hold and an average price target of $1.56.

Ginkgo Bioworks Stock Up 8.1 %

Ginkgo Bioworks stock opened at $0.33 on Wednesday. The firm’s fifty day moving average is $0.65 and its 200 day moving average is $1.08. Ginkgo Bioworks has a 12-month low of $0.26 and a 12-month high of $2.55. The company has a market capitalization of $739.23 million, a PE ratio of -0.76 and a beta of 1.24.

Ginkgo Bioworks (NYSE:DNA) last posted its earnings results on Thursday, May 9th. The company reported ($0.08) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.08). The firm had revenue of $37.94 million during the quarter, compared to analyst estimates of $45.50 million. Ginkgo Bioworks had a negative net margin of 409.11% and a negative return on equity of 56.09%. During the same quarter in the prior year, the business posted ($0.08) EPS. Sell-side analysts expect that Ginkgo Bioworks will post -0.3 EPS for the current fiscal year.

Insider Activity

In other news, insider Mark E. Dmytruk sold 47,806 shares of the firm’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $0.84, for a total value of $40,157.04. Following the completion of the transaction, the insider now directly owns 925,400 shares in the company, valued at $777,336. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Ginkgo Bioworks news, insider Mark E. Dmytruk sold 47,806 shares of Ginkgo Bioworks stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $0.84, for a total transaction of $40,157.04. Following the completion of the sale, the insider now directly owns 925,400 shares in the company, valued at $777,336. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Marijn E. Dekkers sold 265,000 shares of the business’s stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $0.83, for a total transaction of $219,950.00. Following the completion of the sale, the director now owns 5,515,364 shares of the company’s stock, valued at $4,577,752.12. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 377,415 shares of company stock worth $321,226. 15.05% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Spire Wealth Management purchased a new position in shares of Ginkgo Bioworks in the fourth quarter worth $25,000. Prime Capital Investment Advisors LLC purchased a new position in Ginkgo Bioworks during the 4th quarter valued at $37,000. Paloma Partners Management Co purchased a new position in Ginkgo Bioworks during the 1st quarter valued at $28,000. Smith Salley & Associates increased its position in Ginkgo Bioworks by 100.0% during the 4th quarter. Smith Salley & Associates now owns 24,000 shares of the company’s stock valued at $41,000 after purchasing an additional 12,000 shares during the period. Finally, Pine Valley Investments Ltd Liability Co purchased a new position in Ginkgo Bioworks during the 4th quarter valued at $50,000. 78.63% of the stock is owned by hedge funds and other institutional investors.

About Ginkgo Bioworks

Ginkgo Bioworks Holdings, Inc, together with its subsidiaries, develops platform for cell programming in the United States. Its platform is used to program cells to enable biological production of products, such as novel therapeutics, food ingredients, and chemicals derived from petroleum. It serves pharma and biotech, agriculture, industrial and environment, food and nutrition, consumer and technology, and government and defense industries.