Ginkgo Bioworks (NYSE:DNA) Trading Down 5.6% on Insider Selling

Ginkgo Bioworks Holdings, Inc. (NYSE:DNA – Get Rating) shares fell 5.6% on Thursday following insider selling activity. The stock traded as low as $1.52 and last traded at $1.53. 4,772,628 shares traded hands during mid-day trading, a decline of 76% from the average session volume of 19,748,082 shares. The stock had previously closed at $1.62.

Specifically, insider Mark E. Dmytruk sold 250,000 shares of the company’s stock in a transaction dated Monday, May 22nd. The shares were sold at an average price of $1.50, for a total value of $375,000.00. Following the completion of the transaction, the insider now owns 372,495 shares in the company, valued at $558,742.50. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, insider Mark E. Dmytruk sold 250,000 shares of the company’s stock in a transaction dated Monday, May 22nd. The shares were sold at an average price of $1.50, for a total transaction of $375,000.00. Following the completion of the transaction, the insider now owns 372,495 shares in the company, valued at approximately $558,742.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Shyam Sankar purchased 400,000 shares of Ginkgo Bioworks stock in a transaction that occurred on Thursday, May 18th. The shares were bought at an average price of $1.28 per share, with a total value of $512,000.00. Following the transaction, the director now owns 1,731,874 shares in the company, valued at $2,216,798.72. The disclosure for this purchase can be found here. Insiders sold 724,954 shares of company stock worth $979,767 over the last three months. Company insiders own 17.47% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently weighed in on DNA. Raymond James dropped their price target on shares of Ginkgo Bioworks from $6.00 to $5.00 and set an “outperform” rating for the company in a research note on Friday, March 3rd. BTIG Research reduced their price objective on shares of Ginkgo Bioworks from $4.00 to $3.00 in a report on Sunday, March 5th. Finally, William Blair downgraded shares of Ginkgo Bioworks from an “outperform” rating to a “market perform” rating in a research report on Thursday, May 11th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $4.67.

Ginkgo Bioworks Price Performance

The business’s 50 day simple moving average is $1.29 and its 200 day simple moving average is $1.62. The company has a market capitalization of $3.19 billion, a price-to-earnings ratio of -1.49 and a beta of 0.88.

Ginkgo Bioworks (NYSE:DNA – Get Rating) last issued its quarterly earnings results on Wednesday, March 1st. The company reported ($0.04) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.30) by $0.26. Ginkgo Bioworks had a negative net margin of 440.87% and a negative return on equity of 97.13%. The business had revenue of $98.29 million for the quarter, compared to analyst estimates of $84.41 million. As a group, analysts expect that Ginkgo Bioworks Holdings, Inc. will post -0.29 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in DNA. Baillie Gifford & Co. lifted its holdings in shares of Ginkgo Bioworks by 19.6% in the fourth quarter. Baillie Gifford & Co. now owns 244,176,643 shares of the company’s stock valued at $412,659,000 after purchasing an additional 40,099,800 shares in the last quarter. ARK Investment Management LLC increased its position in shares of Ginkgo Bioworks by 14.1% in the first quarter. ARK Investment Management LLC now owns 164,756,985 shares of the company’s stock worth $219,127,000 after acquiring an additional 20,372,918 shares in the last quarter. State Street Corp grew its holdings in Ginkgo Bioworks by 210.3% during the 2nd quarter. State Street Corp now owns 12,411,855 shares of the company’s stock valued at $29,540,000 after purchasing an additional 8,411,787 shares in the last quarter. Norges Bank acquired a new stake in Ginkgo Bioworks during the 4th quarter valued at $13,306,000. Finally, Sumitomo Mitsui Trust Holdings Inc. boosted its stake in Ginkgo Bioworks by 21.1% during the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 37,514,318 shares of the company’s stock valued at $63,399,000 after acquiring an additional 6,532,370 shares during the last quarter. 61.83% of the stock is currently owned by institutional investors and hedge funds.

Ginkgo Bioworks Company Profile

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Ginkgo Bioworks Holdings, Inc, together with its subsidiaries, develops platform for cell programming. Its platform is used to program cells to enable biological production of products, such as novel therapeutics, food ingredients, and chemicals derived from petroleum. The company serves various end markets, including specialty chemicals, agriculture, food, consumer products, and pharmaceuticals.