Ginkgo Bioworks (NYSE:DNA) Stock Price Down 4.1% After Insider Selling

Shares of Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) traded down 4.1% during mid-day trading on Monday after an insider sold shares in the company. The stock traded as low as $15.37 and last traded at $15.48. 384,260 shares changed hands during mid-day trading, a decline of 75% from the average session volume of 1,549,865 shares. The stock had previously closed at $16.14.

Specifically, insider Steven P. Coen sold 5,609 shares of the business’s stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $15.00, for a total transaction of $84,135.00. Following the completion of the sale, the insider owned 5,503 shares in the company, valued at $82,545. The trade was a 50.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Ginkgo Bioworks in a report on Saturday, September 27th. Wall Street Zen raised Ginkgo Bioworks from a “sell” rating to a “hold” rating in a report on Saturday, August 30th. BTIG Research boosted their target price on shares of Ginkgo Bioworks from $6.00 to $9.00 and gave the company a “sell” rating in a research report on Monday, August 25th. Finally, Cowen reaffirmed a “buy” rating on shares of Ginkgo Bioworks in a research report on Friday, August 8th. One equities research analyst has rated the stock with a Buy rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Reduce” and an average price target of $9.00.

Ginkgo Bioworks Stock Down 7.9%

The firm has a market capitalization of $880.30 million, a P/E ratio of -2.54 and a beta of 1.54. The business’s 50 day moving average is $12.36 and its 200-day moving average is $9.85.

Ginkgo Bioworks (NYSE:DNA) last issued its earnings results on Thursday, August 7th. The company reported ($1.10) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.44) by $0.34. Ginkgo Bioworks had a negative return on equity of 43.25% and a negative net margin of 136.56%.The firm had revenue of $49.60 million for the quarter, compared to the consensus estimate of $41.60 million. Ginkgo Bioworks has set its FY 2025 guidance at EPS. Research analysts forecast that Ginkgo Bioworks Holdings, Inc. will post -10.02 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Erste Asset Management GmbH lifted its holdings in shares of Ginkgo Bioworks by 123.2% in the first quarter. Erste Asset Management GmbH now owns 1,650,000 shares of the company’s stock worth $9,405,000 after acquiring an additional 910,668 shares during the last quarter. Legal & General Group Plc lifted its stake in Ginkgo Bioworks by 5.1% in the 2nd quarter. Legal & General Group Plc now owns 1,490,521 shares of the company’s stock valued at $16,768,000 after purchasing an additional 71,927 shares during the last quarter. Millennium Management LLC boosted its position in Ginkgo Bioworks by 113.1% in the first quarter. Millennium Management LLC now owns 1,427,600 shares of the company’s stock valued at $8,137,000 after buying an additional 757,535 shares in the last quarter. Forbes J M & Co. LLP grew its stake in shares of Ginkgo Bioworks by 56.0% during the first quarter. Forbes J M & Co. LLP now owns 1,094,564 shares of the company’s stock worth $6,239,000 after buying an additional 392,832 shares during the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of Ginkgo Bioworks by 104.5% during the second quarter. Geode Capital Management LLC now owns 937,583 shares of the company’s stock worth $10,549,000 after buying an additional 479,154 shares in the last quarter. Institutional investors own 78.63% of the company’s stock.

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.