BTIG Research Has Lowered Expectations for Ginkgo Bioworks (NYSE:DNA) Stock Price

Ginkgo Bioworks (NYSE:DNA) had its price target dropped by stock analysts at BTIG Research from $9.00 to $5.00 in a report released on Thursday,Benzinga reports. The firm currently has a “sell” rating on the stock. BTIG Research’s price objective points to a potential downside of 26.74% from the company’s current price.

Several other research firms have also recently commented on DNA. Weiss Ratings reissued a “sell (d-)” rating on shares of Ginkgo Bioworks in a research report on Wednesday, January 21st. Wall Street Zen raised Ginkgo Bioworks from a “sell” rating to a “hold” rating in a research report on Sunday, March 8th. Finally, TD Cowen dropped their price target on Ginkgo Bioworks from $14.00 to $12.00 and set a “buy” rating on the stock in a report on Thursday, January 8th. One research analyst has rated the stock with a Buy rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, Ginkgo Bioworks currently has a consensus rating of “Reduce” and an average price target of $8.50.

Ginkgo Bioworks Price Performance

NYSE DNA opened at $6.83 on Thursday. The company has a fifty day moving average price of $8.77 and a 200-day moving average price of $10.17. The firm has a market cap of $413.53 million, a price-to-earnings ratio of -1.21 and a beta of 1.58. Ginkgo Bioworks has a 1 year low of $5.00 and a 1 year high of $17.58.

Ginkgo Bioworks (NYSE:DNA) last released its quarterly earnings results on Thursday, February 26th. The company reported ($1.42) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.80) by $0.38. Ginkgo Bioworks had a negative net margin of 183.81% and a negative return on equity of 52.82%. The company had revenue of $33.40 million for the quarter, compared to analyst estimates of $37.57 million. On average, research analysts anticipate that Ginkgo Bioworks will post -10.02 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of DNA. AQR Capital Management LLC raised its holdings in shares of Ginkgo Bioworks by 322.6% in the 1st quarter. AQR Capital Management LLC now owns 158,939 shares of the company’s stock worth $906,000 after purchasing an additional 121,326 shares during the period. Millennium Management LLC lifted its stake 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 purchasing an additional 757,535 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in Ginkgo Bioworks by 25.4% during the first quarter. Goldman Sachs Group Inc. now owns 686,767 shares of the company’s stock valued at $3,915,000 after purchasing an additional 139,126 shares during the period. Acadian Asset Management LLC purchased a new stake in Ginkgo Bioworks in the first quarter worth $120,000. Finally, Savant Capital LLC purchased a new stake in Ginkgo Bioworks in the second quarter worth $183,000. 78.63% of the stock is owned by institutional investors.

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.