Ginkgo Bioworks (NYSE:DNA) Stock Price Down 6.7% – Here’s Why

Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) was down 6.7% on Friday . The stock traded as low as $7.77 and last traded at $7.7350. 456,574 shares were traded during trading, a decline of 61% from the average daily volume of 1,184,940 shares. The stock had previously closed at $8.29.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Wall Street Zen downgraded Ginkgo Bioworks from a “hold” rating to a “sell” rating in a report on Saturday. Weiss Ratings restated a “sell (d-)” rating on shares of Ginkgo Bioworks in a report on Monday, April 20th. One equities research analyst has rated the stock with a Buy rating and two have given a Sell rating to the company’s stock. According to MarketBeat, Ginkgo Bioworks has a consensus rating of “Reduce” and an average target price of $8.50.

Ginkgo Bioworks Price Performance

The firm has a 50-day moving average of $8.84 and a 200 day moving average of $8.42. The company has a market capitalization of $515.01 million, a PE ratio of -1.47 and a beta of 1.77.

Ginkgo Bioworks (NYSE:DNA) last issued its earnings results on Thursday, May 7th. The company reported ($1.39) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.21) by ($0.18). The business had revenue of $19.00 million during the quarter, compared to analysts’ expectations of $42.93 million. Ginkgo Bioworks had a negative return on equity of 56.08% and a negative net margin of 215.41%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Quarry LP purchased a new stake in Ginkgo Bioworks in the third quarter worth approximately $29,000. Raymond James Financial Inc. purchased a new stake in Ginkgo Bioworks during the 2nd quarter valued at $29,000. Strategic Advocates LLC raised its stake in Ginkgo Bioworks by 808.9% during the 4th quarter. Strategic Advocates LLC now owns 4,381 shares of the company’s stock valued at $36,000 after buying an additional 3,899 shares during the last quarter. Daiwa Securities Group Inc. bought a new position in shares of Ginkgo Bioworks during the 2nd quarter valued at $71,000. Finally, Western Wealth Management LLC bought a new position in shares of Ginkgo Bioworks during the 4th quarter valued at $83,000. Institutional investors own 78.63% of the company’s stock.

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.