Ginkgo Bioworks (NYSE:DNA) Trading 7.9% Higher

Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) shares shot up 7.9% on Friday . The stock traded as high as $0.87 and last traded at $0.84. 37,859,880 shares changed hands during mid-day trading, an increase of 50% from the average session volume of 25,304,947 shares. The stock had previously closed at $0.78.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on DNA shares. The Goldman Sachs Group dropped their price target on shares of Ginkgo Bioworks from $1.25 to $1.10 and set a “sell” rating on the stock in a research note on Monday, January 22nd. TD Cowen dropped their target price on Ginkgo Bioworks from $7.00 to $3.00 and set an “outperform” rating on the stock in a research report on Friday, March 1st. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $2.20.

Ginkgo Bioworks Stock Up 10.6 %

The business’s 50-day moving average price is $1.14 and its 200 day moving average price is $1.35. The company has a market capitalization of $1.85 billion, a P/E ratio of -1.84 and a beta of 1.35.

Ginkgo Bioworks (NYSE:DNA) last announced its quarterly earnings results on Thursday, February 29th. The company reported ($0.10) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.01). The firm had revenue of $34.76 million during the quarter, compared to the consensus estimate of $40.37 million. Ginkgo Bioworks had a negative net margin of 355.08% and a negative return on equity of 48.23%. During the same period in the previous year, the business earned ($0.04) earnings per share. The firm’s revenue for the quarter was down 64.6% on a year-over-year basis. Analysts anticipate that Ginkgo Bioworks Holdings, Inc. will post -0.32 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Mark E. Dmytruk sold 51,169 shares of the stock in a transaction on Tuesday, April 2nd. The shares were sold at an average price of $1.05, for a total value of $53,727.45. Following the transaction, the insider now owns 865,079 shares of the company’s stock, valued at approximately $908,332.95. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Ginkgo Bioworks news, insider Mark E. Dmytruk sold 51,169 shares of Ginkgo Bioworks stock in a transaction dated Tuesday, April 2nd. The stock was sold at an average price of $1.05, for a total transaction of $53,727.45. Following the completion of the sale, the insider now owns 865,079 shares of the company’s stock, valued at $908,332.95. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Mark E. Dmytruk sold 39,569 shares of the stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $1.21, for a total value of $47,878.49. Following the transaction, the insider now owns 761,737 shares in the company, valued at $921,701.77. The disclosure for this sale can be found here. 15.05% of the stock is owned by company insiders.

Institutional Trading of Ginkgo Bioworks

Several institutional investors have recently added to or reduced their stakes in the business. Principal Financial Group Inc. increased its stake in shares of Ginkgo Bioworks by 6.1% in the third quarter. Principal Financial Group Inc. now owns 130,334 shares of the company’s stock worth $236,000 after buying an additional 7,499 shares during the period. Meridian Wealth Management LLC increased its position in shares of Ginkgo Bioworks by 4.7% in the third quarter. Meridian Wealth Management LLC now owns 179,850 shares of the company’s stock valued at $326,000 after acquiring an additional 8,000 shares during the period. Raymond James & Associates raised its stake in shares of Ginkgo Bioworks by 4.6% during the third quarter. Raymond James & Associates now owns 193,589 shares of the company’s stock valued at $350,000 after acquiring an additional 8,455 shares during the last quarter. Teacher Retirement System of Texas boosted its holdings in shares of Ginkgo Bioworks by 12.1% during the third quarter. Teacher Retirement System of Texas now owns 79,843 shares of the company’s stock worth $145,000 after purchasing an additional 8,615 shares during the period. Finally, Cerity Partners LLC increased its holdings in Ginkgo Bioworks by 5.3% during the 4th quarter. Cerity Partners LLC now owns 209,613 shares of the company’s stock valued at $354,000 after purchasing an additional 10,472 shares during the period. 78.63% of the stock is currently 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.