The Goldman Sachs Group Cuts Ginkgo Bioworks (NYSE:DNA) Price Target to $0.30

Ginkgo Bioworks (NYSE:DNA) had its target price decreased by research analysts at The Goldman Sachs Group from $0.80 to $0.30 in a report issued on Tuesday, Benzinga reports. The brokerage currently has a “sell” rating on the stock. The Goldman Sachs Group’s price objective points to a potential downside of 8.40% from the company’s previous close.

DNA has been the subject of several other research reports. BTIG Research dropped their price target on shares of Ginkgo Bioworks from $0.50 to $0.20 and set a “sell” rating for the company in a research note on Wednesday, June 26th. William Blair downgraded shares of Ginkgo Bioworks from a “market perform” rating to an “underperform” rating in a research note on Friday, May 10th. Finally, Morgan Stanley lowered their target price on shares of Ginkgo Bioworks from $2.00 to $1.00 and set an “equal weight” rating for the company in a research note on Wednesday, May 15th. Three investment analysts have rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $1.40.

Ginkgo Bioworks Stock Performance

DNA stock opened at $0.33 on Tuesday. The company has a fifty day moving average price of $0.57 and a 200-day moving average price of $1.01. The company has a market capitalization of $724.19 million, a P/E ratio of -0.74 and a beta of 1.14. Ginkgo Bioworks has a 52-week low of $0.26 and a 52-week high of $2.55.

Ginkgo Bioworks (NYSE:DNA) last released its quarterly earnings results on Thursday, May 9th. The company reported ($0.08) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.08). The firm had revenue of $37.94 million during the quarter, compared to the consensus estimate of $45.50 million. Ginkgo Bioworks had a negative net margin of 409.11% and a negative return on equity of 56.09%. During the same quarter last year, the firm earned ($0.08) earnings per share. As a group, sell-side analysts forecast that Ginkgo Bioworks will post -0.3 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Ginkgo Bioworks news, Director Marijn E. Dekkers sold 265,000 shares of Ginkgo Bioworks stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $0.83, for a total value of $219,950.00. Following the completion of the sale, the director now directly owns 5,515,364 shares of the company’s stock, valued at $4,577,752.12. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Ginkgo Bioworks news, Director Marijn E. Dekkers sold 265,000 shares of Ginkgo Bioworks stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $0.83, for a total value of $219,950.00. Following the completion of the sale, the director now directly owns 5,515,364 shares of the company’s stock, valued at $4,577,752.12. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Mark E. Dmytruk sold 47,806 shares of Ginkgo Bioworks stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $0.84, for a total transaction of $40,157.04. Following the completion of the sale, the insider now directly owns 925,400 shares of the company’s stock, valued at $777,336. The disclosure for this sale can be found here. Insiders sold 339,766 shares of company stock valued at $271,961 over the last quarter. Insiders own 15.05% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in DNA. ARK Investment Management LLC grew its holdings in shares of Ginkgo Bioworks by 9.0% during the fourth quarter. ARK Investment Management LLC now owns 198,606,619 shares of the company’s stock valued at $335,645,000 after buying an additional 16,414,434 shares during the last quarter. Norges Bank acquired a new position in shares of Ginkgo Bioworks during the fourth quarter valued at about $24,967,000. Vanguard Group Inc. grew its holdings in shares of Ginkgo Bioworks by 3.1% during the third quarter. Vanguard Group Inc. now owns 132,316,999 shares of the company’s stock valued at $239,494,000 after buying an additional 4,016,221 shares during the last quarter. Vestmark Advisory Solutions Inc. acquired a new position in shares of Ginkgo Bioworks during the fourth quarter valued at about $5,044,000. Finally, Salem Investment Counselors Inc. grew its holdings in shares of Ginkgo Bioworks by 110.6% during the first quarter. Salem Investment Counselors Inc. now owns 4,758,585 shares of the company’s stock valued at $5,520,000 after buying an additional 2,499,425 shares during the last quarter. 78.63% of the stock is currently owned by institutional investors and hedge funds.

Ginkgo Bioworks Company Profile

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.