Ginkgo Bioworks (NYSE:DNA) Stock Price Down 7.9%

Ginkgo Bioworks Holdings, Inc. (NYSE:DNA - Get Free Report)'s share price dropped 7.9% during trading on Wednesday . The company traded as low as $0.26 and last traded at $0.26. Approximately 6,066,229 shares changed hands during trading, a decline of 85% from the average daily volume of 40,493,992 shares. The stock had previously closed at $0.28.

Analysts Set New Price Targets

DNA has been the subject of a number of recent research reports. BTIG Research reduced their price objective 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. Morgan Stanley cut 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. The Goldman Sachs Group cut their target price on shares of Ginkgo Bioworks from $0.80 to $0.30 and set a "sell" rating for the company in a research note on Tuesday, July 9th. Finally, William Blair downgraded shares of Ginkgo Bioworks from a "market perform" rating to an "underperform" rating in a research note on Friday, May 10th. Three investment analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $1.40.

Ginkgo Bioworks Stock Down 13.8 %

The business's 50 day moving average is $0.35 and its two-hundred day moving average is $0.81. The firm has a market cap of $535.13 million, a P/E ratio of -0.55 and a beta of 1.14.

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. Insiders sold 309,446 shares of company stock valued at $236,875 over the last quarter. Insiders own 15.05% of the company's stock.

Institutional Investors Weigh In On Ginkgo Bioworks

Several hedge funds and other institutional investors have recently bought and sold shares of DNA. Spire Wealth Management bought a new stake in shares of Ginkgo Bioworks during the fourth quarter worth about $25,000. Paloma Partners Management Co bought a new stake in shares of Ginkgo Bioworks during the first quarter worth about $28,000. Pine Valley Investments Ltd Liability Co bought a new stake in shares of Ginkgo Bioworks during the fourth quarter worth about $50,000. First Trust Direct Indexing L.P. purchased a new position in Ginkgo Bioworks during the first quarter worth about $35,000. Finally, National Bank of Canada FI boosted its holdings in Ginkgo Bioworks by 142.0% during the fourth quarter. National Bank of Canada FI now owns 30,672 shares of the company's stock worth $51,000 after purchasing an additional 18,000 shares during the last quarter. 78.63% of the stock is owned by 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.