In a recent transaction disclosed by Ginkgo Bioworks Holdings, Inc. (NYSE:DNA), Chief Accounting Officer Steven P. Coen reported selling shares of the company's Class A common stock. On November 4, Coen sold 333 shares at a price of $7.576 per share, totaling approximately $2,522. This sale was conducted to cover tax withholding obligations related to the vesting of restricted stock units, as noted in the filing.
Additionally, on November 1, Coen acquired shares through the vesting of restricted stock units, but no monetary value was associated with these acquisitions. Following these transactions, Coen holds a total of 6,456 shares of Ginkgo Bioworks.
In other recent news, Ginkgo Bioworks has seen a series of significant developments. The company's earnings and revenue results have been a key focus, with a noted decrease in cell engineering revenue to $36 million, but with an expectation of this revenue reaching between $120 million to $140 million for the full year. Ginkgo Bioworks also launched its new Ginkgo Datapoints portfolio, aimed at enhancing its model training capabilities, and unveiled its third AI asset, demonstrating a commitment to growth and innovation.
The company's stock target was raised by TD Cowen from $3.00 to $10.00, maintaining a Buy rating. This move was influenced by the company's strategic focus on advancing its technology offerings and the potential growth of its cell engineering business. On the other hand, BTIG and Goldman Sachs have adjusted their price targets for Ginkgo Bioworks to $7.00, maintaining a Sell rating.
Ginkgo Bioworks has also regained compliance with NYSE's listing standards after a period of non-compliance and implemented a 1-for-40 reverse stock split. However, the New York Stock Exchange has delisted the company's public warrants due to low trading price levels, a development that does not affect the company's Class A common stock. These are recent developments that investors should consider.
InvestingPro Insights
As Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) navigates through recent insider transactions, including the sale by Chief Accounting Officer Steven P. Coen, it's crucial to consider the broader financial context of the company. According to InvestingPro data, Ginkgo Bioworks currently has a market capitalization of $463.51 million, reflecting its position in the biotech industry.
InvestingPro Tips reveal that the company is quickly burning through cash and is not profitable over the last twelve months. This aligns with the company's financial position, as evidenced by its operating income margin of -379.11% for the last twelve months as of Q2 2024. These metrics suggest that Ginkgo Bioworks is in a phase of significant investment and development, which is not uncommon for biotechnology firms.
The stock's performance has been challenging, with InvestingPro data showing a 6-month price total return of -79.78% and a year-to-date return of -88.18%. This downward trend is reflected in an InvestingPro Tip noting that the stock price has fallen significantly over the last year.
Despite these challenges, Ginkgo Bioworks maintains a strong balance sheet position. An InvestingPro Tip highlights that the company holds more cash than debt, which could provide some financial flexibility as it pursues its growth strategies.
For investors seeking a more comprehensive analysis, InvestingPro offers 8 additional tips that could provide deeper insights into Ginkgo Bioworks' financial health and market position.
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