Why Ginkgo Bioworks Stock Is Sinking Today [Yahoo! Finance]
Ginkgo Bioworks Holdings, Inc. (DNA)
Company Research
Source: Yahoo! Finance
Following the market close on Monday, the biotechnology company submitted a regulatory filing to the U.S. Securities and Exchange Commission (SEC) revealing plans to reduce at least 25% of its staff. Cathie Wood's Ark Innovation ETF (NYSEMKT: ARKK) and Ark Genomic Revolution ETF (NYSEMKT: ARKG) also disclosed on Tuesday that they sold shares of Ginkgo Bioworks. Which of Ginkgo's bad news was worse? I suspect the Ark Invest sales of Ginkgo stock worried investors more than the company's staffing cuts. Ginkgo announced in its first-quarter update on May 9 that it planned to reduce labor costs by at least 25%, so the SEC filing shouldn't have come as a surprise. However, Wood and Ark Invest have been champions for Ginkgo Bioworks for a while. The Ark Innovation ETF and Ark Genomic Revolution ETF added shares as recently as May 10. The Ark Invest sales shouldn't be made out to be more than they are, though. The Ark Innovation ETF still owns more than 73.5 million shares of Ginkgo,
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News
- Ginkgo Bioworks Holdings, Inc. (NYSE: DNA) had its price target lowered by analysts at BTIG Research from $0.50 to $0.20. They now have a "sell" rating on the stock.MarketBeat
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DNA
Earnings
- 5/9/24 - In-Line
DNA
Sec Filings
- 6/28/24 - Form 144
- 6/27/24 - Form 144
- 6/26/24 - Form 144
- DNA's page on the SEC website