Ginkgo Bioworks Holdings Inc (DNA)

Ginkgo Bioworks Holdings Inc (DNA) stock sank by 15.13% because of the release of its fourth-quarter and full-year 2023 results, which fell short of expectations. Here are the key details:

• Q4 results: The biotechnology company reported Q4 revenue of $34.8 million, down 65% year over year, and a net loss of $211.7 million, or $0.11 per share, missing analysts' estimates. Investors were particularly disappointed by Ginkgo's full-year 2024 guidance, which projected total revenue between $215 million and $235 million. While cell engineering services are expected to generate $165 million to $185 million of that total, biosecurity services are forecasted to contribute at least $50 million. However, the top end of Ginkgo's guidance range is significantly below Wall Street's average revenue estimate of $279.6 million.
• Analysts' View: Analysts expressed concerns about Ginkgo's performance and outlook, with the company failing to meet expectations on both the top and bottom lines. The substantial drop in revenue and the lower-than-expected guidance for 2024 raised doubts about Ginkgo's ability to achieve its growth targets.

Ginkgo Bioworks Holdings Stock (DNA) dropped by 5.10% from $1.57 to $1.49 in the trading on Monday October 23, 2023. The reason why DNA stock down today is due to the insider selling. Major shareholder Barry Canton sold 37,650 shares of Ginkgo Bioworks stock in a transaction dated Wednesday, October 18th at an average price of $1.69, for a total transaction of $63,628.50. On the same day, insider Jason R. Kelly sold 100,000 shares of DNA at an average price of $1.69, for a total transaction of $169,000.00

Ginkgo Bioworks Holdings, Inc. (DNA) shares fell 12.94% to $1.75 following second-quarter financial results. The company came out with a quarterly loss of $0.09 per share.

https://www.benzinga.com/news/23/08/33699312/trade-desk-plug-power-taskus-and-other-big-stocks-moving-lower-in-thursdays-pre-market-session