Mark E. Dmytruk, the Chief Financial Officer of Ginkgo Bioworks Holdings, Inc. (NYSE:DNA), recently reported a sale of company stock. According to a filing with the Securities and Exchange Commission, Dmytruk sold 741 shares of Class A Common Stock on December 4, 2024, at a price of $9.644 per share, totaling approximately $7,146. The transaction comes as the company's stock has shown strong momentum, posting a 26% gain over the past week. InvestingPro analysis indicates the stock is currently undervalued, with additional insights available in the comprehensive Pro Research Report.
The transaction was conducted to cover tax withholding obligations related to the vesting of restricted stock units, which does not constitute a discretionary trade by Dmytruk. Following this sale, Dmytruk holds 32,386 shares directly.
In addition to the sale, Dmytruk also acquired shares through the conversion of restricted stock units, which are contingent rights to receive shares of Class A Common Stock. These transactions reflect ongoing management of equity incentives within the company.
In other recent news, Ginkgo Bioworks Holdings Inc. announced its Q3 2024 financial results, revealing strategic progress and significant cost reductions. The synthetic biology company's aim to reach adjusted EBITDA breakeven is underscored by a robust cash position of $616 million and no bank debt. Despite a 20% dip in cell engineering revenue, Ginkgo achieved a $9 million milestone with Merck (NS:PROR) and reported an expansion in active programs and customers. The company also noted substantial improvements in adjusted EBITDA and updated its full-year revenue guidance. Restructuring efforts, including a 35% workforce reduction and site consolidations, are underway, aiming for an annualized cost reduction of over $200 million by mid-2024. Ginkgo Bioworks targets adjusted EBITDA breakeven by mid-2026 and is exploring growth opportunities in cell engineering services for 2025. These are among the recent developments for the company.
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