Steven P. Coen, Chief Accounting Officer at Ginkgo Bioworks Holdings, Inc. (NYSE:DNA), recently sold 330 shares of the company's Class A Common Stock. The transaction, which occurred on December 4, 2024, was valued at approximately $3,182, with a price per share of $9.644. The stock has shown strong momentum recently, gaining over 26% in the past week. According to InvestingPro analysis, the company appears undervalued at its current market capitalization of $513 million. The sale was conducted to cover tax withholding obligations related to the vesting of restricted stock units, as noted in the filing.
In addition to the sale, Coen acquired 743 shares of Class A Common Stock on December 3, 2024, through the vesting of restricted stock units. These transactions were not discretionary, as they were part of the company's equity incentive plans designed to manage tax obligations. Following these transactions, Coen holds a total of 6,869 shares in Ginkgo Bioworks.
In other recent news, Ginkgo Bioworks Holdings Inc. reported financial results for Q3 2024, indicating strategic progress and significant cost reductions. The company's leadership expressed an aim to reach adjusted EBITDA breakeven, maintaining a strong cash position of $616 million and no bank debt. Despite a 20% decrease in cell engineering revenue, Ginkgo achieved a $9 million milestone with Merck (NS:PROR) and reported growth in active programs and customers. The company also noted substantial improvements in adjusted EBITDA and updated its full-year revenue guidance. In addition, Ginkgo's restructuring efforts include a 35% workforce reduction and site consolidations, aiming for an annualized cost reduction of over $200 million by mid-2024. The company anticipates one-time restructuring costs between $18 million and $22 million, with $15 million already accrued. These recent developments highlight Ginkgo Bioworks' commitment to strategic initiatives, focusing on cost management, efficiency improvements, and product offerings expansion.
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