Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
Ginkgo Bioworks Holdings Inc. reported Q2 revenue is down 44% Y-o-Y, mainly due to a fall in Biosecurity revenue. The Ginkgo company revised its 2023 revenue guidance ($245 Million to $260 Million), outstandingly below analyst assumptions. Ginkgo’s Cell Engineering department is anticipated to bring revenue ($145 Million to $160 Million) in 2023, implying little growth from last year (2022).
The Ginkgo Bioworks stock recently publicized its Q2 earning report on August 9th, 2023, the reported earnings gave a negative surprise by 4.35% from the estimated earnings. Moreover, the reported revenue gave a positive surprise by 12.69% from the estimated revenue.
DNA stock average volume is 22.407 Million and the current volume is 19.327 Million where the current volume is below average volume.
Ginkgo Bioworks has a debt-to-equity ratio of 0%, as reported by Simply Wall St. This implies that it has zero debt than equity, which is the difference between its total assets of $2.29 Billion and total liabilities of $788.41 Million. Ginkgo Biowork stock’s debt is $0, while its equity is $1.50 Billion. Moreover, Ginkgo Bioworks Holdings Inc. (DNA) stock market capitalization is $3.855 Billion and the total revenue is $477.706 Million. Moreover, the stock’s basic EPS is -$0.70 and the price-to-earnings ratio is -3.2.
Technical Analysis of DNA Stock Price in 1-D Timeframe
The price action shows that ( NYSE: DNA) stock price took support at $1.12 and has been on an inclining trend for the last three months, increasing by 40.60% making higher highs and higher lows.
At the time of writing, DNA stock is trading at around $1.87 and faced resistance from around $2.55 and declining by giving a breakdown from the double top pattern which is a bearish pattern.
Therefore, if the DNA price fails to sustain the current level and drops, it might hit the nearest support levels of $1.58 and $1.37.
However, if it maintains the current level, the DNA prices could continue to move upward and reach the first and second resistances of $2.01 and $2.36.
At the time of publishing, Ginkgo Bioworks Holdings Inc. (NYSE: DNA) is trading below the 20, 50, 100, and 200-day EMA (exponential moving averages), which rejects the DNA price trend.
Hence, the DNA price is expected to move downwards showing a bearish overview over the daily time frame chart.
The current value of RSI is 43.05 points. The 14 SMA is at the median line at 51.88 points which indicates that DNA stock is in bearish territory and the RSI line took rejection from 14 SMA and is headed towards an oversold zone highlighting bearishness.
The MACD line at 0.0206 and signal line at 0.0510 are below the zero line and both lines have crossed each other. A bearish crossover is observed in the MACD oscillator which signals bearishness for the DNA stock price.
Summary
Ginkgo Bioworks Holdings Inc. (NYSE: DNA) indicates that the investors and traders of the stock price are bearish on the 1-D time frame. The price action reflects a bearish outlook at the time of publishing. The technical analysis tools of DNA stock price also support bearishness. The MACD, RSI, and EMA highlight negative signals and imply that a downtrend may continue in Ginkgo Bioworks stock price.
Technical Levels
- Support levels: The nearest support levels for Ginkgo Bioworks stock price are $1.58 and $1.37.
- Resistance levels: The nearest resistance levels for the Ginkgo Bioworks stock price are $2.01 and $2.36.
Disclaimer
In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/08/14/dna-stock-price-prediction-will-ginkgo-bioworks-fall-more/