Ginkgo Bioworks (NYSE:DNA) Stock Price Up 8.3%

Ginkgo Bioworks Holdings, Inc. (NYSE:DNA)’s stock price was up 8.3% during mid-day trading on Tuesday . The company traded as high as $6.75 and last traded at $6.75. Approximately 244,820 shares changed hands during trading, a decline of 78% from the average daily volume of 1,119,742 shares. The stock had previously closed at $6.23.

Wall Street Analyst Weigh In

DNA has been the topic of several research reports. The Goldman Sachs Group reduced their price target on shares of Ginkgo Bioworks from $0.02 to $0.01 and set a “sell” rating on the stock in a research report on Tuesday, July 9th. BTIG Research increased their target price on shares of Ginkgo Bioworks from $0.20 to $7.00 and gave the stock a “sell” rating in a report on Friday, August 23rd. Three research analysts have rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $1.43.

Ginkgo Bioworks Stock Performance

The business has a 50-day simple moving average of $2.87 and a 200-day simple moving average of $1.02. The company has a market cap of $16.32 billion, a price-to-earnings ratio of -16.77 and a beta of 1.06.

Ginkgo Bioworks (NYSE:DNA) last posted its earnings results on Thursday, August 8th. The company reported ($0.08) EPS for the quarter, meeting the consensus estimate of ($0.08). Ginkgo Bioworks had a negative return on equity of 63.09% and a negative net margin of 486.98%. The firm had revenue of $56.21 million for the quarter, compared to analyst estimates of $41.46 million. Research analysts anticipate that Ginkgo Bioworks Holdings, Inc. will post -12.6 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of DNA. Paloma Partners Management Co acquired a new stake in shares of Ginkgo Bioworks during the first quarter worth about $28,000. First Trust Direct Indexing L.P. acquired a new position in Ginkgo Bioworks during the first quarter worth approximately $35,000. Algert Global LLC purchased a new stake in Ginkgo Bioworks in the second quarter valued at approximately $36,000. Russell Investments Group Ltd. lifted its stake in Ginkgo Bioworks by 9,440.6% in the first quarter. Russell Investments Group Ltd. now owns 31,961 shares of the company’s stock valued at $37,000 after buying an additional 31,626 shares during the last quarter. Finally, Wellington Wealth Strategies LLC. acquired a new stake in shares of Ginkgo Bioworks in the second quarter valued at approximately $41,000. 78.63% of the stock is owned by hedge funds and other institutional investors.

About Ginkgo Bioworks

Ginkgo Bioworks Holdings, Inc, together with its subsidiaries, develops platform for cell programming in the United States. Its platform is used to program cells to enable biological production of products, such as novel therapeutics, food ingredients, and chemicals derived from petroleum. It serves pharma and biotech, agriculture, industrial and environment, food and nutrition, consumer and technology, and government and defense industries.