Ginkgo Bioworks (NYSE:DNA) Shares Gap Down – Time to Sell?

Shares of Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) gapped down before the market opened on Thursday . The stock had previously closed at $9.37, but opened at $9.07. Ginkgo Bioworks shares last traded at $9.15, with a volume of 72,109 shares.

Analyst Upgrades and Downgrades

Separately, TD Cowen upped their target price on shares of Ginkgo Bioworks from $3.00 to $10.00 and gave the company a “buy” rating in a research note on Friday, September 20th. Three investment analysts have rated the stock with a sell rating, one has assigned a hold rating and one has given a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $4.58.

Ginkgo Bioworks Stock Performance

The business has a fifty day simple moving average of $8.69. The firm has a market capitalization of $555.25 million, a PE ratio of -0.74 and a beta of 1.17.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. AQR Capital Management LLC bought a new position in Ginkgo Bioworks in the second quarter worth about $3,391,000. Monaco Asset Management SAM bought a new stake in shares of Ginkgo Bioworks in the 2nd quarter worth approximately $3,276,000. Renaissance Technologies LLC acquired a new position in Ginkgo Bioworks during the 2nd quarter valued at approximately $2,128,000. XTX Topco Ltd bought a new position in Ginkgo Bioworks during the 2nd quarter worth $312,000. Finally, Mackenzie Financial Corp acquired a new stake in Ginkgo Bioworks in the second quarter worth $251,000. 78.63% of the stock is owned by institutional investors and hedge funds.

Ginkgo Bioworks Company Profile

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.