Ginkgo Bioworks (NYSE:DNA) Shares Down 7.9% – Time to Sell?

Ginkgo Bioworks Holdings, Inc. (NYSE:DNA)’s share price was down 7.9% during trading on Monday . The company traded as low as $8.86 and last traded at $8.90. Approximately 231,030 shares changed hands during trading, a decline of 80% from the average daily volume of 1,170,095 shares. The stock had previously closed at $9.66.

Analyst Upgrades and Downgrades

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

Ginkgo Bioworks Stock Down 8.5 %

The company has a market capitalization of $508.11 million, a PE ratio of -0.68 and a beta of 1.17. The stock’s 50-day simple moving average is $8.71.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. AQR Capital Management LLC acquired a new stake in shares of Ginkgo Bioworks during the 2nd quarter worth about $3,391,000. Monaco Asset Management SAM acquired a new stake in Ginkgo Bioworks during the second quarter worth approximately $3,276,000. Renaissance Technologies LLC purchased a new stake in Ginkgo Bioworks in the 2nd quarter worth approximately $2,128,000. XTX Topco Ltd acquired a new stake in shares of Ginkgo Bioworks during the second quarter worth $312,000. Finally, Mackenzie Financial Corp purchased a new position in Ginkgo Bioworks during the second quarter worth about $251,000. 78.63% of the stock is currently owned by institutional investors and hedge funds.

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.