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

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

Wall Street Analyst Weigh In

DNA has been the subject of a number of research reports. The Goldman Sachs Group cut their target price on shares of Ginkgo Bioworks from $0.02 to $0.01 and set a “sell” rating for the company in a research note on Tuesday, July 9th. BTIG Research lifted their price objective on Ginkgo Bioworks from $0.20 to $7.00 and gave the stock a “sell” rating in a report on Friday, August 23rd. Three analysts have rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, Ginkgo Bioworks presently has an average rating of “Hold” and an average target price of $1.43.

Ginkgo Bioworks Price Performance

The stock’s fifty day moving average price is $2.87 and its 200-day moving average price is $1.02. The firm has a market cap of $16.32 billion, a PE ratio of -16.77 and a beta of 1.06.

Ginkgo Bioworks (NYSE:DNA) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.08) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.08). Ginkgo Bioworks had a negative net margin of 486.98% and a negative return on equity of 63.09%. The company had revenue of $56.21 million during the quarter, compared to analysts’ expectations of $41.46 million. On average, sell-side analysts anticipate that Ginkgo Bioworks Holdings, Inc. will post -12.6 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Ginkgo Bioworks

Several hedge funds and other institutional investors have recently made changes to their positions in DNA. Salem Investment Counselors Inc. grew its holdings in Ginkgo Bioworks by 110.6% in the 1st quarter. Salem Investment Counselors Inc. now owns 4,758,585 shares of the company’s stock valued at $5,520,000 after buying an additional 2,499,425 shares in the last quarter. Norges Bank acquired a new position in shares of Ginkgo Bioworks in the 4th quarter valued at $24,967,000. Pinebridge Investments L.P. grew its holdings in shares of Ginkgo Bioworks by 358.2% during the 4th quarter. Pinebridge Investments L.P. now owns 140,935 shares of the company’s stock worth $238,000 after purchasing an additional 110,177 shares during the period. Brown Advisory Inc. increased its position in shares of Ginkgo Bioworks by 17.2% during the 4th quarter. Brown Advisory Inc. now owns 239,425 shares of the company’s stock worth $405,000 after purchasing an additional 35,182 shares during the last quarter. Finally, Lingotto Investment Management LLP increased its position in shares of Ginkgo Bioworks by 34.9% during the fourth quarter. Lingotto Investment Management LLP now owns 8,511,301 shares of the company’s stock valued at $14,384,000 after acquiring an additional 2,200,000 shares during the last quarter. Institutional investors and hedge funds own 78.63% of the company’s stock.

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.