Ginkgo Bioworks (NYSE:DNA) Trading 4.1% Higher – Time to Buy?

Ginkgo Bioworks Holdings, Inc. (NYSE:DNA)’s stock price shot up 4.1% on Friday . The stock traded as high as $9.13 and last traded at $9.10. 84,320 shares traded hands during mid-day trading, a decline of 93% from the average session volume of 1,162,774 shares. The stock had previously closed at $8.74.

Analyst Ratings Changes

Separately, TD Cowen lifted their price objective 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 research analysts have rated the stock with a sell rating, one has given a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, Ginkgo Bioworks has a consensus rating of “Hold” and a consensus price target of $4.58.

Ginkgo Bioworks Stock Performance

The stock has a market cap of $579.39 million, a price-to-earnings ratio of -0.77 and a beta of 1.17. The stock has a 50-day simple moving average of $8.56.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Jacobs Levy Equity Management Inc. bought a new stake in Ginkgo Bioworks during the 3rd quarter worth approximately $2,282,000. Point72 Asia Singapore Pte. Ltd. grew its stake in shares of Ginkgo Bioworks by 644.5% in the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 32,319 shares of the company’s stock worth $263,000 after purchasing an additional 27,978 shares during the last quarter. Erste Asset Management GmbH acquired a new stake in Ginkgo Bioworks in the third quarter valued at $4,075,000. PDT Partners LLC bought a new position in Ginkgo Bioworks during the 3rd quarter worth $1,199,000. Finally, Verition Fund Management LLC acquired a new position in Ginkgo Bioworks during the 3rd quarter worth about $792,000. 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.