Ginkgo Bioworks (NYSE:DNA) Trading Down 9.1% – What’s Next?

Shares of Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) fell 9.1% on Friday . The stock traded as low as $9.98 and last traded at $10.10. 130,204 shares changed hands during mid-day trading, a decline of 90% from the average session volume of 1,243,018 shares. The stock had previously closed at $11.11.

Analyst Upgrades and Downgrades

Separately, TD Cowen upped 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 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 data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $4.58.

Ginkgo Bioworks Price Performance

The stock has a market capitalization of $577.09 million, a P/E ratio of -0.77 and a beta of 1.09. The stock’s 50 day simple moving average is $9.12.

Institutional Investors Weigh In On Ginkgo Bioworks

A number of hedge funds have recently added to or reduced their stakes in DNA. Wellington Wealth Strategies LLC. acquired a new stake in shares of Ginkgo Bioworks in the 2nd quarter valued at approximately $41,000. PDT Partners LLC acquired a new stake in Ginkgo Bioworks in the third quarter valued at $1,199,000. Erste Asset Management GmbH purchased a new stake in shares of Ginkgo Bioworks during the 3rd quarter worth $4,075,000. Jacobs Levy Equity Management Inc. purchased a new position in shares of Ginkgo Bioworks in the 3rd quarter valued at about $2,282,000. Finally, Benjamin F. Edwards & Company Inc. boosted its holdings in Ginkgo Bioworks by 1,606.9% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 234,836 shares of the company’s stock worth $79,000 after buying an additional 221,078 shares in the last quarter. Institutional investors and hedge funds own 78.63% of the company’s stock.

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.