Ginkgo Bioworks (NYSE:DNA) Trading 6.5% Higher – Still a Buy?

Ginkgo Bioworks Holdings, Inc. (NYSE:DNA)’s share price rose 6.5% on Tuesday . The stock traded as high as $12.75 and last traded at $12.41. Approximately 263,036 shares traded hands during trading, a decline of 77% from the average daily volume of 1,162,800 shares. The stock had previously closed at $11.65.

Analyst Ratings Changes

Separately, TD Cowen boosted their price target on Ginkgo Bioworks from $3.00 to $10.00 and gave the stock 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 assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $4.58.

Ginkgo Bioworks Price Performance

The company has a market cap of $636.87 million, a price-to-earnings ratio of -0.85 and a beta of 1.09. The company’s fifty day moving average is $8.99.

Hedge Funds Weigh In On Ginkgo Bioworks

Several hedge funds have recently modified their holdings of DNA. AQR Capital Management LLC bought a new stake in shares of Ginkgo Bioworks in the 2nd quarter worth approximately $3,391,000. Renaissance Technologies LLC acquired a new position in Ginkgo Bioworks in the second quarter worth approximately $2,128,000. XTX Topco Ltd bought a new position in shares of Ginkgo Bioworks in the second quarter valued at $312,000. Mackenzie Financial Corp acquired a new stake in shares of Ginkgo Bioworks during the 2nd quarter valued at $251,000. Finally, Erste Asset Management GmbH bought a new stake in shares of Ginkgo Bioworks during the 3rd quarter worth $4,075,000. 78.63% of the stock is currently 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.