Ginkgo Bioworks (NYSE:DNA) Trading 7.8% Higher – Here’s Why

Shares of Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) rose 7.8% during mid-day trading on Friday . The stock traded as high as $9.37 and last traded at $9.4720. 205,878 shares were traded during trading, a decline of 80% from the average daily volume of 1,045,901 shares. The stock had previously closed at $8.79.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Wall Street Zen lowered shares of Ginkgo Bioworks from a “hold” rating to a “sell” rating in a report on Saturday, November 8th. Weiss Ratings restated a “sell (d-)” rating on shares of Ginkgo Bioworks in a research report on Wednesday, January 21st. Finally, TD Cowen lowered their target price on Ginkgo Bioworks from $14.00 to $12.00 and set a “buy” rating for the company in a research note on Thursday, January 8th. One analyst has rated the stock with a Buy rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Ginkgo Bioworks currently has a consensus rating of “Reduce” and an average price target of $10.50.

Ginkgo Bioworks Trading Up 6.8%

The company’s fifty day simple moving average is $9.14 and its 200 day simple moving average is $10.88. The firm has a market capitalization of $568.64 million, a P/E ratio of -1.51 and a beta of 1.55.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in DNA. Quarry LP purchased a new position in shares of Ginkgo Bioworks in the 3rd quarter valued at approximately $29,000. Raymond James Financial Inc. bought a new position in Ginkgo Bioworks in the second quarter worth $29,000. Strs Ohio purchased a new position in Ginkgo Bioworks during the third quarter valued at $44,000. Ameritas Investment Partners Inc. bought a new stake in shares of Ginkgo Bioworks during the 2nd quarter valued at $45,000. Finally, Strategic Advocates LLC grew its position in shares of Ginkgo Bioworks by 808.9% in the 4th quarter. Strategic Advocates LLC now owns 4,381 shares of the company’s stock worth $36,000 after buying an additional 3,899 shares during the period. Hedge funds and other institutional investors own 78.63% of the company’s stock.

About Ginkgo Bioworks

Ginkgo Bioworks, Inc is a synthetic biology company that designs custom microbes for customers across a range of industries. Utilizing a proprietary organism foundry platform, the company engineers cells to produce high-value chemicals, enzymes, and other biological materials. By integrating automation, data analytics and machine learning, Ginkgo Bioworks seeks to accelerate the development of biologically derived solutions at industrial scale.

The company’s services span the entire development cycle, from genetic design and strain optimization to fermentation and downstream processing.