Ginkgo Bioworks (NYSE:DNA) Trading Up 5% – Here’s Why

Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) rose 5% during mid-day trading on Tuesday . The company traded as high as $9.49 and last traded at $9.37. Approximately 567,202 shares changed hands during trading, a decline of 50% from the average daily volume of 1,143,070 shares. The stock had previously closed at $8.92.

Analyst Upgrades and Downgrades

Several research firms have weighed in on DNA. TD Cowen increased their price target on shares of Ginkgo Bioworks from $3.00 to $10.00 and gave the company a “buy” rating in a report on Friday, September 20th. BTIG Research lifted their target price on Ginkgo Bioworks from $0.20 to $7.00 and gave the stock a “sell” rating in a report on Friday, August 23rd. Finally, The Goldman Sachs Group lowered their price target on shares of Ginkgo Bioworks from $0.80 to $0.30 and set a “sell” rating on the stock in a research report on Tuesday, July 9th. Three equities research analysts have rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $4.16.

Ginkgo Bioworks Price Performance

The company has a market cap of $443.53 million, a PE ratio of -0.46 and a beta of 1.10. The firm’s 50-day simple moving average is $7.49.

Ginkgo Bioworks (NYSE:DNA) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($3.20) earnings per share for the quarter, hitting analysts’ consensus estimates of ($3.20). The company had revenue of $56.21 million during the quarter, compared to the consensus estimate of $41.46 million. Ginkgo Bioworks had a negative net margin of 486.98% and a negative return on equity of 63.09%. As a group, research analysts forecast that Ginkgo Bioworks Holdings, Inc. will post -12.6 earnings per share for the current year.

Institutional Investors Weigh In On Ginkgo Bioworks

Large investors have recently modified their holdings of the business. Wellington Wealth Strategies LLC. bought a new stake in shares of Ginkgo Bioworks during the 2nd quarter worth $41,000. Benjamin F. Edwards & Company Inc. raised its stake 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 acquiring an additional 221,078 shares in the last quarter. Algert Global LLC bought a new position in shares of Ginkgo Bioworks in the second quarter worth about $36,000. Vanguard Group Inc. boosted its stake in shares of Ginkgo Bioworks by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 132,780,095 shares of the company’s stock valued at $224,398,000 after purchasing an additional 463,096 shares in the last quarter. Finally, Mackenzie Financial Corp bought a new stake in shares of Ginkgo Bioworks during the 2nd quarter valued at approximately $251,000. 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.