Ginkgo Bioworks (NYSE:DNA) Stock Price Up 8.5% – Here’s What Happened

Shares of Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) rose 8.5% during mid-day trading on Monday . The company traded as high as $9.44 and last traded at $9.44. Approximately 941,131 shares were traded during mid-day trading, a decline of 18% from the average daily volume of 1,143,644 shares. The stock had previously closed at $8.70.

Wall Street Analysts Forecast Growth

DNA has been the subject of a number of recent analyst reports. TD Cowen upped their price objective on shares of Ginkgo Bioworks from $3.00 to $10.00 and gave the stock a “buy” rating in a research report on Friday, September 20th. BTIG Research raised their price target on shares of Ginkgo Bioworks from $0.20 to $7.00 and gave the company a “sell” rating in a report on Friday, August 23rd. Three analysts have rated the stock with a sell rating, one has assigned a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $4.58.

Ginkgo Bioworks Stock Performance

The firm has a fifty day simple moving average of $8.00. The firm has a market capitalization of $598.37 million, a price-to-earnings ratio of -0.74 and a beta of 1.17.

Institutional Investors Weigh In On Ginkgo Bioworks

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. AQR Capital Management LLC purchased a new position in shares of Ginkgo Bioworks during the 2nd quarter valued at approximately $3,391,000. Monaco Asset Management SAM acquired a new position in shares of Ginkgo Bioworks during the second quarter valued at $3,276,000. Renaissance Technologies LLC acquired a new position in shares of Ginkgo Bioworks during the second quarter valued at $2,128,000. Cetera Investment Advisers increased its holdings in shares of Ginkgo Bioworks by 2,683.7% during the first quarter. Cetera Investment Advisers now owns 2,264,107 shares of the company’s stock valued at $2,626,000 after purchasing an additional 2,182,773 shares during the period. Finally, XTX Topco Ltd acquired a new position in shares of Ginkgo Bioworks during the second quarter valued at $312,000. 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.