Ginkgo Bioworks (NYSE:DNA) Stock Price Down 6.6% – Should You Sell?

Ginkgo Bioworks Holdings, Inc. (NYSE:DNA)’s share price fell 6.6% during mid-day trading on Monday . The stock traded as low as $9.40 and last traded at $9.41. 503,400 shares changed hands during mid-day trading, a decline of 57% from the average session volume of 1,172,997 shares. The stock had previously closed at $10.08.

Analysts Set New Price Targets

Separately, TD Cowen lifted their target price 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 research analysts have rated the stock with a sell rating, one has issued a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $4.58.

Ginkgo Bioworks Stock Performance

The business has a 50-day moving average price of $8.60. The company has a market cap of $538.58 million, a price-to-earnings ratio of -0.72 and a beta of 1.17.

Hedge Funds Weigh In On Ginkgo Bioworks

A number of large investors have recently modified their holdings of DNA. Algert Global LLC bought a new position in Ginkgo Bioworks in the 2nd quarter worth approximately $36,000. Wellington Wealth Strategies LLC. acquired a new stake in Ginkgo Bioworks in the second quarter worth about $41,000. Thoroughbred Financial Services LLC bought a new stake in Ginkgo Bioworks during the 2nd quarter worth about $70,000. Pine Valley Investments Ltd Liability Co boosted its stake in shares of Ginkgo Bioworks by 653.7% in the 2nd quarter. Pine Valley Investments Ltd Liability Co now owns 220,607 shares of the company’s stock valued at $74,000 after purchasing an additional 191,336 shares during the last quarter. Finally, North Star Asset Management Inc. grew its position in shares of Ginkgo Bioworks by 162.6% during the 2nd quarter. North Star Asset Management Inc. now owns 231,100 shares of the company’s stock worth $77,000 after buying an additional 143,100 shares during the period. 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.