Ginkgo Bioworks (NYSE:DNA) Trading 9.1% Higher – Still a Buy?

Ginkgo Bioworks Holdings, Inc. (NYSE:DNA)’s stock price rose 9.1% during trading on Thursday . The company traded as high as $9.93 and last traded at $10.15. Approximately 419,392 shares traded hands during mid-day trading, a decline of 68% from the average daily volume of 1,321,163 shares. The stock had previously closed at $9.30.

Wall Street Analysts Forecast Growth

Separately, TD Cowen upped their price target on Ginkgo Bioworks from $3.00 to $10.00 and gave the company a “buy” rating in a research note on Friday, September 20th. Three equities research analysts have rated the stock with a sell rating, one has issued a hold rating and one has given a buy rating to the company. According to MarketBeat.com, Ginkgo Bioworks currently has a consensus rating of “Hold” and an average target price of $4.58.

Ginkgo Bioworks Stock Up 9.3 %

The business has a 50 day simple moving average of $9.22. The stock has a market cap of $584.28 million, a P/E ratio of -0.78 and a beta of 1.09.

Hedge Funds Weigh In On Ginkgo Bioworks

Hedge funds and other institutional investors have recently bought and sold shares of the company. Algert Global LLC acquired a new stake in shares of Ginkgo Bioworks during the second quarter worth about $36,000. Wellington Wealth Strategies LLC. acquired a new stake in Ginkgo Bioworks during the 2nd quarter worth approximately $41,000. Thoroughbred Financial Services LLC acquired a new stake in Ginkgo Bioworks during the 2nd quarter worth approximately $70,000. Benjamin F. Edwards & Company Inc. boosted its position in Ginkgo Bioworks by 1,606.9% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 234,836 shares of the company’s stock valued at $79,000 after buying an additional 221,078 shares during the period. Finally, Mackenzie Financial Corp purchased a new stake in shares of Ginkgo Bioworks during the second quarter worth $251,000. 78.63% of the stock is currently owned by hedge funds and other institutional investors.

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.