Ginkgo Bioworks (NYSE:DNA) Shares Down 5.5% – Here’s Why

Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) shares were down 5.5% on Friday . The stock traded as low as $9.76 and last traded at $9.76. Approximately 235,689 shares traded hands during mid-day trading, a decline of 80% from the average daily volume of 1,156,619 shares. The stock had previously closed at $10.33.

Analysts Set New Price Targets

Several research analysts have weighed in on DNA shares. BTIG Research boosted their price target on Ginkgo Bioworks from $0.20 to $7.00 and gave the company a “sell” rating in a report on Friday, August 23rd. TD Cowen boosted their price objective on shares of Ginkgo Bioworks from $3.00 to $10.00 and gave the company a “buy” rating in a research note on Friday, September 20th. Three 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’s stock. According to data from MarketBeat, Ginkgo Bioworks has a consensus rating of “Hold” and a consensus target price of $4.58.

Ginkgo Bioworks Stock Down 8.6 %

The company’s 50 day simple moving average is $8.41. The company has a market capitalization of $542.60 million, a P/E ratio of -0.72 and a beta of 1.17.

Institutional Trading of Ginkgo Bioworks

Institutional investors have recently added to or reduced their stakes in the business. Algert Global LLC purchased a new stake in Ginkgo Bioworks during the 2nd quarter worth $36,000. Wellington Wealth Strategies LLC. purchased a new position in Ginkgo Bioworks in the 2nd quarter valued at about $41,000. Thoroughbred Financial Services LLC purchased a new position in Ginkgo Bioworks in the 2nd quarter valued at about $70,000. Pine Valley Investments Ltd Liability Co boosted its position in 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 buying an additional 191,336 shares during the last quarter. Finally, North Star Asset Management Inc. boosted its position in Ginkgo Bioworks by 162.6% in the 2nd quarter. North Star Asset Management Inc. now owns 231,100 shares of the company’s stock valued at $77,000 after buying an additional 143,100 shares during the last quarter. 78.63% of the stock is 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.