Ginkgo Bioworks (NYSE:DNA) Trading Down 9.1% – Here’s Why

Ginkgo Bioworks Holdings, Inc. (NYSE:DNA)’s stock price was down 9.1% on Friday . The company traded as low as $9.98 and last traded at $10.10. Approximately 130,204 shares were traded during mid-day trading, a decline of 90% from the average daily volume of 1,243,018 shares. The stock had previously closed at $11.11.

Analyst Ratings Changes

Separately, TD Cowen raised their target price 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. Three investment analysts have rated the stock with a sell rating, one has given a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $4.58.

Ginkgo Bioworks Price Performance

The firm has a 50-day moving average of $9.12. The company has a market capitalization of $577.09 million, a price-to-earnings ratio of -0.77 and a beta of 1.09.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the company. Wellington Wealth Strategies LLC. acquired a new position in shares of Ginkgo Bioworks in the 2nd quarter valued at about $41,000. PDT Partners LLC acquired a new position in Ginkgo Bioworks during the third quarter valued at approximately $1,199,000. Erste Asset Management GmbH purchased a new stake in Ginkgo Bioworks during the third quarter worth approximately $4,075,000. Jacobs Levy Equity Management Inc. purchased a new position in Ginkgo Bioworks in the third quarter valued at about $2,282,000. Finally, Benjamin F. Edwards & Company Inc. raised its holdings in shares of Ginkgo Bioworks by 1,606.9% during 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. 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.