Ginkgo Bioworks (NYSE:DNA) Shares Gap Up – Here’s What Happened

Ginkgo Bioworks Holdings, Inc. (NYSE:DNA)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $8.56, but opened at $9.15. Ginkgo Bioworks shares last traded at $9.82, with a volume of 318,456 shares.

Analysts Set New Price Targets

Separately, TD Cowen upped their target price on shares of Ginkgo Bioworks from $3.00 to $10.00 and gave the stock a “buy” rating in a report on Friday, September 20th. Three research 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’s stock. Based on data from MarketBeat.com, Ginkgo Bioworks has an average rating of “Hold” and a consensus target price of $4.58.

Ginkgo Bioworks Trading Up 9.3 %

The company has a market capitalization of $584.28 million, a price-to-earnings ratio of -0.78 and a beta of 1.09. The stock has a 50 day moving average of $9.25.

Hedge Funds Weigh In On Ginkgo Bioworks

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Wellington Wealth Strategies LLC. purchased a new position in Ginkgo Bioworks in the 2nd quarter worth approximately $41,000. PDT Partners LLC purchased a new position in Ginkgo Bioworks in the 3rd quarter worth approximately $1,199,000. Erste Asset Management GmbH purchased a new position in Ginkgo Bioworks in the 3rd quarter worth approximately $4,075,000. Jacobs Levy Equity Management Inc. purchased a new position in Ginkgo Bioworks in the 3rd quarter worth approximately $2,282,000. Finally, Benjamin F. Edwards & Company Inc. boosted its stake in shares of 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 purchasing an additional 221,078 shares in the last quarter. Hedge funds and other institutional investors 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.