Ginkgo Bioworks (NYSE:DNA) Trading Up 10.7% – Should You Buy?

Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) shares rose 10.7% during mid-day trading on Thursday . The company traded as high as $9.04 and last traded at $9.6680. Approximately 159,170 shares changed hands during mid-day trading, a decline of 86% from the average daily volume of 1,171,326 shares. The stock had previously closed at $8.73.

Analysts Set New Price Targets

DNA has been the subject of a number of recent research reports. Wall Street Zen cut Ginkgo Bioworks from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. BTIG Research lowered their target price on Ginkgo Bioworks from $9.00 to $5.00 and set a “sell” rating for the company in a report on Thursday, March 12th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Ginkgo Bioworks in a report on Monday, April 20th. One analyst has rated the stock with a Buy rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Ginkgo Bioworks has a consensus rating of “Reduce” and a consensus price target of $8.50.

Ginkgo Bioworks Trading Down 9.8%

The business has a 50-day simple moving average of $7.93 and a 200 day simple moving average of $8.35. The stock has a market cap of $533.34 million, a P/E ratio of -1.52 and a beta of 1.79.

Insider Buying and Selling

In other Ginkgo Bioworks news, insider Steven P. Coen sold 33,171 shares of the company’s stock in a transaction dated Monday, April 13th. The stock was sold at an average price of $6.41, for a total value of $212,626.11. Following the sale, the insider owned 49,849 shares in the company, valued at approximately $319,532.09. The trade was a 39.96% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, major shareholder Barry Canton sold 124,727 shares of the company’s stock in a transaction dated Friday, April 10th. The shares were sold at an average price of $6.43, for a total value of $801,994.61. Following the completion of the sale, the insider owned 436,422 shares in the company, valued at $2,806,193.46. This trade represents a 22.23% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders have sold 543,288 shares of company stock worth $3,551,556. Corporate insiders own 12.69% of the company’s stock.

Institutional Investors Weigh In On Ginkgo Bioworks

A number of institutional investors have recently made changes to their positions in DNA. AQR Capital Management LLC grew its position in shares of Ginkgo Bioworks by 322.6% in the 1st quarter. AQR Capital Management LLC now owns 158,939 shares of the company’s stock valued at $906,000 after buying an additional 121,326 shares during the last quarter. Millennium Management LLC boosted its position in shares of Ginkgo Bioworks by 113.1% during the 1st quarter. Millennium Management LLC now owns 1,427,600 shares of the company’s stock valued at $8,137,000 after purchasing an additional 757,535 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in shares of Ginkgo Bioworks by 25.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 686,767 shares of the company’s stock valued at $3,915,000 after purchasing an additional 139,126 shares in the last quarter. Acadian Asset Management LLC bought a new stake in shares of Ginkgo Bioworks during the 1st quarter valued at about $120,000. Finally, Rhumbline Advisers bought a new stake in shares of Ginkgo Bioworks during the 2nd quarter valued at about $666,000. Institutional investors own 78.63% of the company’s stock.

About Ginkgo Bioworks

Ginkgo Bioworks, Inc is a synthetic biology company that designs custom microbes for customers across a range of industries. Utilizing a proprietary organism foundry platform, the company engineers cells to produce high-value chemicals, enzymes, and other biological materials. By integrating automation, data analytics and machine learning, Ginkgo Bioworks seeks to accelerate the development of biologically derived solutions at industrial scale.

The company’s services span the entire development cycle, from genetic design and strain optimization to fermentation and downstream processing.