Ginkgo Bioworks (NYSE:DNA) Trading 9.9% Higher – Here’s What Happened

Ginkgo Bioworks Holdings, Inc. (NYSE:DNA)’s stock price rose 9.9% on Tuesday . The company traded as high as $7.55 and last traded at $7.4530. 563,050 shares traded hands during trading, a decline of 52% from the average daily volume of 1,171,593 shares. The stock had previously closed at $6.78.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Ginkgo Bioworks in a research note on Friday, July 17th. TD Cowen downgraded Ginkgo Bioworks from a “buy” rating to a “hold” rating and decreased their target price for the company from $12.00 to $9.00 in a research note on Friday, August 7th. Zacks Research raised Ginkgo Bioworks to a “hold” rating in a report on Monday, August 17th. Finally, Wall Street Zen upgraded Ginkgo Bioworks from a “sell” rating to a “hold” rating in a research report on Saturday, August 8th. Two equities research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Reduce” and an average target price of $7.00.

Ginkgo Bioworks Price Performance

The company has a market cap of $486.87 million, a price-to-earnings ratio of -1.44 and a beta of 1.78. The firm’s fifty day moving average price is $8.45 and its 200-day moving average price is $8.12.

Ginkgo Bioworks (NYSE:DNA) last released its quarterly earnings results on Wednesday, August 5th. The company reported ($0.75) EPS for the quarter, topping the consensus estimate of ($0.90) by $0.15. The business had revenue of $20.16 million during the quarter, compared to analyst estimates of $24.05 million. Ginkgo Bioworks had a negative net margin of 259.96% and a negative return on equity of 60.27%. As a group, equities analysts forecast that Ginkgo Bioworks Holdings, Inc. will post -3.2 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of DNA. Quarry LP bought a new stake in shares of Ginkgo Bioworks during the third quarter valued at approximately $29,000. Raymond James Financial Inc. bought a new position in Ginkgo Bioworks in the 2nd quarter worth approximately $29,000. Strategic Advocates LLC increased its position in Ginkgo Bioworks by 808.9% in the 4th quarter. Strategic Advocates LLC now owns 4,381 shares of the company’s stock valued at $36,000 after acquiring an additional 3,899 shares during the period. Entropy Technologies LP acquired a new stake in Ginkgo Bioworks in the 1st quarter valued at approximately $67,000. Finally, Daiwa Securities Group Inc. acquired a new stake in Ginkgo Bioworks in the 2nd quarter valued at approximately $71,000. 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.