Ginkgo Bioworks (NYSE:DNA) Sees Large Volume Increase – Here’s What Happened

Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) saw unusually-high trading volume on Monday. 2,686,466 shares changed hands during trading, an increase of 111% from the previous session’s volume of 1,273,783 shares. The stock last traded at $14.8780 and had previously closed at $12.35.

Analysts Set New Price Targets

A number of brokerages have weighed in on DNA. Wall Street Zen raised shares of Ginkgo Bioworks from a “sell” rating to a “hold” rating in a research report on Saturday, September 26th. BTIG Research reissued a “sell” rating and issued a $5.00 price objective on shares of Ginkgo Bioworks in a research report on Friday, September 4th. TD Cowen downgraded shares of Ginkgo Bioworks from a “buy” rating to a “hold” rating and cut their target price for the company from $12.00 to $9.00 in a research note on Friday, August 7th. Oppenheimer set a $5.00 target price on shares of Ginkgo Bioworks in a report on Wednesday, September 9th. Finally, Zacks Research raised shares of Ginkgo Bioworks to a “hold” rating in a research report on Monday, August 17th. Two research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Ginkgo Bioworks currently has an average rating of “Reduce” and a consensus price target of $6.33.

Ginkgo Bioworks Stock Performance

The stock has a market cap of $837.31 million, a PE ratio of -2.48 and a beta of 1.79. The stock has a fifty day simple moving average of $8.32 and a two-hundred day simple moving average of $8.27.

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

Insider Activity

In related news, Director Christian Henry sold 5,000 shares of Ginkgo Bioworks stock in a transaction on Tuesday, September 15th. The shares were sold at an average price of $7.08, for a total value of $35,400.00. Following the completion of the sale, the director owned 19,310 shares in the company, valued at approximately $136,714.80. The trade was a 20.57% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 12.69% of the company’s stock.

Institutional Investors Weigh In On Ginkgo Bioworks

Hedge funds and other institutional investors have recently modified their holdings of the stock. Balance Capital Partners L.P. bought a new position in shares of Ginkgo Bioworks during the second quarter worth about $1,972,179. Renaissance Technologies LLC bought a new stake in Ginkgo Bioworks in the first quarter valued at about $616,000. Integrated Wealth Concepts LLC bought a new stake in Ginkgo Bioworks in the second quarter valued at about $50,000. Arizona State Retirement System acquired a new stake in Ginkgo Bioworks during the second quarter valued at approximately $102,000. Finally, AXQ Capital LP bought a new position in Ginkgo Bioworks during the 2nd quarter worth approximately $262,000. Institutional investors own 78.63% of the company’s stock.

About Ginkgo Bioworks

Ginkgo Bioworks, Inc is a biotechnology company that develops biological engineering technologies and services. Its platform is designed to help customers program cells and microorganisms to produce products or perform functions for applications in areas such as pharmaceuticals, agriculture, food, chemicals and materials.

The company combines biological research, laboratory automation, genetic engineering, data analysis and software through its cell-programming platform and foundry operations.