Ginkgo Bioworks (NYSE:DNA) Shares Down 5.5% – Here’s Why

Ginkgo Bioworks Holdings, Inc. (NYSE:DNA)’s stock price traded down 5.5% on Friday . The company traded as low as $9.76 and last traded at $9.76. 235,689 shares were traded during mid-day trading, a decline of 80% from the average session volume of 1,156,619 shares. The stock had previously closed at $10.33.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. BTIG Research upped their target price on shares of Ginkgo Bioworks from $0.20 to $7.00 and gave the company a “sell” rating in a research note on Friday, August 23rd. TD Cowen upped their target price on shares of Ginkgo Bioworks from $3.00 to $10.00 and gave the company a “buy” rating in a research note on Friday, September 20th. Three investment analysts have rated the stock with a sell rating, one has given a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $4.58.

Ginkgo Bioworks Trading Down 8.6 %

The firm has a market cap of $542.60 million, a PE ratio of -0.72 and a beta of 1.17. The stock has a 50 day moving average price of $8.41.

Institutional Investors Weigh In On Ginkgo Bioworks

Several institutional investors and hedge funds have recently bought and sold shares of DNA. Pine Valley Investments Ltd Liability Co raised its stake in Ginkgo Bioworks by 653.7% during the second quarter. Pine Valley Investments Ltd Liability Co now owns 220,607 shares of the company’s stock worth $74,000 after acquiring an additional 191,336 shares during the period. North Star Asset Management Inc. raised its stake in Ginkgo Bioworks by 162.6% during the second quarter. North Star Asset Management Inc. now owns 231,100 shares of the company’s stock worth $77,000 after acquiring an additional 143,100 shares during the period. Monaco Asset Management SAM acquired a new stake in Ginkgo Bioworks during the second quarter worth about $3,276,000. Thoroughbred Financial Services LLC acquired a new stake in Ginkgo Bioworks during the second quarter worth about $70,000. Finally, Renaissance Technologies LLC acquired a new stake in shares of Ginkgo Bioworks in the second quarter valued at approximately $2,128,000. Institutional investors and hedge funds 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.