Ginkgo Bioworks (NYSE:DNA) Shares Up 9.1% – Here’s Why

Shares of Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) were up 9.1% on Thursday . The company traded as high as $9.93 and last traded at $10.15. Approximately 419,392 shares traded hands during trading, a decline of 68% from the average daily volume of 1,321,163 shares. The stock had previously closed at $9.30.

Wall Street Analyst Weigh In

Separately, TD Cowen raised their target price on shares of Ginkgo Bioworks from $3.00 to $10.00 and gave the company a “buy” rating in a report on Friday, September 20th. Three analysts have rated the stock with a sell rating, one has issued a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $4.58.

Ginkgo Bioworks Stock Performance

The company has a 50-day moving average price of $9.22. The firm has a market capitalization of $584.28 million, a price-to-earnings ratio of -0.78 and a beta of 1.09.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Point72 Asia Singapore Pte. Ltd. lifted its position in Ginkgo Bioworks by 644.5% in the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 32,319 shares of the company’s stock valued at $263,000 after acquiring an additional 27,978 shares during the last quarter. FNY Investment Advisers LLC lifted its holdings in shares of Ginkgo Bioworks by 125.6% in the 4th quarter. FNY Investment Advisers LLC now owns 75,966 shares of the company’s stock valued at $745,000 after purchasing an additional 42,298 shares during the last quarter. Verition Fund Management LLC acquired a new stake in shares of Ginkgo Bioworks in the 3rd quarter valued at about $792,000. Algert Global LLC purchased a new position in Ginkgo Bioworks during the 2nd quarter worth approximately $36,000. Finally, Wellington Wealth Strategies LLC. purchased a new position in Ginkgo Bioworks during the 2nd quarter worth approximately $41,000. 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.