Ginkgo Bioworks (NYSE:DNA) Stock Price Down 7.9% – What’s Next?

Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) shares were down 7.9% on Monday . The company traded as low as $8.86 and last traded at $8.90. Approximately 231,030 shares were traded during trading, a decline of 80% from the average daily volume of 1,170,095 shares. The stock had previously closed at $9.66.

Analysts Set New Price Targets

Separately, TD Cowen increased their target price on shares of Ginkgo Bioworks from $3.00 to $10.00 and gave the stock a “buy” rating in a research 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 stock. According to data from MarketBeat.com, Ginkgo Bioworks currently has an average rating of “Hold” and an average price target of $4.58.

Ginkgo Bioworks Stock Down 8.5 %

The business’s fifty day moving average is $8.71. The company has a market capitalization of $508.11 million, a P/E ratio of -0.68 and a beta of 1.17.

Institutional Investors Weigh In On Ginkgo Bioworks

Hedge funds and other institutional investors have recently bought and sold shares of the company. Wellington Wealth Strategies LLC. acquired a new position in Ginkgo Bioworks in the 2nd quarter valued at about $41,000. PDT Partners LLC bought a new stake in Ginkgo Bioworks in the 3rd quarter valued at about $1,199,000. Erste Asset Management GmbH acquired a new stake in Ginkgo Bioworks during the third quarter worth approximately $4,075,000. Jacobs Levy Equity Management Inc. acquired a new position in Ginkgo Bioworks during the third quarter valued at approximately $2,282,000. Finally, Benjamin F. Edwards & Company Inc. boosted its stake in Ginkgo Bioworks by 1,606.9% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 234,836 shares of the company’s stock valued at $79,000 after buying an additional 221,078 shares in the last quarter. 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.