Ginkgo Bioworks (NYSE:DNA) Stock Price Down 6.6% – Here’s Why

Ginkgo Bioworks Holdings, Inc. (NYSE:DNA)’s stock price traded down 6.6% during trading on Monday . The stock traded as low as $9.40 and last traded at $9.41. Approximately 503,400 shares were traded during trading, a decline of 57% from the average session volume of 1,172,997 shares. The stock had previously closed at $10.08.

Wall Street Analyst Weigh In

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

Ginkgo Bioworks Price Performance

The stock’s fifty day moving average price is $8.60. The stock has a market capitalization of $538.58 million, a PE ratio of -0.72 and a beta of 1.17.

Institutional Investors Weigh In On Ginkgo Bioworks

A number of institutional investors have recently bought and sold shares of the business. Algert Global LLC purchased a new position in shares of Ginkgo Bioworks during the 2nd quarter valued at $36,000. Wellington Wealth Strategies LLC. acquired a new position in shares of Ginkgo Bioworks during the 2nd quarter valued at about $41,000. Thoroughbred Financial Services LLC bought a new position in shares of Ginkgo Bioworks in the 2nd quarter valued at approximately $70,000. Pine Valley Investments Ltd Liability Co lifted its holdings in Ginkgo Bioworks by 653.7% in the 2nd quarter. Pine Valley Investments Ltd Liability Co now owns 220,607 shares of the company’s stock worth $74,000 after purchasing an additional 191,336 shares during the last quarter. Finally, North Star Asset Management Inc. lifted its holdings in Ginkgo Bioworks by 162.6% in the 2nd quarter. North Star Asset Management Inc. now owns 231,100 shares of the company’s stock worth $77,000 after purchasing an additional 143,100 shares during the last quarter. 78.63% of the stock is currently owned by institutional investors and hedge funds.

Ginkgo Bioworks Company Profile

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.