Ginkgo Bioworks (NYSE:DNA) Shares Gap Up – Should You Buy?

Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) gapped up prior to trading on Wednesday . The stock had previously closed at $8.39, but opened at $9.09. Ginkgo Bioworks shares last traded at $9.59, with a volume of 660,784 shares.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. BTIG Research lifted their price target on Ginkgo Bioworks from $0.20 to $7.00 and gave the company a “sell” rating in a research report on Friday, August 23rd. TD Cowen upped their target price on 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, two have assigned a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, Ginkgo Bioworks currently has a consensus rating of “Hold” and an average price target of $4.16.

Ginkgo Bioworks Price Performance

The firm has a 50 day moving average price of $7.70.

Institutional Investors Weigh In On Ginkgo Bioworks

A number of institutional investors have recently added to or reduced their stakes in the company. AQR Capital Management LLC acquired a new position in shares of Ginkgo Bioworks in the second quarter worth $3,391,000. Monaco Asset Management SAM bought a new stake in shares of Ginkgo Bioworks in the second quarter valued at about $3,276,000. Renaissance Technologies LLC bought a new position in Ginkgo Bioworks during the second quarter worth about $2,128,000. Cetera Investment Advisers increased its holdings in shares of Ginkgo Bioworks by 2,683.7% during the first quarter. Cetera Investment Advisers now owns 2,264,107 shares of the company’s stock worth $2,626,000 after buying an additional 2,182,773 shares in the last quarter. Finally, XTX Topco Ltd acquired a new stake in shares of Ginkgo Bioworks during the second quarter worth approximately $312,000. 78.63% of the stock is currently owned by institutional investors and hedge funds.

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.