Ginkgo Bioworks (NYSE:DNA) Trading 6.5% Higher – Here’s Why

Shares of Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) traded up 6.5% during trading on Tuesday . The stock traded as high as $12.75 and last traded at $12.41. 263,036 shares were traded during trading, a decline of 77% from the average session volume of 1,162,800 shares. The stock had previously closed at $11.65.

Analysts Set New Price Targets

Separately, TD Cowen lifted their price target 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 given a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $4.58.

Ginkgo Bioworks Stock Down 0.7 %

The stock has a 50 day moving average of $8.92. The firm has a market cap of $665.03 million, a P/E ratio of -0.88 and a beta of 1.09.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Algert Global LLC purchased a new stake in shares of Ginkgo Bioworks during the 2nd quarter valued at about $36,000. Wellington Wealth Strategies LLC. purchased a new stake in Ginkgo Bioworks during the 2nd quarter worth $41,000. Thoroughbred Financial Services LLC purchased a new stake in shares of Ginkgo Bioworks during the second quarter worth about $70,000. Benjamin F. Edwards & Company Inc. raised its position in shares of Ginkgo Bioworks by 1,606.9% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 234,836 shares of the company’s stock valued at $79,000 after purchasing an additional 221,078 shares in the last quarter. Finally, Mackenzie Financial Corp bought a new position in Ginkgo Bioworks during the 2nd quarter valued at $251,000. 78.63% of the stock is owned by hedge funds and other institutional investors.

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.