Ginkgo Bioworks (NYSE:DNA) Stock Price Up 7.7%

Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) shot up 7.7% during mid-day trading on Tuesday . The stock traded as high as $0.29 and last traded at $0.28. 7,988,673 shares changed hands during mid-day trading, a decline of 80% from the average session volume of 40,577,492 shares. The stock had previously closed at $0.26.

Analyst Upgrades and Downgrades

A number of research analysts have commented on DNA shares. BTIG Research lowered their price target on Ginkgo Bioworks from $0.50 to $0.20 and set a “sell” rating for the company in a research report on Wednesday, June 26th. Morgan Stanley decreased their target price on Ginkgo Bioworks from $2.00 to $1.00 and set an “equal weight” rating for the company in a report on Wednesday, May 15th. The Goldman Sachs Group dropped their price target on Ginkgo Bioworks from $0.80 to $0.30 and set a “sell” rating for the company in a research note on Tuesday, July 9th. Finally, William Blair downgraded shares of Ginkgo Bioworks from a “market perform” rating to an “underperform” rating in a research report on Friday, May 10th. Three equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $1.40.

Ginkgo Bioworks Stock Performance

The stock has a market cap of $561.44 million, a P/E ratio of -0.57 and a beta of 1.14. The firm has a 50-day moving average price of $0.35 and a 200-day moving average price of $0.81.

Hedge Funds Weigh In On Ginkgo Bioworks

A number of institutional investors have recently added to or reduced their stakes in the company. Mackenzie Financial Corp purchased a new stake in shares of Ginkgo Bioworks in the 2nd quarter worth about $251,000. AQR Capital Management LLC purchased a new stake in Ginkgo Bioworks in the second quarter worth about $3,391,000. Benjamin F. Edwards & Company Inc. increased its stake in shares of Ginkgo Bioworks by 1,606.9% during the second 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. XTX Topco Ltd bought a new position in shares of Ginkgo Bioworks during the second quarter valued at approximately $312,000. Finally, Renaissance Technologies LLC purchased a new position in shares of Ginkgo Bioworks during the second quarter valued at approximately $2,128,000. Institutional investors own 78.63% of the company’s stock.

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.