Ginkgo Bioworks (NYSE:DNA) Stock Price Down 9.3% – Should You Sell?

Ginkgo Bioworks Holdings, Inc. (NYSE:DNA)’s stock price dropped 9.3% on Monday . The company traded as low as $9.74 and last traded at $9.81. Approximately 996,717 shares were traded during mid-day trading, a decline of 40% from the average daily volume of 1,666,032 shares. The stock had previously closed at $10.82.

Ginkgo Bioworks Stock Performance

The stock has a 50 day moving average of $11.48. The stock has a market capitalization of $611.82 million, a price-to-earnings ratio of -0.81 and a beta of 1.16.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bank of America Corp DE raised its position in shares of Ginkgo Bioworks by 780.6% during the fourth quarter. Bank of America Corp DE now owns 3,764,455 shares of the company’s stock worth $36,967,000 after purchasing an additional 3,336,964 shares during the period. Forbes J M & Co. LLP increased its stake in Ginkgo Bioworks by 461.4% during the 4th quarter. Forbes J M & Co. LLP now owns 701,732 shares of the company’s stock worth $6,891,000 after purchasing an additional 576,732 shares in the last quarter. Millennium Management LLC raised its holdings in Ginkgo Bioworks by 357.4% during the 4th quarter. Millennium Management LLC now owns 670,065 shares of the company’s stock worth $6,580,000 after buying an additional 523,571 shares during the period. Erste Asset Management GmbH bought a new position in Ginkgo Bioworks in the third quarter valued at approximately $4,075,000. Finally, Jacobs Levy Equity Management Inc. acquired a new position in shares of Ginkgo Bioworks in the third quarter valued at approximately $2,282,000. 78.63% of the stock is currently owned by 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.