Ginkgo Bioworks (NYSE:DNA) Trading Up 10.7% – Still a Buy?

Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) shares were up 10.7% during mid-day trading on Thursday . The stock traded as high as $9.04 and last traded at $9.6680. Approximately 159,170 shares were traded during trading, a decline of 86% from the average daily volume of 1,171,326 shares. The stock had previously closed at $8.73.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on DNA shares. BTIG Research decreased their target price on Ginkgo Bioworks from $9.00 to $5.00 and set a “sell” rating on the stock in a research note on Thursday, March 12th. Weiss Ratings reissued a “sell (d-)” rating on shares of Ginkgo Bioworks in a research note on Monday, April 20th. Finally, Wall Street Zen downgraded Ginkgo Bioworks from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. One investment analyst has rated the stock with a Buy rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and an average price target of $8.50.

Ginkgo Bioworks Trading Up 12.9%

The stock has a 50 day simple moving average of $7.87 and a 200-day simple moving average of $8.34. The firm has a market cap of $643.73 million, a P/E ratio of -1.83 and a beta of 1.79.

Insider Transactions at Ginkgo Bioworks

In other Ginkgo Bioworks news, insider Steven P. Coen sold 33,171 shares of Ginkgo Bioworks stock in a transaction that occurred on Monday, April 13th. The stock was sold at an average price of $6.41, for a total value of $212,626.11. Following the sale, the insider owned 49,849 shares of the company’s stock, valued at $319,532.09. The trade was a 39.96% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Reshma P. Shetty sold 124,727 shares of Ginkgo Bioworks stock in a transaction that occurred on Friday, April 10th. The stock was sold at an average price of $6.43, for a total value of $801,994.61. Following the completion of the sale, the insider directly owned 436,422 shares in the company, valued at approximately $2,806,193.46. The trade was a 22.23% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders sold 543,288 shares of company stock worth $3,551,556. 12.69% of the stock is owned by insiders.

Hedge Funds Weigh In On Ginkgo Bioworks

Institutional investors and hedge funds have recently modified their holdings of the stock. Quarry LP purchased a new position in shares of Ginkgo Bioworks in the 3rd quarter worth approximately $29,000. Raymond James Financial Inc. purchased a new position in shares of Ginkgo Bioworks in the 2nd quarter worth approximately $29,000. Strs Ohio purchased a new position in shares of Ginkgo Bioworks in the 3rd quarter worth approximately $44,000. Strategic Advocates LLC boosted its holdings in shares of Ginkgo Bioworks by 808.9% in the 4th quarter. Strategic Advocates LLC now owns 4,381 shares of the company’s stock worth $36,000 after purchasing an additional 3,899 shares during the period. Finally, State of Wyoming purchased a new position in shares of Ginkgo Bioworks in the 3rd quarter worth approximately $74,000. Hedge funds and other institutional investors own 78.63% of the company’s stock.

Ginkgo Bioworks Company Profile

Ginkgo Bioworks, Inc is a synthetic biology company that designs custom microbes for customers across a range of industries. Utilizing a proprietary organism foundry platform, the company engineers cells to produce high-value chemicals, enzymes, and other biological materials. By integrating automation, data analytics and machine learning, Ginkgo Bioworks seeks to accelerate the development of biologically derived solutions at industrial scale.

The company’s services span the entire development cycle, from genetic design and strain optimization to fermentation and downstream processing.