Ginkgo Bioworks (NYSE:DNA) Trading 9.4% Higher – Here’s Why

Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) shares were up 9.4% during trading on Thursday . The stock traded as high as $9.09 and last traded at $9.3840. 185,929 shares were traded during trading, a decline of 84% from the average daily volume of 1,186,359 shares. The stock had previously closed at $8.58.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on DNA shares. Oppenheimer set a $5.00 price target on shares of Ginkgo Bioworks in a research note on Wednesday, September 9th. TD Cowen downgraded shares of Ginkgo Bioworks from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $12.00 to $9.00 in a research note on Friday, August 7th. Wall Street Zen cut Ginkgo Bioworks from a “hold” rating to a “sell” rating in a report on Saturday, September 5th. Zacks Research raised Ginkgo Bioworks to a “hold” rating in a research report on Monday, August 17th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Ginkgo Bioworks in a report on Friday, July 17th. Two investment analysts have rated the stock with a Hold rating and two have given a Sell rating to the company. According to MarketBeat, Ginkgo Bioworks currently has a consensus rating of “Reduce” and an average target price of $6.33.

Ginkgo Bioworks Price Performance

The stock has a market capitalization of $614.81 million, a P/E ratio of -1.82 and a beta of 1.76. The company’s 50-day simple moving average is $7.55 and its 200-day simple moving average is $7.92.

Ginkgo Bioworks (NYSE:DNA) last announced its quarterly earnings data on Wednesday, August 5th. The company reported ($0.75) EPS for the quarter, beating analysts’ consensus estimates of ($0.90) by $0.15. The company had revenue of $20.16 million during the quarter, compared to the consensus estimate of $24.05 million. Ginkgo Bioworks had a negative net margin of 259.96% and a negative return on equity of 60.27%. On average, analysts forecast that Ginkgo Bioworks Holdings, Inc. will post -3.2 earnings per share for the current fiscal year.

Insider Transactions at Ginkgo Bioworks

In related news, Director Christian Henry sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, September 15th. The shares were sold at an average price of $7.08, for a total value of $35,400.00. Following the completion of the sale, the director directly owned 19,310 shares in the company, valued at approximately $136,714.80. This trade represents a 20.57% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 12.69% of the company’s stock.

Institutional Trading of Ginkgo Bioworks

Institutional investors and hedge funds have recently bought and sold shares of the business. Strategic Advocates LLC lifted its position in shares of Ginkgo Bioworks by 808.9% in the fourth quarter. Strategic Advocates LLC now owns 4,381 shares of the company’s stock valued at $36,000 after buying an additional 3,899 shares during the last quarter. Integrated Wealth Concepts LLC bought a new position in shares of Ginkgo Bioworks during the 2nd quarter worth approximately $50,000. Entropy Technologies LP acquired a new position in shares of Ginkgo Bioworks during the 1st quarter worth approximately $67,000. Boston Standard Wealth Management LLC acquired a new position in shares of Ginkgo Bioworks during the 1st quarter worth approximately $97,000. Finally, AXQ Capital LP bought a new stake in Ginkgo Bioworks in the 4th quarter valued at $100,000. Institutional investors own 78.63% of the company’s stock.

Ginkgo Bioworks Company Profile

Ginkgo Bioworks is a biotechnology company that develops and operates a platform for programming cells. Its technology combines biological engineering, automation, software and data science to help customers design, build and test microorganisms and other biological systems for commercial applications.

The company provides cell-programming services and related tools to customers in areas including pharmaceuticals, agriculture, food and ingredients, industrial chemicals, materials and consumer products.