Ginkgo Bioworks (NYSE:DNA) Stock Price Up 8.5% – Here’s Why

Ginkgo Bioworks Holdings, Inc. (NYSE:DNA)’s share price shot up 8.5% during trading on Monday . The company traded as high as $9.44 and last traded at $9.44. 941,131 shares changed hands during trading, a decline of 18% from the average session volume of 1,143,644 shares. The stock had previously closed at $8.70.

Analysts Set New Price Targets

Several research analysts have issued reports on DNA shares. BTIG Research raised their target price on Ginkgo Bioworks from $0.20 to $7.00 and gave the stock a “sell” rating in a research report on Friday, August 23rd. TD Cowen raised their price objective on shares of Ginkgo Bioworks from $3.00 to $10.00 and gave the stock a “buy” rating in a report on Friday, September 20th. Three equities research analysts have rated the stock with a sell rating, one has given a hold rating and one has given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $4.58.

Ginkgo Bioworks Trading Up 10.5 %

The stock has a 50-day moving average price of $7.93. The company has a market cap of $552.37 million, a price-to-earnings ratio of -0.72 and a beta of 1.09.

Institutional Trading of Ginkgo Bioworks

A number of hedge funds and other institutional investors have recently modified their holdings of DNA. Point72 Asia Singapore Pte. Ltd. boosted its holdings in Ginkgo Bioworks by 644.5% in the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 32,319 shares of the company’s stock worth $263,000 after buying an additional 27,978 shares during the period. Russell Investments Group Ltd. boosted its stake in shares of Ginkgo Bioworks by 9,440.6% in the first quarter. Russell Investments Group Ltd. now owns 31,961 shares of the company’s stock worth $37,000 after acquiring an additional 31,626 shares during the period. Cetera Advisors LLC grew its position in shares of Ginkgo Bioworks by 12.1% during the first quarter. Cetera Advisors LLC now owns 348,543 shares of the company’s stock worth $404,000 after purchasing an additional 37,704 shares in the last quarter. Verition Fund Management LLC bought a new stake in Ginkgo Bioworks during the 3rd quarter valued at approximately $792,000. Finally, Algert Global LLC purchased a new position in Ginkgo Bioworks in the 2nd quarter worth approximately $36,000. 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.