Ginkgo Bioworks (NYSE:DNA) Stock Jumps 10.4% – Still a Buy?

Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) rose 10.4% during mid-day trading on Wednesday. The company traded as high as $12.80 and last traded at $13.2060. Approximately 1,605,815 shares changed hands during mid-day trading, an increase of 30% from the average daily volume of 1,239,489 shares. The stock had previously closed at $11.96.

Analysts Set New Price Targets

Several research analysts have recently commented on DNA shares. TD Cowen lowered Ginkgo Bioworks from a “buy” rating to a “hold” rating and lowered their price target for the stock from $12.00 to $9.00 in a research report on Friday, August 7th. Oppenheimer set a $5.00 target price on Ginkgo Bioworks in a research note on Wednesday, September 9th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Ginkgo Bioworks in a research report on Friday, July 17th. Zacks Research upgraded shares of Ginkgo Bioworks to a “hold” rating in a research note on Monday, August 17th. Finally, BTIG Research reissued a “sell” rating and set a $5.00 price target on shares of Ginkgo Bioworks in a research report on Friday, September 4th. Two investment analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Reduce” and an average target price of $6.33.

Ginkgo Bioworks Stock Down 2.6%

The stock has a market capitalization of $841.21 million, a PE ratio of -2.49 and a beta of 1.78. The stock has a fifty day moving average of $7.97 and a 200-day moving average of $8.13.

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

Insider Buying and Selling

In other Ginkgo Bioworks news, Director Christian Henry sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 15th. The shares were sold at an average price of $7.08, for a total transaction of $35,400.00. Following the completion of the transaction, the director owned 19,310 shares in the company, valued at $136,714.80. The trade was a 20.57% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 12.69% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the business. Strategic Advocates LLC lifted its stake in Ginkgo Bioworks by 808.9% during the fourth 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 last quarter. Integrated Wealth Concepts LLC purchased a new position in Ginkgo Bioworks in the second quarter valued at approximately $50,000. Arizona State Retirement System acquired a new stake in Ginkgo Bioworks during the second quarter worth approximately $102,000. Entropy Technologies LP purchased a new stake in shares of Ginkgo Bioworks during the 1st quarter worth approximately $67,000. Finally, AXQ Capital LP purchased a new stake in shares of Ginkgo Bioworks during the 4th quarter worth approximately $100,000. 78.63% of the stock is owned by institutional investors and hedge funds.

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.