Ginkgo Bioworks (NYSE:DNA) Shares Up 7.8% – Should You Buy?

Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) shot up 7.8% on Friday . The company traded as high as $9.37 and last traded at $9.4720. 205,878 shares traded hands during trading, a decline of 80% from the average session volume of 1,045,901 shares. The stock had previously closed at $8.79.

Wall Street Analysts Forecast Growth

DNA has been the topic of several recent research reports. TD Cowen lowered their target price on shares of Ginkgo Bioworks from $14.00 to $12.00 and set a “buy” rating on the stock in a report on Thursday, January 8th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Ginkgo Bioworks in a report on Wednesday, January 21st. Finally, Wall Street Zen lowered Ginkgo Bioworks from a “hold” rating to a “sell” rating in a research report on Saturday, November 8th. One investment analyst has rated the stock with a Buy rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Ginkgo Bioworks has an average rating of “Reduce” and a consensus price target of $10.50.

Ginkgo Bioworks Trading Up 6.8%

The business has a 50-day moving average of $9.14 and a 200 day moving average of $10.88. The firm has a market capitalization of $568.64 million, a P/E ratio of -1.51 and a beta of 1.55.

Hedge Funds Weigh In On Ginkgo Bioworks

Large investors have recently added to or reduced their stakes in the business. Quarry LP purchased a new position in Ginkgo Bioworks during the 3rd quarter worth $29,000. Raymond James Financial Inc. bought a new position in Ginkgo Bioworks during the second quarter worth about $29,000. Strs Ohio bought a new position in Ginkgo Bioworks in the 3rd quarter worth approximately $44,000. Ameritas Investment Partners Inc. purchased a new position in shares of Ginkgo Bioworks in the second quarter valued at $45,000. Finally, Strategic Advocates LLC increased its holdings in Ginkgo Bioworks by 808.9% during the 4th quarter. Strategic Advocates LLC now owns 4,381 shares of the company’s stock worth $36,000 after acquiring an additional 3,899 shares during the period. 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.