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

Ginkgo Bioworks Holdings, Inc. (NYSE:DNA)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $8.39, but opened at $9.09. Ginkgo Bioworks shares last traded at $9.59, with a volume of 660,784 shares changing hands.

Wall Street Analysts Forecast Growth

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

Ginkgo Bioworks Price Performance

The business’s fifty day moving average is $7.75. The company has a market capitalization of $407.40 million, a price-to-earnings ratio of -0.56 and a beta of 1.09.

Institutional Trading of Ginkgo Bioworks

Several institutional investors and hedge funds have recently made changes to their positions in DNA. Swiss National Bank raised its holdings in Ginkgo Bioworks by 1.4% in the first quarter. Swiss National Bank now owns 2,078,500 shares of the company’s stock worth $2,411,000 after purchasing an additional 27,700 shares in the last quarter. QRG Capital Management Inc. lifted its holdings in Ginkgo Bioworks by 44.2% in the first quarter. QRG Capital Management Inc. now owns 218,170 shares of the company’s stock valued at $253,000 after acquiring an additional 66,832 shares during the period. Russell Investments Group Ltd. raised its stake in shares of Ginkgo Bioworks by 9,440.6% during the 1st quarter. Russell Investments Group Ltd. now owns 31,961 shares of the company’s stock worth $37,000 after buying an additional 31,626 shares during the period. CANADA LIFE ASSURANCE Co raised its stake in shares of Ginkgo Bioworks by 260.2% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 451,383 shares of the company’s stock worth $525,000 after buying an additional 326,070 shares during the period. Finally, Axxcess Wealth Management LLC raised its stake in shares of Ginkgo Bioworks by 35.3% during the 1st quarter. Axxcess Wealth Management LLC now owns 198,618 shares of the company’s stock worth $230,000 after buying an additional 51,814 shares during the period. 78.63% of the stock is currently owned by 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.