Ginkgo Bioworks (NYSE:DNA) Shares Gap Up – What’s Next?

Ginkgo Bioworks Holdings, Inc. (NYSE:DNA)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $6.53, but opened at $6.98. Ginkgo Bioworks shares last traded at $7.5620, with a volume of 741,349 shares changing hands.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on DNA. Zacks Research raised shares of Ginkgo Bioworks to a “hold” rating in a report on Monday. Wall Street Zen raised shares of Ginkgo Bioworks from a “sell” rating to a “hold” rating in a research note on Saturday, August 8th. Weiss Ratings reissued a “sell (d-)” rating on shares of Ginkgo Bioworks in a research note on Friday, July 17th. Finally, TD Cowen cut shares of Ginkgo Bioworks from a “buy” rating to a “hold” rating and decreased their target price for the company from $12.00 to $9.00 in a research report on Friday, August 7th. Two research 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 price target of $7.00.

Ginkgo Bioworks Stock Down 9.3%

The business has a 50 day moving average price of $8.53 and a 200 day moving average price of $8.16. The stock has a market cap of $470.71 million, a P/E ratio of -1.40 and a beta of 1.78.

Ginkgo Bioworks (NYSE:DNA) last issued its quarterly earnings results on Wednesday, August 5th. The company reported ($0.75) earnings per share (EPS) for the quarter, topping 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 firm had revenue of $20.16 million during the quarter, compared to analyst estimates of $24.05 million. On average, research analysts expect that Ginkgo Bioworks Holdings, Inc. will post -3.2 earnings per share for the current fiscal year.

Institutional Trading of Ginkgo Bioworks

Several institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in Ginkgo Bioworks by 4.2% during the 3rd quarter. Vanguard Group Inc. now owns 2,480,504 shares of the company’s stock worth $36,166,000 after acquiring an additional 99,379 shares in the last quarter. Legal & General Group Plc lifted its position in shares of Ginkgo Bioworks by 7.9% in the 3rd quarter. Legal & General Group Plc now owns 1,608,923 shares of the company’s stock worth $23,458,000 after purchasing an additional 118,402 shares during the period. Millennium Management LLC boosted its stake in shares of Ginkgo Bioworks by 113.1% during the first quarter. Millennium Management LLC now owns 1,427,600 shares of the company’s stock valued at $8,137,000 after purchasing an additional 757,535 shares in the last quarter. State Street Corp increased its holdings in Ginkgo Bioworks by 38.4% during the fourth quarter. State Street Corp now owns 1,292,071 shares of the company’s stock valued at $10,737,000 after buying an additional 358,231 shares during the period. Finally, Geode Capital Management LLC increased its holdings in Ginkgo Bioworks by 23.7% during the fourth quarter. Geode Capital Management LLC now owns 999,600 shares of the company’s stock valued at $8,309,000 after buying an additional 191,240 shares during the period. 78.63% of the stock is currently owned by institutional investors.

About Ginkgo Bioworks

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.