Ginkgo Bioworks (NYSE:DNA) Shares Gap Up – Still a Buy?

Ginkgo Bioworks Holdings, Inc. (NYSE:DNAGet Free Report) shares gapped up prior to trading 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.

Analysts Set New Price Targets

A number of research analysts have recently commented on DNA shares. Wall Street Zen upgraded Ginkgo Bioworks from a “sell” rating to a “hold” rating in a report on Saturday, August 8th. Zacks Research raised shares of Ginkgo Bioworks to a “hold” rating in a report on Monday. Weiss Ratings restated a “sell (d-)” rating on shares of Ginkgo Bioworks in a report on Friday, July 17th. Finally, TD Cowen cut shares of Ginkgo Bioworks from a “buy” rating to a “hold” rating and reduced their target price for the company from $12.00 to $9.00 in a research note on Friday, August 7th. Two research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Reduce” and an average price target of $7.00.

Check Out Our Latest Research Report on DNA

Ginkgo Bioworks Trading Up 15.0%

The business’s fifty day moving average price is $8.56 and its 200 day moving average price is $8.18. The company has a market capitalization of $505.86 million, a P/E ratio of -1.50 and a beta of 1.78.

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

Institutional Investors Weigh In On Ginkgo Bioworks

Several large investors have recently modified their holdings of the stock. Millennium Management LLC boosted its position 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 worth $8,137,000 after buying an additional 757,535 shares during the period. Prescott Group Capital Management L.L.C. bought a new position in shares of Ginkgo Bioworks during the fourth quarter worth about $4,503,000. State Street Corp raised its position in Ginkgo Bioworks by 38.4% in the 4th 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 last quarter. Northwestern Mutual Wealth Management Co. raised its position in Ginkgo Bioworks by 28,457.3% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 228,744 shares of the company’s stock valued at $1,901,000 after buying an additional 227,943 shares during the last quarter. Finally, UBS Group AG lifted its stake in Ginkgo Bioworks by 86.4% in the 4th quarter. UBS Group AG now owns 489,418 shares of the company’s stock valued at $4,067,000 after acquiring an additional 226,861 shares in the last quarter. 78.63% of the stock is currently owned by institutional investors.

About Ginkgo Bioworks

(Get Free Report)

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.

Further Reading

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