Ginkgo Bioworks (NYSE:DNA) Trading Up 19.3% – Here’s What Happened

Ginkgo Bioworks Holdings, Inc. (NYSE:DNA)’s share price was up 19.3% during trading on Friday . The stock traded as high as $9.96 and last traded at $9.9220. Approximately 1,025,212 shares changed hands during trading, an increase of 3% from the average daily volume of 997,270 shares. The stock had previously closed at $8.32.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on DNA shares. Wall Street Zen cut shares of Ginkgo Bioworks from a “hold” rating to a “sell” rating in a research report on Saturday, November 8th. TD Cowen cut their price objective 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. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Ginkgo Bioworks in a research report on Wednesday, January 21st. One analyst has rated the stock with a Buy rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Reduce” and an average price target of $10.50.

Ginkgo Bioworks Stock Up 21.5%

The stock has a 50 day moving average of $9.08 and a 200 day moving average of $11.02. The firm has a market capitalization of $612.38 million, a price-to-earnings ratio of -1.62 and a beta of 1.55.

Ginkgo Bioworks (NYSE:DNA) last issued its earnings results on Thursday, November 6th. The company reported ($1.45) EPS for the quarter, missing the consensus estimate of ($1.24) by ($0.21). Ginkgo Bioworks had a negative return on equity of 51.15% and a negative net margin of 188.00%.The firm had revenue of $38.84 million during the quarter, compared to analyst estimates of $38.95 million. Analysts predict that Ginkgo Bioworks Holdings, Inc. will post -10.02 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of DNA. Millennium Management LLC raised its stake in 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 acquiring 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 valued at approximately $4,503,000. Geode Capital Management LLC raised its position in shares of Ginkgo Bioworks by 104.5% during the 2nd quarter. Geode Capital Management LLC now owns 937,583 shares of the company’s stock worth $10,549,000 after purchasing an additional 479,154 shares during the period. Jump Financial LLC bought a new stake in shares of Ginkgo Bioworks in the 2nd quarter worth approximately $4,163,000. Finally, Northwestern Mutual Wealth Management Co. boosted its position in Ginkgo Bioworks by 28,457.3% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 228,744 shares of the company’s stock valued at $1,901,000 after purchasing an additional 227,943 shares during the period. 78.63% of the stock is owned by institutional investors and hedge funds.

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.