Ginkgo Bioworks (NYSE:DNA) Trading 10.8% Higher – Here’s Why

Shares of Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) shot up 10.8% during trading on Monday . The stock traded as high as $8.90 and last traded at $8.9630. 828,992 shares traded hands during trading, a decline of 28% from the average daily volume of 1,155,742 shares. The stock had previously closed at $8.09.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Ginkgo Bioworks in a research report on Friday, July 17th. Wall Street Zen cut shares of Ginkgo Bioworks from a “hold” rating to a “sell” rating in a report on Saturday, July 18th. One research analyst has rated the stock with a Buy rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Reduce” and an average price target of $8.50.

Ginkgo Bioworks Stock Up 10.6%

The stock has a market capitalization of $584.39 million, a PE ratio of -1.67 and a beta of 1.77. The firm has a 50 day moving average price of $8.79 and a 200 day moving average price of $8.34.

Ginkgo Bioworks (NYSE:DNA) last announced its earnings results on Thursday, May 7th. The company reported ($1.39) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.21) by ($0.18). Ginkgo Bioworks had a negative net margin of 215.41% and a negative return on equity of 56.08%. The company had revenue of $19.00 million for the quarter, compared to analysts’ expectations of $42.93 million.

Institutional Trading of Ginkgo Bioworks

Several institutional investors have recently made changes to their positions in DNA. AQR Capital Management LLC raised its holdings in shares of Ginkgo Bioworks by 322.6% in the first quarter. AQR Capital Management LLC now owns 158,939 shares of the company’s stock valued at $906,000 after purchasing an additional 121,326 shares during the last quarter. Millennium Management LLC boosted its holdings 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 purchasing an additional 757,535 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in Ginkgo Bioworks by 25.4% during the first quarter. Goldman Sachs Group Inc. now owns 686,767 shares of the company’s stock worth $3,915,000 after purchasing an additional 139,126 shares during the last quarter. Acadian Asset Management LLC bought a new stake in Ginkgo Bioworks in the 1st quarter worth about $120,000. Finally, Rhumbline Advisers bought a new stake in Ginkgo Bioworks in the 2nd quarter worth about $666,000. Institutional investors own 78.63% of the company’s stock.

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.