Ginkgo Bioworks (NYSE:DNA) Stock Price Down 7.9% - Here's Why

Ginkgo Bioworks Holdings, Inc. (NYSE:DNA - Get Free Report) shares traded down 7.9% during mid-day trading on Monday . The stock traded as low as $8.86 and last traded at $8.90. 231,030 shares traded hands during mid-day trading, a decline of 80% from the average session volume of 1,170,095 shares. The stock had previously closed at $9.66.

Wall Street Analysts Forecast Growth

Separately, TD Cowen increased their target price on Ginkgo Bioworks from $3.00 to $10.00 and gave the stock a "buy" rating in a report on Friday, September 20th. Three analysts have rated the stock with a sell rating, one has given a hold rating and one has issued a buy rating to the company's stock. According to data from MarketBeat, Ginkgo Bioworks currently has an average rating of "Hold" and a consensus target price of $4.58.

Ginkgo Bioworks Trading Down 2.3 %

The company has a market cap of $542.60 million, a PE ratio of -0.72 and a beta of 1.17. The business's 50 day moving average is $8.72.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. AQR Capital Management LLC bought a new stake in Ginkgo Bioworks during the second quarter worth about $3,391,000. Monaco Asset Management SAM bought a new position in Ginkgo Bioworks during the 2nd quarter worth approximately $3,276,000. Renaissance Technologies LLC bought a new stake in shares of Ginkgo Bioworks in the 2nd quarter valued at $2,128,000. XTX Topco Ltd acquired a new stake in shares of Ginkgo Bioworks during the second quarter worth about $312,000. Finally, Mackenzie Financial Corp bought a new position in Ginkgo Bioworks in the second quarter valued at approximately $251,000. Institutional investors own 78.63% of the company's stock.

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.