Ginkgo Bioworks (NYSE:DNA) Shares Gap Down - Time to Sell?

Ginkgo Bioworks Holdings, Inc. (NYSE:DNA - Get Free Report) gapped down before the market opened on Thursday . The stock had previously closed at $9.37, but opened at $9.07. Ginkgo Bioworks shares last traded at $9.15, with a volume of 72,109 shares traded.

Analyst Ratings Changes

Separately, TD Cowen boosted their price objective on Ginkgo Bioworks from $3.00 to $10.00 and gave the stock a "buy" rating in a research note on Friday, September 20th. Three investment 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. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $4.58.

Ginkgo Bioworks Stock Up 9.1 %

The stock's 50-day simple moving average is $8.66. The stock has a market cap of $587.44 million, a PE ratio of -0.78 and a beta of 1.17.

Hedge Funds Weigh In On Ginkgo Bioworks

Several hedge funds have recently added to or reduced their stakes in the company. Pine Valley Investments Ltd Liability Co increased its stake in shares of Ginkgo Bioworks by 653.7% in the 2nd quarter. Pine Valley Investments Ltd Liability Co now owns 220,607 shares of the company's stock valued at $74,000 after acquiring an additional 191,336 shares during the last quarter. North Star Asset Management Inc. grew its position in Ginkgo Bioworks by 162.6% in the second quarter. North Star Asset Management Inc. now owns 231,100 shares of the company's stock valued at $77,000 after purchasing an additional 143,100 shares in the last quarter. Monaco Asset Management SAM bought a new position in shares of Ginkgo Bioworks in the 2nd quarter valued at about $3,276,000. Thoroughbred Financial Services LLC bought a new position in shares of Ginkgo Bioworks in the second quarter valued at about $70,000. Finally, Renaissance Technologies LLC acquired a new stake in shares of Ginkgo Bioworks during the 2nd quarter worth about $2,128,000. 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.