Ginkgo Bioworks (NYSE:DNA) Shares Up 5% - Here's What Happened

Shares of Ginkgo Bioworks Holdings, Inc. (NYSE:DNA - Get Free Report) rose 5% on Tuesday . The stock traded as high as $9.49 and last traded at $9.37. Approximately 567,202 shares traded hands during trading, a decline of 50% from the average daily volume of 1,143,070 shares. The stock had previously closed at $8.92.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. BTIG Research lifted their target price on Ginkgo Bioworks from $0.20 to $7.00 and gave the stock a "sell" rating in a report on Friday, August 23rd. TD Cowen lifted their price objective on shares of Ginkgo Bioworks from $3.00 to $10.00 and gave the stock a "buy" rating in a research note on Friday, September 20th. Finally, The Goldman Sachs Group decreased their target price on shares of Ginkgo Bioworks from $0.80 to $0.30 and set a "sell" rating on the stock in a research report on Tuesday, July 9th. Three equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $4.16.

Ginkgo Bioworks Trading Up 5.2 %

The company has a market cap of $20.74 billion, a P/E ratio of -21.32 and a beta of 1.10. The firm has a 50-day simple moving average of $7.45.

Ginkgo Bioworks (NYSE:DNA - Get Free Report) last released its earnings results on Thursday, August 8th. The company reported ($3.20) EPS for the quarter, meeting the consensus estimate of ($3.20). The firm had revenue of $56.21 million for the quarter, compared to analyst estimates of $41.46 million. Ginkgo Bioworks had a negative net margin of 486.98% and a negative return on equity of 63.09%. As a group, analysts forecast that Ginkgo Bioworks Holdings, Inc. will post -12.6 EPS for the current fiscal year.

Hedge Funds Weigh In On Ginkgo Bioworks

Hedge funds and other institutional investors have recently modified their holdings of the business. Wellington Wealth Strategies LLC. acquired a new position in Ginkgo Bioworks during the 2nd quarter worth approximately $41,000. Benjamin F. Edwards & Company Inc. increased its holdings in shares of Ginkgo Bioworks by 1,606.9% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 234,836 shares of the company's stock worth $79,000 after buying an additional 221,078 shares in the last quarter. Algert Global LLC bought a new position in shares of Ginkgo Bioworks in the 2nd quarter valued at $36,000. Vanguard Group Inc. boosted its holdings in shares of Ginkgo Bioworks by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 132,780,095 shares of the company's stock valued at $224,398,000 after acquiring an additional 463,096 shares in the last quarter. Finally, Mackenzie Financial Corp bought a new stake in Ginkgo Bioworks during the 2nd quarter worth $251,000. Institutional investors own 78.63% of the company's stock.

About Ginkgo Bioworks

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.