Ginkgo Bioworks (NYSE:DNA) Trading Down 7.9%

Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) shares were down 7.9% during mid-day trading on Wednesday . The company traded as low as $0.26 and last traded at $0.26. Approximately 6,066,229 shares changed hands during mid-day trading, a decline of 85% from the average daily volume of 40,493,992 shares. The stock had previously closed at $0.28.

Analyst Ratings Changes

Several research firms have weighed in on DNA. William Blair lowered shares of Ginkgo Bioworks from a “market perform” rating to an “underperform” rating in a report on Friday, May 10th. BTIG Research cut their target price on Ginkgo Bioworks from $0.50 to $0.20 and set a “sell” rating for the company in a research note on Wednesday, June 26th. The Goldman Sachs Group decreased their price target on Ginkgo Bioworks from $0.80 to $0.30 and set a “sell” rating on the stock in a research note on Tuesday, July 9th. Finally, Morgan Stanley lowered their price target on Ginkgo Bioworks from $2.00 to $1.00 and set an “equal weight” rating for the company in a report on Wednesday, May 15th. Three equities research analysts have rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $1.40.

Ginkgo Bioworks Stock Down 13.6 %

The firm has a 50-day moving average price of $0.35 and a 200 day moving average price of $0.80. The firm has a market capitalization of $486.70 million, a PE ratio of -0.48 and a beta of 1.14.

Hedge Funds Weigh In On Ginkgo Bioworks

Institutional investors have recently bought and sold shares of the company. SG Americas Securities LLC lifted its holdings in Ginkgo Bioworks by 72.1% during the 4th quarter. SG Americas Securities LLC now owns 43,844 shares of the company’s stock worth $74,000 after buying an additional 18,364 shares in the last quarter. Cerity Partners LLC boosted its holdings in Ginkgo Bioworks by 5.3% in the fourth quarter. Cerity Partners LLC now owns 209,613 shares of the company’s stock valued at $354,000 after purchasing an additional 10,472 shares during the period. Daiwa Securities Group Inc. increased its holdings in Ginkgo Bioworks by 32.4% during the 4th quarter. Daiwa Securities Group Inc. now owns 62,943 shares of the company’s stock worth $106,000 after purchasing an additional 15,396 shares during the period. Powell Investment Advisors LLC raised its position in Ginkgo Bioworks by 100.0% in the 4th quarter. Powell Investment Advisors LLC now owns 45,000 shares of the company’s stock valued at $76,000 after purchasing an additional 22,500 shares in the last quarter. Finally, State of New Jersey Common Pension Fund D increased its stake in shares of Ginkgo Bioworks by 56.5% during the fourth quarter. State of New Jersey Common Pension Fund D now owns 1,737,853 shares of the company’s stock worth $2,937,000 after buying an additional 627,458 shares during the period. 78.63% of the stock is owned by institutional investors and hedge funds.

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.