Ginkgo Bioworks (NYSE:DNA) Stock Price Up 8.5% – Time to Buy?

Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) shares shot up 8.5% during mid-day trading on Monday . The company traded as high as $9.44 and last traded at $9.44. 941,131 shares traded hands during mid-day trading, a decline of 18% from the average session volume of 1,143,644 shares. The stock had previously closed at $8.70.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. BTIG Research upped their target price on shares of Ginkgo Bioworks from $0.20 to $7.00 and gave the stock a “sell” rating in a research report on Friday, August 23rd. TD Cowen upped their price objective on shares of Ginkgo Bioworks from $3.00 to $10.00 and gave the stock a “buy” rating in a report on Friday, September 20th. Three investment analysts have rated the stock with a sell rating, one has issued a hold rating and one has given a buy rating to the company. According to data from MarketBeat, Ginkgo Bioworks has an average rating of “Hold” and an average target price of $4.58.

Ginkgo Bioworks Trading Up 10.5 %

The stock has a 50 day moving average price of $7.93. The stock has a market cap of $552.37 million, a P/E ratio of -0.72 and a beta of 1.09.

Institutional Investors Weigh In On Ginkgo Bioworks

A number of institutional investors have recently made changes to their positions in DNA. Algert Global LLC purchased a new stake in shares of Ginkgo Bioworks during the second quarter valued at $36,000. Russell Investments Group Ltd. grew its stake in shares of Ginkgo Bioworks by 9,440.6% in the first quarter. Russell Investments Group Ltd. now owns 31,961 shares of the company’s stock worth $37,000 after acquiring an additional 31,626 shares during the period. Wellington Wealth Strategies LLC. purchased a new position in shares of Ginkgo Bioworks during the second quarter valued at approximately $41,000. Thoroughbred Financial Services LLC bought a new position in Ginkgo Bioworks during the second quarter valued at approximately $70,000. Finally, Pine Valley Investments Ltd Liability Co boosted its holdings in Ginkgo Bioworks by 653.7% in the second quarter. Pine Valley Investments Ltd Liability Co now owns 220,607 shares of the company’s stock worth $74,000 after purchasing an additional 191,336 shares during the last quarter. Hedge funds and other 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.