Ginkgo Bioworks (NYSE:DNA) Trading Down 5.3% – Here’s Why

Ginkgo Bioworks Holdings, Inc. (NYSE:DNA)’s stock price traded down 5.3% during trading on Tuesday . The stock traded as low as $9.64 and last traded at $9.6150. 463,605 shares were traded during trading, a decline of 56% from the average session volume of 1,054,074 shares. The stock had previously closed at $10.15.

Analyst Ratings Changes

Several research firms have recently issued reports on DNA. Wall Street Zen downgraded shares of Ginkgo Bioworks from a “hold” rating to a “sell” rating in a report on Saturday, November 8th. Weiss Ratings restated a “sell (d-)” rating on shares of Ginkgo Bioworks in a research note on Wednesday, January 21st. Finally, TD Cowen reduced their price objective on Ginkgo Bioworks from $14.00 to $12.00 and set a “buy” rating for the company in a research report on Thursday, January 8th. One equities research analyst has rated the stock with a Buy rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Reduce” and a consensus price target of $10.50.

Ginkgo Bioworks Stock Down 9.5%

The company has a market capitalization of $556.82 million, a price-to-earnings ratio of -1.48 and a beta of 1.55. The business has a fifty day simple moving average of $9.12 and a two-hundred day simple moving average of $10.94.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Quarry LP acquired a new stake in shares of Ginkgo Bioworks in the 3rd quarter valued at $29,000. Raymond James Financial Inc. acquired a new position in Ginkgo Bioworks in the second quarter valued at about $29,000. Strs Ohio bought a new position in shares of Ginkgo Bioworks in the third quarter valued at approximately $44,000. Ameritas Investment Partners Inc. acquired a new position in shares of Ginkgo Bioworks in the 2nd quarter worth approximately $45,000. Finally, Daiwa Securities Group Inc. bought a new stake in Ginkgo Bioworks during the 2nd quarter worth approximately $71,000. 78.63% of the stock is currently owned by institutional investors and hedge funds.

Ginkgo Bioworks Company Profile

Ginkgo Bioworks, Inc is a synthetic biology company that designs custom microbes for customers across a range of industries. Utilizing a proprietary organism foundry platform, the company engineers cells to produce high-value chemicals, enzymes, and other biological materials. By integrating automation, data analytics and machine learning, Ginkgo Bioworks seeks to accelerate the development of biologically derived solutions at industrial scale.

The company’s services span the entire development cycle, from genetic design and strain optimization to fermentation and downstream processing.