Ginkgo Bioworks (NYSE:DNA) Stock Price Up 12.2% – Still a Buy?

Ginkgo Bioworks Holdings, Inc. (NYSE:DNA)’s share price was up 12.2% on Thursday . The company traded as high as $10.83 and last traded at $10.97. Approximately 382,903 shares traded hands during trading, a decline of 55% from the average daily volume of 858,377 shares. The stock had previously closed at $9.78.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on DNA. Weiss Ratings restated a “sell (d-)” rating on shares of Ginkgo Bioworks in a research report on Wednesday. Wall Street Zen cut Ginkgo Bioworks from a “hold” rating to a “sell” rating in a research report on Saturday, November 8th. Finally, TD Cowen decreased their target price on Ginkgo Bioworks from $14.00 to $12.00 and set a “buy” rating on the stock in a research note on Thursday, January 8th. One research analyst has rated the stock with a Buy rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Reduce” and an average target price of $10.50.

Ginkgo Bioworks Price Performance

The stock has a 50 day moving average of $8.94 and a 200 day moving average of $11.09. The firm has a market cap of $607.78 million, a P/E ratio of -1.61 and a beta of 1.55.

Ginkgo Bioworks (NYSE:DNA) last posted its quarterly earnings data on Thursday, November 6th. The company reported ($1.45) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.24) by ($0.21). The firm had revenue of $38.84 million during the quarter, compared to analysts’ expectations of $38.95 million. Ginkgo Bioworks had a negative return on equity of 51.15% and a negative net margin of 188.00%. On average, research analysts predict that Ginkgo Bioworks Holdings, Inc. will post -10.02 EPS for the current fiscal year.

Hedge Funds Weigh In On Ginkgo Bioworks

Several institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. lifted its stake in Ginkgo Bioworks by 4.2% in the third quarter. Vanguard Group Inc. now owns 2,480,504 shares of the company’s stock worth $36,166,000 after purchasing an additional 99,379 shares during the last quarter. Erste Asset Management GmbH increased its holdings in shares of Ginkgo Bioworks by 10.0% in the third quarter. Erste Asset Management GmbH now owns 2,200,000 shares of the company’s stock worth $32,076,000 after buying an additional 200,000 shares during the period. Legal & General Group Plc boosted its holdings in Ginkgo Bioworks by 7.9% during the 3rd quarter. Legal & General Group Plc now owns 1,608,923 shares of the company’s stock valued at $23,458,000 after acquiring an additional 118,402 shares during the period. Millennium Management LLC lifted its position in Ginkgo Bioworks by 113.1% in the first quarter. Millennium Management LLC now owns 1,427,600 shares of the company’s stock valued at $8,137,000 after purchasing an additional 757,535 shares during the last quarter. Finally, Geode Capital Management LLC grew its holdings in shares of Ginkgo Bioworks by 104.5% in the second quarter. Geode Capital Management LLC now owns 937,583 shares of the company’s stock worth $10,549,000 after purchasing an additional 479,154 shares during the last quarter. Institutional investors own 78.63% of the company’s stock.

About Ginkgo Bioworks

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.