Ginkgo Bioworks (NYSE:DNA) Trading Down 7.9% – Should You Sell?

Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) shares dropped 7.9% during trading on Monday . The stock traded as low as $8.86 and last traded at $8.90. Approximately 231,030 shares changed hands during trading, a decline of 80% from the average daily volume of 1,170,095 shares. The stock had previously closed at $9.66.

Analyst Upgrades and Downgrades

Separately, TD Cowen lifted their price objective on shares of Ginkgo Bioworks from $3.00 to $10.00 and gave the company a “buy” rating in a research report on Friday, September 20th. Three analysts have rated the stock with a sell rating, one has issued a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $4.58.

Ginkgo Bioworks Stock Performance

The firm’s 50 day moving average is $8.73. The stock has a market capitalization of $564.44 million, a price-to-earnings ratio of -0.75 and a beta of 1.17.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Point72 Asia Singapore Pte. Ltd. increased its stake in Ginkgo Bioworks by 644.5% during the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 32,319 shares of the company’s stock worth $263,000 after acquiring an additional 27,978 shares during the last quarter. Verition Fund Management LLC acquired a new stake in Ginkgo Bioworks during the 3rd quarter worth approximately $792,000. Algert Global LLC purchased a new position in Ginkgo Bioworks in the second quarter valued at approximately $36,000. Wellington Wealth Strategies LLC. acquired a new position in Ginkgo Bioworks during the second quarter valued at approximately $41,000. Finally, Forbes J M & Co. LLP purchased a new stake in Ginkgo Bioworks during the third quarter worth approximately $1,019,000. 78.63% of the stock is currently owned by hedge funds and other institutional investors.

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.