Ginkgo Bioworks (NYSE:DNA) Stock Price Down 9.1% – Here’s What Happened

Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) shares dropped 9.1% during trading on Friday . The company traded as low as $9.98 and last traded at $10.10. Approximately 130,204 shares traded hands during mid-day trading, a decline of 90% from the average daily volume of 1,243,018 shares. The stock had previously closed at $11.11.

Analyst Ratings Changes

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

Ginkgo Bioworks Trading Down 12.1 %

The stock has a fifty day moving average price of $9.16. The firm has a market cap of $561.57 million, a price-to-earnings ratio of -0.75 and a beta of 1.09.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. AQR Capital Management LLC bought a new stake in Ginkgo Bioworks in the second quarter worth $3,391,000. Renaissance Technologies LLC bought a new position in Ginkgo Bioworks in the 2nd quarter worth about $2,128,000. XTX Topco Ltd purchased a new stake in Ginkgo Bioworks during the 2nd quarter valued at about $312,000. Mackenzie Financial Corp bought a new stake in Ginkgo Bioworks during the 2nd quarter valued at about $251,000. Finally, Erste Asset Management GmbH bought a new stake in Ginkgo Bioworks during the 3rd quarter valued at about $4,075,000. 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.