TD Cowen Boosts Ginkgo Bioworks (NYSE:DNA) Price Target to $10.00

Ginkgo Bioworks (NYSE:DNA) had its price objective increased by TD Cowen from $3.00 to $10.00 in a report released on Friday morning, Benzinga reports. TD Cowen currently has a buy rating on the stock.

Several other brokerages have also commented on DNA. The Goldman Sachs Group decreased their price objective on Ginkgo Bioworks from $0.02 to $0.01 and set a sell rating for the company in a report on Tuesday, July 9th. BTIG Research increased their price objective on Ginkgo Bioworks from $0.20 to $7.00 and gave the company a sell rating in a report on Friday, August 23rd. Three research analysts have rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of Hold and an average price target of $3.42.

Ginkgo Bioworks Stock Performance

NYSE:DNA opened at $7.84 on Friday. The stock’s fifty day moving average is $3.36 and its 200 day moving average is $1.19. The firm has a market capitalization of $17.34 billion, a PE ratio of -17.82 and a beta of 1.06. Ginkgo Bioworks has a fifty-two week low of $5.26 and a fifty-two week high of $82.80.

Ginkgo Bioworks (NYSE:DNA) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.08) EPS for the quarter, hitting the consensus estimate of ($0.08). The company had revenue of $56.21 million for the quarter, compared to the consensus estimate of $41.46 million. Ginkgo Bioworks had a negative net margin of 486.98% and a negative return on equity of 63.09%. Equities analysts forecast that Ginkgo Bioworks will post -12.6 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Paloma Partners Management Co acquired a new position in shares of Ginkgo Bioworks during the first quarter valued at approximately $28,000. First Trust Direct Indexing L.P. acquired a new position in Ginkgo Bioworks in the 1st quarter valued at $35,000. Algert Global LLC purchased a new position in Ginkgo Bioworks in the 2nd quarter valued at $36,000. Russell Investments Group Ltd. boosted its stake in Ginkgo Bioworks by 9,440.6% during the 1st quarter. Russell Investments Group Ltd. now owns 31,961 shares of the company’s stock worth $37,000 after purchasing an additional 31,626 shares during the last quarter. Finally, Wellington Wealth Strategies LLC. acquired a new stake in shares of Ginkgo Bioworks in the second quarter valued at about $41,000. Hedge funds and other institutional investors own 78.63% of the company’s stock.

Ginkgo Bioworks Company Profile

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.