Ginkgo Bioworks (NYSE:DNA) Shares Down 6.3% – Time to Sell?

Ginkgo Bioworks Holdings, Inc. (NYSE:DNA)’s share price dropped 6.3% during trading on Tuesday . The company traded as low as $14.12 and last traded at $13.80. Approximately 1,322,340 shares were traded during mid-day trading, a decline of 17% from the average daily volume of 1,601,629 shares. The stock had previously closed at $14.73.

Ginkgo Bioworks Stock Down 6.4 %

The stock has a market cap of $792.36 million, a price-to-earnings ratio of -1.05 and a beta of 1.16. The business has a fifty day moving average price of $11.34.

Hedge Funds Weigh In On Ginkgo Bioworks

Large investors have recently added to or reduced their stakes in the company. Bank of America Corp DE increased its holdings in shares of Ginkgo Bioworks by 780.6% during the fourth quarter. Bank of America Corp DE now owns 3,764,455 shares of the company’s stock valued at $36,967,000 after acquiring an additional 3,336,964 shares in the last quarter. Forbes J M & Co. LLP increased its holdings in shares of Ginkgo Bioworks by 461.4% during the fourth quarter. Forbes J M & Co. LLP now owns 701,732 shares of the company’s stock valued at $6,891,000 after acquiring an additional 576,732 shares in the last quarter. Millennium Management LLC increased its holdings in shares of Ginkgo Bioworks by 357.4% during the fourth quarter. Millennium Management LLC now owns 670,065 shares of the company’s stock valued at $6,580,000 after acquiring an additional 523,571 shares in the last quarter. Erste Asset Management GmbH acquired a new position in shares of Ginkgo Bioworks during the third quarter valued at about $4,075,000. Finally, Jacobs Levy Equity Management Inc. acquired a new position in shares of Ginkgo Bioworks during the third quarter valued at about $2,282,000. 78.63% of the stock is currently owned by institutional investors.

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.