Ginkgo Bioworks (NYSE:DNA) Stock Drops 6.3% - Should You Consider Selling?

Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) saw its shares decline by 6.3% during trading on Tuesday. The stock dipped to a low of $14.12 and was last seen at $13.80. In total, 1,322,340 shares changed hands during the mid-day session, marking a 17% drop compared to its average trading volume of 1,601,629 shares. Prior to this, the stock had closed at $14.73.

Current Stock Overview

With a market capitalization of $657.86 million, Ginkgo Bioworks holds a price-to-earnings ratio of -0.88 and a beta of 1.16, reflecting its volatility. The stock's 50-day simple moving average sits at $11.45, indicating some recent upward momentum.

Institutional Investment Activity

Recently, there has been notable activity among institutional investors regarding Ginkgo Bioworks shares. PDT Partners LLC made a new investment in the company during the third quarter, investing $1,199,000. Likewise, Erste Asset Management GmbH acquired a stake valued at $4,075,000, while Jacobs Levy Equity Management Inc. invested about $2,282,000. BNP Paribas Financial Markets and PFG Investments LLC also established new positions in the third quarter worth approximately $1,287,000 and $1,541,000, respectively. Currently, institutional and hedge fund investors own around 78.63% of Ginkgo Bioworks' shares.

About Ginkgo Bioworks

Ginkgo Bioworks Holdings, Inc., along with its subsidiaries, focuses on developing a platform for cell programming in the United States. This platform is utilized to program cells to produce various biological products including innovative therapeutics, food ingredients, and chemicals derived from petroleum. The company caters to various sectors such as pharmaceuticals, biotechnology, agriculture, industrial and environmental services, food and nutrition, consumer technology, and defense.

Market Outlook

This drop in stock price raises questions about the future performance of Ginkgo Bioworks. Investors might wonder if now is a good time to sell or to hold their investments in the company.

Before making any investment decision, it is advisable to consider seeking insights from trusted financial sources and stay updated on market trends regarding Ginkgo Bioworks and similar companies.

Ginkgo, Bioworks, stocks