5 Cathie Wood Stocks that Can Rebound in Q4

3. Ginkgo Bioworks Holdings, Inc. (NYSE:DNA)

Number of Hedge Fund Holders: 29

Share Price Decline YTD as of August 23: 68.87%

Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) is a Massachusetts-based company that operates a platform for cell programming. The platform is used to program cells for novel therapeutics, food ingredients, and chemicals derived from petroleum. Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) stock has plunged about 69% year to date as of August 23. However, the stock has potential to rebound as soon as Q4 as given the importance of cell programming in agriculture to combat the global shortage of food, among other important use cases. 

On August 16, Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) stock rose about 21% as the company reported its Q2 2022 results, which included a topline beat and a raised guidance. The company lifted its 2022 revenue outlook to $425 million to $440 million from $375 million to $390 million, which is also above the Street consensus.

Raymond James analyst Rahul Sarugaser on August 16 raised the price target on Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) to $14.50 from $11.50 and kept an Outperform rating on the shares. The company posted Q2 earnings, featuring significant beats on revenue and adjusted EBITDA, leading Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) to raise its guidance for FY22, the analyst told investors. He is optimistic about Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) adding 13 new sector-diversified programs this quarter, reinforcing his confidence that the company should meet its target of 60 new programs added this year.

According to Insider Monkey’s Q2 data, Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) was part of 29 hedge fund portfolios, compared to 30 funds in the earlier quarter.