5 Penny Stocks for Long-Term Profits

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

Number of Hedge Fund Holders: 30

Share Price (as of August 5): $3.01

Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) is a Massachusetts-based company which uses cell-programming technology to enable the biological production of novel drug treatments, food ingredients, and petrochemicals. As of August 5, shares of the company trade around $3 on the New York Stock Exchange, making it an exciting penny stock to buy.

On June 16, Jefferies analyst Laurence Alexander reiterated a ‘Buy’ rating on Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) shares and lowered the price target to $4.35 from $11.50 on account of the weak macro backdrop which includes high interest rates and slowing demand. In July, Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) agreed to purchase biotech firm Zymergen (NASDAQ:ZY) in a $300 million all-stock transaction.

Cathie Wood, the famed disruptive tech investor, significantly added to her Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) position in July, buying more than 10 million shares of the company during the month. Overall, 30 hedge funds disclosed bullish bets on the company shares at the end of the first quarter, with an aggregate value of $990.4 million.

You can also take a look at 15 Best Long-Term Stocks To Buy Now and Top 10 Logistics Companies In The World.

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