10x Genomics (NASDAQ:TXG) Given Average Rating of "Hold" by Brokerages

Key Points

• 10x Genomics has an average analyst rating of "Hold" from 15 research firms, with one sell, 10 hold, and four buy ratings; the average 12-month price target is about $25.92.
• Several analysts recently adjusted their views, including Piper Sandler raising its target to $42 while keeping a neutral rating and Bank of America lifting its target to $30 with a neutral call. Zacks Research downgraded the stock from strong-buy to hold.
• The company’s latest earnings beat expectations, posting -$0.10 EPS versus the expected -$0.29 and revenue of $150.84 million, up 9.4% year over year. Shares were trading near their 52-week high at $39.01 after recent insider selling and heavy institutional ownership.

Shares of 10x Genomics (NASDAQ:TXG - Get Free Report) have received an average rating of "Hold" from the fifteen research firms that are presently covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the company. The average 12-month price target among analysts that have issued a report on the stock in the last year is $25.9167.

A number of equities analysts have weighed in on TXG shares. Piper Sandler boosted their target price on 10x Genomics from $20.00 to $42.00 and gave the stock a "neutral" rating in a research report on Wednesday. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of 10x Genomics in a report on Wednesday, June 24th. Morgan Stanley lifted their price target on shares of 10x Genomics from $20.00 to $22.00 and gave the stock an "equal weight" rating in a research note on Tuesday, May 12th. Zacks Research cut shares of 10x Genomics from a "strong-buy" rating to a "hold" rating in a report on Monday, May 18th. Finally, Bank of America increased their price objective on shares of 10x Genomics from $21.00 to $30.00 and gave the company a "neutral" rating in a research report on Monday, April 20th.

Insider Activity at 10x Genomics

In other 10x Genomics news, CFO Adam Taich sold 15,098 shares of the stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $24.44, for a total value of $368,995.12. Following the transaction, the chief financial officer directly owned 379,898 shares in the company, valued at approximately $9,284,707.12. This trade represents a 3.82% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Shehnaaz Suliman sold 5,723 shares of the firm's stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $32.63, for a total value of $186,741.49. Following the completion of the transaction, the director directly owned 31,722 shares in the company, valued at approximately $1,035,088.86. This represents a 15.28% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 96,309 shares of company stock valued at $2,704,157 in the last quarter. 8.84% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Geneos Wealth Management Inc. bought a new position in shares of 10x Genomics in the fourth quarter worth about $38,000. Larson Financial Group LLC grew its position in shares of 10x Genomics by 164.4% during the fourth quarter. Larson Financial Group LLC now owns 2,364 shares of the company's stock worth $39,000 after purchasing an additional 1,470 shares in the last quarter. Fifth Third Bancorp bought a new stake in 10x Genomics during the 1st quarter valued at approximately $50,000. Van ECK Associates Corp raised its stake in 10x Genomics by 85.9% during the 4th quarter. Van ECK Associates Corp now owns 3,668 shares of the company's stock valued at $60,000 after purchasing an additional 1,695 shares during the period. Finally, EverSource Wealth Advisors LLC raised its stake in 10x Genomics by 203.9% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 7,490 shares of the company's stock valued at $87,000 after purchasing an additional 5,025 shares during the period. Hedge funds and other institutional investors own 84.68% of the company's stock.

10x Genomics Stock Performance

TXG stock opened at $39.01 on Friday. The firm has a 50 day moving average price of $28.07 and a 200-day moving average price of $22.83. 10x Genomics has a 52-week low of $11.16 and a 52-week high of $40.08. The firm has a market capitalization of $4.95 billion, a price-to-earnings ratio of -229.47 and a beta of 2.05.

10x Genomics (NASDAQ:TXG - Get Free Report) last released its earnings results on Thursday, May 7th. The company reported ($0.10) EPS for the quarter, topping analysts' consensus estimates of ($0.29) by $0.19. 10x Genomics had a negative return on equity of 2.86% and a negative net margin of 3.55%.The firm had revenue of $150.84 million for the quarter, compared to analysts' expectations of $146.41 million. During the same period in the prior year, the firm posted ($0.28) earnings per share. The company's quarterly revenue was up 9.4% on a year-over-year basis. As a group, sell-side analysts forecast that 10x Genomics will post -0.79 earnings per share for the current fiscal year.

About 10x Genomics

10x Genomics, Inc is a biotechnology company specializing in advanced genomic analysis solutions that enable researchers to explore biology at unprecedented resolution. The company develops and manufactures integrated hardware, consumables and software products for single-cell sequencing and spatial genomics. Its flagship Chromium product line supports applications in single-cell RNA sequencing, immune profiling and genome assembly, while the Visium and Xenium platforms offer spatial transcriptomics and in situ analysis, respectively.

Founded in 2012 and headquartered in Pleasanton, California, 10x Genomics serves a global customer base that includes academic institutions, pharmaceutical and biotechnology companies, and government research organizations.

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