10x Genomics (NASDAQ:TXG) Given Consensus Recommendation of "Hold" by Analysts

Key Points

• Analysts maintain a “Hold” consensus on 10x Genomics, with 10 hold, four buy and one sell rating among 15 firms. The average 12-month price target is $32.08, below the stock’s reported $47.05 price.
• The company exceeded quarterly expectations, reporting an adjusted loss of $0.10 per share versus the $0.29 consensus loss and revenue of $150.84 million versus $146.41 million expected. Revenue increased 9.4% year over year.
• Insiders have been selling shares: executives and directors sold 91,309 shares worth approximately $2.58 million over the past three months, while institutional investors and hedge funds own 84.68% of the stock.

Shares of 10x Genomics (NASDAQ:TXG - Get Free Report) have received a consensus rating of "Hold" from the fifteen ratings firms that are currently covering the firm, Marketbeat reports. One analyst has rated the stock with a sell rating, ten have issued a hold rating and four have issued a buy rating on the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $32.0833.

A number of research analysts recently issued reports on TXG shares. Piper Sandler lifted their target price on 10x Genomics from $20.00 to $42.00 and gave the stock a "neutral" rating in a report on Wednesday, July 1st. William Blair raised shares of 10x Genomics from a "market perform" rating to an "outperform" rating in a report on Tuesday, March 31st. Bank of America upped their price target on shares of 10x Genomics from $21.00 to $30.00 and gave the company a "neutral" rating in a report on Monday, April 20th. TD Cowen restated a "hold" rating on shares of 10x Genomics in a research report on Wednesday, July 15th. Finally, Barclays lifted their price objective on shares of 10x Genomics from $30.00 to $40.00 and gave the stock an "overweight" rating in a research note on Wednesday, June 24th.

10x Genomics Stock Performance

Shares of NASDAQ TXG opened at $47.05 on Wednesday. The stock has a fifty day moving average price of $35.67 and a two-hundred day moving average price of $26.13. The firm has a market cap of $5.97 billion, a P/E ratio of -276.76 and a beta of 2.05. 10x Genomics has a 1 year low of $11.16 and a 1 year high of $49.50.

10x Genomics (NASDAQ:TXG - Get Free Report) last posted its quarterly earnings data on Thursday, May 7th. The company reported ($0.10) EPS for the quarter, topping analysts' consensus estimates of ($0.29) by $0.19. The company had revenue of $150.84 million for the quarter, compared to the consensus estimate of $146.41 million. 10x Genomics had a negative return on equity of 2.86% and a negative net margin of 3.55%.The company's quarterly revenue was up 9.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.28) EPS. On average, research analysts predict that 10x Genomics will post -0.78 earnings per share for the current fiscal year.

Insider Buying and Selling at 10x Genomics

In other 10x Genomics news, Director Shehnaaz Suliman sold 5,723 shares of the company'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 transaction, the director owned 31,722 shares of the company's stock, valued at approximately $1,035,088.86. This represents a 15.28% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Serge Saxonov sold 30,000 shares of the company's stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $34.44, for a total value of $1,033,200.00. Following the completion of the transaction, the chief executive officer directly owned 1,108,380 shares in the company, valued at $38,172,607.20. This represents a 2.64% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 91,309 shares of company stock valued at $2,581,357. 8.84% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On 10x Genomics

A number of hedge funds have recently modified their holdings of the stock. Regent Peak Wealth Advisors LLC acquired a new position in shares of 10x Genomics in the 2nd quarter worth $323,000. Tactive Advisors LLC purchased a new stake in shares of 10x Genomics during the second quarter valued at $479,000. Elevation Wealth Partners LLC lifted its holdings in shares of 10x Genomics by 332.3% during the second quarter. Elevation Wealth Partners LLC now owns 1,487 shares of the company's stock valued at $57,000 after purchasing an additional 1,143 shares during the last quarter. 55 North Private Wealth LLC acquired a new position in shares of 10x Genomics in the 2nd quarter valued at $312,000. Finally, Grant Private Wealth Management Inc acquired a new position in shares of 10x Genomics in the 2nd quarter valued at $292,000. 84.68% of the stock is currently owned by institutional investors and hedge funds.

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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