10x Genomics (NASDAQ:TXG) Downgraded to "Hold" Rating by Wall Street Zen

10x Genomics (NASDAQ:TXG - Get Free Report) was downgraded by Wall Street Zen from a "buy" rating to a "hold" rating in a research report issued to clients and investors on Saturday.

Several other equities analysts have also weighed in on TXG. Stephens restated an "overweight" rating and issued a $14.00 price target on shares of 10x Genomics in a research note on Thursday, May 15th. Bank of America lifted their price target on 10x Genomics from $12.00 to $13.00 and gave the company a "neutral" rating in a research note on Thursday. Morgan Stanley cut their price objective on 10x Genomics from $26.00 to $18.00 and set an "overweight" rating for the company in a research note on Monday, May 19th. Citigroup cut their price objective on 10x Genomics from $20.00 to $15.00 and set a "buy" rating for the company in a research note on Tuesday, March 4th. Finally, JPMorgan Chase & Co. cut their price objective on 10x Genomics from $12.00 to $9.00 and set a "neutral" rating for the company in a research note on Friday, May 9th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $14.96.

10x Genomics Stock Performance

Shares of 10x Genomics stock traded up $0.03 on Friday, hitting $11.73. The company's stock had a trading volume of 17,895,514 shares, compared to its average volume of 2,695,484. 10x Genomics has a 1 year low of $6.78 and a 1 year high of $24.76. The firm has a fifty day moving average price of $9.37 and a 200-day moving average price of $11.19. The company has a market capitalization of $1.44 billion, a price-to-earnings ratio of -9.02 and a beta of 1.99.

10x Genomics (NASDAQ:TXG - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported ($0.36) earnings per share for the quarter, beating the consensus estimate of ($0.45) by $0.09. 10x Genomics had a negative return on equity of 23.22% and a negative net margin of 25.14%. The firm had revenue of $154.88 million during the quarter, compared to analyst estimates of $131.91 million. During the same quarter in the previous year, the business earned ($0.50) EPS. 10x Genomics's revenue for the quarter was down 2.3% compared to the same quarter last year. As a group, analysts forecast that 10x Genomics will post -1.43 EPS for the current year.

Insider Transactions at 10x Genomics

In related news, CFO Adam Taich sold 4,044 shares of the company's stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $8.30, for a total value of $33,565.20. Following the transaction, the chief financial officer now directly owns 331,588 shares in the company, valued at approximately $2,752,180.40. This represents a 1.20% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Benjamin J. Hindson sold 7,485 shares of the company's stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $8.30, for a total value of $62,125.50. Following the completion of the transaction, the insider now owns 448,374 shares in the company, valued at $3,721,504.20. This represents a 1.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 20,872 shares of company stock worth $173,238 in the last ninety days. Insiders own 9.39% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Atria Wealth Solutions Inc. lifted its holdings in 10x Genomics by 9.6% in the fourth quarter. Atria Wealth Solutions Inc. now owns 10,788 shares of the company's stock valued at $155,000 after acquiring an additional 943 shares during the last quarter. Signaturefd LLC raised its position in 10x Genomics by 424.6% in the fourth quarter. Signaturefd LLC now owns 1,794 shares of the company's stock valued at $26,000 after purchasing an additional 1,452 shares during the period. GAMMA Investing LLC raised its position in 10x Genomics by 81.8% in the first quarter. GAMMA Investing LLC now owns 3,586 shares of the company's stock valued at $31,000 after purchasing an additional 1,614 shares during the period. Xponance Inc. raised its position in 10x Genomics by 17.4% in the first quarter. Xponance Inc. now owns 12,010 shares of the company's stock valued at $105,000 after purchasing an additional 1,778 shares during the period. Finally, GF Fund Management CO. LTD. purchased a new stake in 10x Genomics in the fourth quarter valued at approximately $32,000. 84.68% of the stock is currently owned by institutional investors and hedge funds.

10x Genomics Company Profile

10x Genomics, Inc, a life science technology company, develops and sells instruments, consumables, and software for analyzing biological systems in the America, Europe, the Middle East, Africa, China, and the Asia Pacific. The company provides chromium, chromium connect, and chromium controller instruments, microfluidic chips, slides, reagents, and other consumables products.