10x Genomics (NASDAQ:TXG) Receives Average Rating of "Hold" from Brokerages

Key Points

• Analyst consensus on 10x Genomics is “Hold”: Of 16 brokerages, 10 rate the stock Hold, five Buy, and one Sell. The average 12-month price target is $38.31.
• TXG opened at $65.12, near its 52-week high of $65.47, despite continued losses. The company beat quarterly EPS and revenue expectations, reporting a $0.14 loss per share and $151.04 million in revenue, but revenue declined 12.7% year over year.
• Insiders have been selling shares: Executives and directors sold 66,441 shares worth about $2.64 million during the last quarter, while institutional investors own 84.68% of the company.

10x Genomics (NASDAQ:TXG - Get Free Report) has been given an average recommendation of "Hold" by the sixteen brokerages that are covering the firm, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, ten have given a hold recommendation and five have assigned a buy recommendation to the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $38.3077.

A number of brokerages have issued reports on TXG. Piper Sandler boosted their price objective on shares of 10x Genomics from $42.00 to $47.00 and gave the company a "neutral" rating in a research report on Monday, August 10th. Morgan Stanley raised their price objective on 10x Genomics from $37.00 to $40.00 and gave the company an "equal weight" rating in a research report on Friday, August 7th. Zacks Research lowered 10x Genomics from a "strong-buy" rating to a "hold" rating in a research report on Monday, May 18th. Leerink Partners upped their price target on shares of 10x Genomics from $23.00 to $40.00 and gave the stock a "market perform" rating in a research note on Friday, July 17th. Finally, Barclays increased their target price on 10x Genomics from $30.00 to $40.00 and gave the company an "overweight" rating in a research note on Wednesday, June 24th.

10x Genomics Price Performance

TXG opened at $65.12 on Friday. 10x Genomics has a fifty-two week low of $11.16 and a fifty-two week high of $65.47. The company's 50-day moving average is $45.09 and its 200 day moving average is $30.26. The firm has a market capitalization of $8.48 billion, a PE ratio of -110.37 and a beta of 2.03.

10x Genomics (NASDAQ:TXG - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.14) EPS for the quarter, beating analysts' consensus estimates of ($0.24) by $0.10. The business had revenue of $151.04 million during the quarter, compared to analyst estimates of $146.67 million. 10x Genomics had a negative return on equity of 9.33% and a negative net margin of 12.18%.10x Genomics's quarterly revenue was down 12.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.28 EPS. As a group, analysts expect that 10x Genomics will post -0.75 EPS for the current year.

Insider Buying and Selling

In other 10x Genomics news, CEO Serge Saxonov sold 30,000 shares of the business's stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $34.44, for a total transaction of $1,033,200.00. Following the completion of the sale, the chief executive officer directly owned 1,108,380 shares in the company, valued at $38,172,607.20. The trade was a 2.64% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director John R. Stuelpnagel sold 20,000 shares of the company's stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $57.75, for a total transaction of $1,155,000.00. Following the sale, the director directly owned 348,436 shares of the company's stock, valued at approximately $20,122,179. This represents a 5.43% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 66,441 shares of company stock worth $2,639,783. 8.84% of the stock is owned by insiders.

Institutional Trading of 10x Genomics

Hedge funds have recently bought and sold shares of the stock. Elevation Wealth Partners LLC increased its holdings in 10x Genomics by 332.3% in the 2nd quarter. Elevation Wealth Partners LLC now owns 1,487 shares of the company's stock worth $57,000 after acquiring an additional 1,143 shares in the last quarter. Geneos Wealth Management Inc. purchased a new stake in 10x Genomics during the 4th quarter valued at approximately $38,000. Larson Financial Group LLC grew its stake in 10x Genomics by 164.4% during the fourth quarter. Larson Financial Group LLC now owns 2,364 shares of the company's stock valued at $39,000 after acquiring an additional 1,470 shares in the last quarter. Fifth Third Bancorp purchased a new position in shares of 10x Genomics during the first quarter valued at about $50,000. Finally, Nykredit A S purchased a new position in 10x Genomics during the 2nd quarter valued at approximately $126,000. Institutional investors own 84.68% of the company's stock.

10x Genomics Company Profile

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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