10x Genomics (NASDAQ:TXG) Short Interest Up 1,022.8% in July

Key Points

• 10x Genomics experienced a massive increase in short interest, rising by 1,022.8% in July, totaling 14.26 million shares compared to 1.27 million shares in June.
• Insider trading activity saw CFO Adam Taich and another insider Benjamin J. Hindson sell shares at around $8.30, reducing their holdings by about 1.20% and 1.64%, respectively.
• Analysts have varied ratings on 10x Genomics, with price targets ranging from $6.50 to $18.00, while the consensus price target stands at $13.23.

10x Genomics (NASDAQ:TXG - Get Free Report) was the recipient of a large growth in short interest in July. As of July 15th, there was short interest totaling 14,260,000 shares, agrowthof1,022.8% from the June 30th total of 1,270,000 shares. Based on an average daily trading volume, of 3,860,000 shares, the short-interest ratio is presently 3.7 days. Based on an average daily trading volume, of 3,860,000 shares, the short-interest ratio is presently 3.7 days.

Insider Activity at 10x Genomics

In related news, insider Benjamin J. Hindson sold 7,485 shares of the stock in a transaction dated 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 owned 448,374 shares in the company, valued at $3,721,504.20. This represents a 1.64% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Adam Taich sold 4,044 shares of the firm's stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of $8.30, for a total transaction of $33,565.20. Following the transaction, the chief financial officer owned 331,588 shares of the company's stock, valued at approximately $2,752,180.40. This trade represents a 1.20% decrease in their position. The disclosure for this sale can be found here. Insiders sold 20,872 shares of company stock worth $173,238 in the last 90 days. Corporate insiders own 10.03% of the company's stock.

Hedge Funds Weigh In On 10x Genomics

Hedge funds have recently added to or reduced their stakes in the company. GAMMA Investing LLC grew its stake in shares of 10x Genomics by 81.8% in the first quarter. GAMMA Investing LLC now owns 3,586 shares of the company's stock worth $31,000 after acquiring an additional 1,614 shares during the last quarter. GF Fund Management CO. LTD. bought a new position in 10x Genomics in the fourth quarter worth $32,000. Signaturefd LLC lifted its position in 10x Genomics by 134.3% in the first quarter. Signaturefd LLC now owns 4,203 shares of the company's stock worth $37,000 after purchasing an additional 2,409 shares during the period. Whittier Trust Co. bought a new position in 10x Genomics in the first quarter worth $41,000. Finally, PNC Financial Services Group Inc. lifted its position in 10x Genomics by 153.6% in the first quarter. PNC Financial Services Group Inc. now owns 5,150 shares of the company's stock worth $45,000 after purchasing an additional 3,119 shares during the period. Institutional investors and hedge funds own 84.68% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on TXG. JPMorgan Chase & Co. reduced their price objective on shares of 10x Genomics from $12.00 to $9.00 and set a "neutral" rating for the company in a research report on Friday, May 9th. The Goldman Sachs Group reduced their price objective on shares of 10x Genomics from $7.50 to $6.50 and set a "sell" rating for the company in a research report on Monday, May 12th. Canaccord Genuity Group reduced their price objective on shares of 10x Genomics from $18.00 to $15.00 and set a "buy" rating for the company in a research report on Monday, May 12th. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of 10x Genomics in a research note on Tuesday, July 29th. Finally, UBS Group reduced their price objective on shares of 10x Genomics from $14.00 to $12.00 and set a "neutral" rating for the company in a research note on Tuesday, May 13th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $13.23.

10x Genomics Stock Performance

Shares of NASDAQ TXG traded down $0.37 during mid-day trading on Friday, reaching $13.08. The company had a trading volume of 2,650,226 shares, compared to its average volume of 3,117,040. The stock has a fifty day moving average of $11.51 and a two-hundred day moving average of $10.82. The company has a market capitalization of $1.61 billion, a price-to-earnings ratio of -10.06 and a beta of 2.03. 10x Genomics has a 12-month low of $6.78 and a 12-month high of $24.76.

10x Genomics (NASDAQ:TXG - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The company reported ($0.36) EPS for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to the consensus estimate of $131.91 million. During the same quarter in the prior year, the company posted ($0.50) earnings per share. The firm's revenue was down 2.3% on a year-over-year basis. Sell-side analysts forecast that 10x Genomics will post -1.43 earnings per share for the current fiscal year.

About 10x Genomics

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.