10x Genomics (NASDAQ:TXG) Sees Significant Growth in Short Interest

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) saw a large growth in short interest during the month of 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 currently 3.7 days. Based on an average daily trading volume, of 3,860,000 shares, the short-interest ratio is currently 3.7 days.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. Weiss Ratings restated a "sell (e+)" rating on shares of 10x Genomics in a report on Tuesday, July 29th. UBS Group cut their price objective on 10x Genomics from $14.00 to $12.00 and set a "neutral" rating on the stock in a research report on Tuesday, May 13th. JPMorgan Chase & Co. cut their price objective on 10x Genomics from $12.00 to $9.00 and set a "neutral" rating on the stock in a research report on Friday, May 9th. The Goldman Sachs Group dropped their target price on 10x Genomics from $7.50 to $6.50 and set a "sell" rating on the stock in a research report on Monday, May 12th. Finally, Wall Street Zen downgraded 10x Genomics from a "buy" rating to a "hold" rating in a research report on Saturday, June 28th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $13.23.

Insiders Place Their Bets

In other news, insider Benjamin J. Hindson sold 7,485 shares of the business's stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $8.30, for a total value of $62,125.50. Following the completion of the sale, the insider directly owned 448,374 shares of the company's stock, valued at approximately $3,721,504.20. The trade was a 1.64% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Serge Saxonov sold 9,343 shares of the business's stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of $8.30, for a total value of $77,546.90. Following the completion of the sale, the chief executive officer directly owned 1,083,625 shares of the company's stock, valued at $8,994,087.50. The trade was a 0.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 20,872 shares of company stock valued at $173,238 in the last ninety days. Insiders own 10.03% of the company's stock.

Hedge Funds Weigh In On 10x Genomics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TXG. Vestmark Advisory Solutions Inc. lifted its holdings in shares of 10x Genomics by 109.7% during the 2nd quarter. Vestmark Advisory Solutions Inc. now owns 615,294 shares of the company's stock worth $7,125,000 after acquiring an additional 321,894 shares during the last quarter. Savant Capital LLC boosted its holdings in 10x Genomics by 441.6% in the second quarter. Savant Capital LLC now owns 162,771 shares of the company's stock valued at $1,885,000 after acquiring an additional 132,719 shares in the last quarter. Bank of Montreal Can boosted its holdings in 10x Genomics by 4,787.2% in the second quarter. Bank of Montreal Can now owns 588,080 shares of the company's stock valued at $6,810,000 after acquiring an additional 576,047 shares in the last quarter. Versor Investments LP bought a new position in 10x Genomics in the 2nd quarter worth about $256,000. Finally, Simon Quick Advisors LLC purchased a new position in 10x Genomics in the 2nd quarter worth about $428,000. Institutional investors own 84.68% of the company's stock.

10x Genomics Stock Down 4.9%

Shares of NASDAQ:TXG traded down $0.65 during midday trading on Wednesday, hitting $12.66. The stock had a trading volume of 2,914,237 shares, compared to its average volume of 3,414,848. The company's 50-day moving average price is $11.71 and its 200-day moving average price is $10.83. The company has a market capitalization of $1.56 billion, a P/E ratio of -9.74 and a beta of 2.03. 10x Genomics has a fifty-two week low of $6.78 and a fifty-two week high of $24.76.

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

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.