10x Genomics (NASDAQ:TXG) Shares Up 10.6% - Time to Buy?

Key Points

• 10x Genomics' stock price increased by 10.6% to $14.17, despite a decline in trading volume compared to its daily average.
• Analyst ratings on the stock are mixed, with one sell, six hold, and seven buy ratings, and a consensus target price of $13.54.
• The company reported a profit of $0.28 per share for the last quarter, significantly exceeding analysts' expectations of a loss of $0.35.

10x Genomics (NASDAQ:TXG - Get Free Report) shares rose 10.6% on Wednesday . The company traded as high as $14.05 and last traded at $14.17. Approximately 3,127,458 shares traded hands during mid-day trading, a decline of 9% from the average daily volume of 3,418,875 shares. The stock had previously closed at $12.81.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the stock. JPMorgan Chase & Co. cut their price objective on shares of 10x Genomics from $12.00 to $9.00 and set a "neutral" rating on the stock in a research report on Friday, May 9th. Weiss Ratings reissued a "sell (e+)" rating on shares of 10x Genomics in a research report on Thursday. Stephens reissued an "overweight" rating and issued a $14.00 price objective on shares of 10x Genomics in a research report on Thursday, May 15th. Barclays reissued an "overweight" rating and issued a $15.00 price objective (up previously from $13.00) on shares of 10x Genomics in a research report on Friday, August 8th. Finally, Deutsche Bank Aktiengesellschaft set a $14.00 price objective on shares of 10x Genomics and gave the stock a "hold" rating in a research report on Friday, August 8th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have assigned a buy rating to the company's stock. According to MarketBeat, 10x Genomics presently has an average rating of "Hold" and a consensus price target of $13.54.

10x Genomics Price Performance

The company's 50-day moving average is $12.29 and its two-hundred day moving average is $10.72. The firm has a market cap of $1.65 billion, a P/E ratio of -19.09 and a beta of 2.03.

10x Genomics (NASDAQ:TXG - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported $0.28 EPS for the quarter, topping analysts' consensus estimates of ($0.35) by $0.63. The firm had revenue of $172.91 million during the quarter, compared to analysts' expectations of $139.36 million. 10x Genomics had a negative net margin of 13.13% and a negative return on equity of 12.88%. The business's revenue for the quarter was up 12.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.32) earnings per share. On average, analysts expect that 10x Genomics will post -1.43 EPS for the current fiscal year.

Insider Activity at 10x Genomics

In other 10x Genomics news, CEO Serge Saxonov sold 9,343 shares of the stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $8.30, for a total transaction of $77,546.90. Following the completion of the sale, the chief executive officer owned 1,083,625 shares of the company's stock, valued at approximately $8,994,087.50. This represents a 0.85% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Adam Taich sold 4,044 shares of the stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $8.30, for a total transaction of $33,565.20. Following the sale, the chief financial officer directly owned 331,588 shares of the company's stock, valued at $2,752,180.40. This represents a 1.20% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 20,872 shares of company stock worth $173,238 in the last quarter. 9.39% of the stock is owned by insiders.

Institutional Trading of 10x Genomics

Large investors have recently modified their holdings of the stock. GAMMA Investing LLC lifted its stake in 10x Genomics by 81.8% during the 1st quarter. GAMMA Investing LLC now owns 3,586 shares of the company's stock valued at $31,000 after acquiring an additional 1,614 shares in the last quarter. Invesco Ltd. lifted its stake in 10x Genomics by 21.8% during the 4th quarter. Invesco Ltd. now owns 118,067 shares of the company's stock valued at $1,695,000 after acquiring an additional 21,134 shares in the last quarter. Deutsche Bank AG lifted its stake in 10x Genomics by 35.3% during the 4th quarter. Deutsche Bank AG now owns 10,190 shares of the company's stock valued at $146,000 after acquiring an additional 2,657 shares in the last quarter. Cetera Investment Advisers lifted its stake in 10x Genomics by 22.7% during the 4th quarter. Cetera Investment Advisers now owns 19,898 shares of the company's stock valued at $286,000 after acquiring an additional 3,679 shares in the last quarter. Finally, Rhumbline Advisers lifted its stake in 10x Genomics by 11.4% during the 1st quarter. Rhumbline Advisers now owns 120,490 shares of the company's stock valued at $1,052,000 after acquiring an additional 12,374 shares in the last quarter. Institutional investors and hedge funds own 84.68% of the company's stock.

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.