10x Genomics (NASDAQ:TXG) Trading Down 4.6% - Here's What Happened

10x Genomics, Inc. (NASDAQ:TXG - Get Free Report) was down 4.6% during trading on Tuesday . The company traded as low as $8.96 and last traded at $9.02. Approximately 534,648 shares traded hands during trading, a decline of 78% from the average daily volume of 2,431,876 shares. The stock had previously closed at $9.45.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on TXG. Citigroup dropped their target price on shares of 10x Genomics from $20.00 to $15.00 and set a "buy" rating for the company in a research report on Tuesday, March 4th. Leerink Partnrs lowered 10x Genomics from a "strong-buy" rating to a "hold" rating in a report on Thursday, February 13th. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of 10x Genomics in a report on Saturday, May 24th. Barclays decreased their target price on 10x Genomics from $15.00 to $12.00 and set an "overweight" rating for the company in a research report on Thursday, April 10th. Finally, Wall Street Zen raised 10x Genomics from a "hold" rating to a "buy" rating in a research report on Thursday, May 22nd. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $15.81.

10x Genomics Price Performance

The firm's fifty day moving average is $8.46 and its two-hundred day moving average is $11.74. The firm has a market cap of $1.15 billion, a price-to-earnings ratio of -6.14 and a beta of 1.94.

10x Genomics (NASDAQ:TXG - Get Free Report) last issued its quarterly 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. The company had revenue of $154.88 million during the quarter, compared to analyst estimates of $131.91 million. 10x Genomics had a negative net margin of 29.90% and a negative return on equity of 25.40%. The business's revenue for the quarter was down 2.3% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.50) EPS. On average, equities analysts forecast that 10x Genomics, Inc. will post -1.43 earnings per share for the current fiscal year.

Insider Buying and Selling at 10x Genomics

In related news, 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 completion of the sale, the chief financial officer now directly owns 331,588 shares of the company's stock, valued at $2,752,180.40. This represents a 1.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Benjamin J. Hindson sold 7,485 shares of 10x Genomics stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $8.30, for a total transaction of $62,125.50. Following the completion of the transaction, the insider now owns 448,374 shares in the company, valued at approximately $3,721,504.20. This trade represents a 1.64% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 20,872 shares of company stock valued at $173,238. 9.39% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On 10x Genomics

Hedge funds have recently modified their holdings of the stock. Entropy Technologies LP boosted its holdings in shares of 10x Genomics by 285.6% in the fourth quarter. Entropy Technologies LP now owns 37,595 shares of the company's stock worth $540,000 after buying an additional 27,844 shares during the period. Alberta Investment Management Corp purchased a new stake in shares of 10x Genomics in the 4th quarter valued at approximately $3,206,000. Atria Wealth Solutions Inc. boosted its stake in 10x Genomics by 9.6% in the 4th quarter. Atria Wealth Solutions Inc. now owns 10,788 shares of the company's stock worth $155,000 after purchasing an additional 943 shares during the period. ARK Investment Management LLC grew its position in 10x Genomics by 11.1% during the 4th quarter. ARK Investment Management LLC now owns 11,944,057 shares of the company's stock worth $171,517,000 after purchasing an additional 1,193,712 shares in the last quarter. Finally, Invesco Ltd. grew its position in 10x Genomics by 21.8% during the 4th quarter. Invesco Ltd. now owns 118,067 shares of the company's stock worth $1,695,000 after purchasing an additional 21,134 shares in the last quarter. 84.68% of the stock is currently owned by institutional investors and hedge funds.

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.