10x Genomics (NASDAQ:TXG) Trading Down 6.1% - Here's What Happened

10x Genomics (NASDAQ:TXG - Get Free Report) dropped 6.1% during trading on Monday . The stock traded as low as $12.19 and last traded at $12.22. Approximately 1,113,996 shares were traded during trading, a decline of 59% from the average daily volume of 2,715,327 shares. The stock had previously closed at $13.01.

Analyst Ratings Changes

TXG has been the topic of several analyst reports. UBS Group reduced their price target on 10x Genomics from $14.00 to $12.00 and set a "neutral" rating on the stock in a report on Tuesday, May 13th. Stephens reissued an "overweight" rating and set a $14.00 price objective on shares of 10x Genomics in a research report on Thursday, May 15th. Morgan Stanley cut their price objective on 10x Genomics from $26.00 to $18.00 and set an "overweight" rating for the company in a research report on Monday, May 19th. Weiss Ratings reissued a "sell (e+)" rating on shares of 10x Genomics in a research report on Friday, June 27th. Finally, Barclays reissued an "overweight" rating and set a $13.00 price objective (up from $12.00) on shares of 10x Genomics in a research report on Tuesday, June 24th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have issued a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $14.96.

10x Genomics Price Performance

The stock has a 50 day simple moving average of $9.89 and a two-hundred day simple moving average of $11.09. The company has a market cap of $1.47 billion, a PE ratio of -9.17 and a beta of 2.03.

10x Genomics (NASDAQ:TXG - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The company reported ($0.36) earnings per share for the quarter, beating analysts' consensus estimates of ($0.45) by $0.09. The company had revenue of $154.88 million during the quarter, compared to analysts' expectations of $131.91 million. 10x Genomics had a negative return on equity of 23.22% and a negative net margin of 25.14%. The firm's revenue for the quarter was down 2.3% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.50) earnings per share. As a group, equities analysts anticipate that 10x Genomics will post -1.43 EPS for the current fiscal year.

Insider Activity

In other 10x Genomics news, CFO Adam Taich sold 4,044 shares of the stock in a transaction on Thursday, May 22nd. The stock was sold at an average price of $8.30, for a total value of $33,565.20. Following the completion of the transaction, the chief financial officer owned 331,588 shares in the company, valued at approximately $2,752,180.40. This represents a 1.20% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Benjamin J. Hindson sold 7,485 shares of the stock in a transaction on 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 transaction, the insider owned 448,374 shares of the company's stock, valued at $3,721,504.20. The trade was a 1.64% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 20,872 shares of company stock valued at $173,238. Company insiders own 10.03% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. FMR LLC raised its position in 10x Genomics by 0.6% in the fourth quarter. FMR LLC now owns 13,454,434 shares of the company's stock worth $193,206,000 after acquiring an additional 86,455 shares in the last quarter. ARK Investment Management LLC raised its position in 10x Genomics by 7.5% in the first quarter. ARK Investment Management LLC now owns 12,845,713 shares of the company's stock worth $112,143,000 after acquiring an additional 901,656 shares in the last quarter. Vanguard Group Inc. grew its holdings in 10x Genomics by 1.7% in the first quarter. Vanguard Group Inc. now owns 11,118,086 shares of the company's stock valued at $97,061,000 after purchasing an additional 184,537 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in 10x Genomics by 235.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,103,768 shares of the company's stock valued at $62,016,000 after purchasing an additional 4,987,195 shares during the last quarter. Finally, Millennium Management LLC grew its holdings in 10x Genomics by 434.5% in the first quarter. Millennium Management LLC now owns 5,377,492 shares of the company's stock valued at $46,946,000 after purchasing an additional 4,371,327 shares during the last quarter. Hedge funds and other institutional investors own 84.68% of the company's stock.

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.