10x Genomics (NASDAQ:TXG) Stock Price Up 4.2% - Still a Buy?

Shares of 10x Genomics, Inc. (NASDAQ:TXG - Get Free Report) shot up 4.2% during trading on Wednesday . The stock traded as high as $9.03 and last traded at $8.96. 1,267,389 shares traded hands during mid-day trading, a decline of 47% from the average session volume of 2,386,980 shares. The stock had previously closed at $8.59.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on TXG shares. Leerink Partners lowered shares of 10x Genomics from an "outperform" rating to a "market perform" rating and dropped their price target for the stock from $25.00 to $12.00 in a research note on Thursday, February 13th. Leerink Partnrs downgraded 10x Genomics from a "strong-buy" rating to a "hold" rating in a research note on Thursday, February 13th. UBS Group decreased their price target on 10x Genomics from $14.00 to $12.00 and set a "neutral" rating on the stock in a research note on Tuesday, May 13th. Canaccord Genuity Group cut their price objective on 10x Genomics from $18.00 to $15.00 and set a "buy" rating for the company in a research report on Monday, May 12th. Finally, Wall Street Zen upgraded shares of 10x Genomics from a "hold" rating to a "buy" rating in a research report on Thursday, May 22nd. One research analyst has rated the stock with a sell rating, eight have given a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat.com, 10x Genomics has an average rating of "Hold" and an average price target of $15.81.

10x Genomics Price Performance

The firm has a market capitalization of $1.16 billion, a PE ratio of -6.22 and a beta of 1.94. The company has a 50-day moving average price of $8.46 and a 200-day moving average price of $11.80.

10x Genomics (NASDAQ:TXG - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported ($0.36) EPS for the quarter, topping the consensus estimate of ($0.45) by $0.09. 10x Genomics had a negative net margin of 29.90% and a negative return on equity of 25.40%. The firm had revenue of $154.88 million during the quarter, compared to analysts' expectations of $131.91 million. During the same period in the previous year, the company earned ($0.50) EPS. 10x Genomics's revenue for the quarter was down 2.3% on a year-over-year basis. On average, research analysts predict that 10x Genomics, Inc. will post -1.43 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Adam Taich sold 4,044 shares of the business's 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 $33,565.20. Following the transaction, the chief financial officer now directly owns 331,588 shares of the company's stock, valued at approximately $2,752,180.40. The trade was a 1.20% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Benjamin J. Hindson sold 7,485 shares of the firm's stock in a transaction on Thursday, May 22nd. The shares were sold at an average price of $8.30, for a total transaction of $62,125.50. Following the sale, the insider now directly owns 448,374 shares of the company's stock, valued at approximately $3,721,504.20. The trade was a 1.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 20,872 shares of company stock valued at $173,238. Company insiders own 9.39% of the company's stock.

Institutional Trading of 10x Genomics

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Atria Wealth Solutions Inc. boosted its stake in 10x Genomics by 9.6% during the 4th quarter. Atria Wealth Solutions Inc. now owns 10,788 shares of the company's stock valued at $155,000 after acquiring an additional 943 shares during the last quarter. Blue Trust Inc. raised its stake in shares of 10x Genomics by 73.1% in the 4th quarter. Blue Trust Inc. now owns 3,075 shares of the company's stock valued at $44,000 after purchasing an additional 1,299 shares in the last quarter. Signaturefd LLC lifted its position in shares of 10x Genomics by 424.6% during the fourth quarter. Signaturefd LLC now owns 1,794 shares of the company's stock worth $26,000 after purchasing an additional 1,452 shares during the last quarter. GAMMA Investing LLC lifted its position in shares of 10x Genomics by 81.8% during the first quarter. GAMMA Investing LLC now owns 3,586 shares of the company's stock worth $31,000 after purchasing an additional 1,614 shares during the last quarter. Finally, Xponance Inc. grew its stake in 10x Genomics by 17.4% in the first quarter. Xponance Inc. now owns 12,010 shares of the company's stock worth $105,000 after purchasing an additional 1,778 shares in the last quarter. 84.68% of the stock is owned by hedge funds and other institutional investors.

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.