10x Genomics (NASDAQ:TXG) Upgraded by Wall Street Zen to "Buy" Rating

Key Points

• 10x Genomics has been upgraded from a "hold" to a "buy" rating by Wall Street Zen, indicating a more favorable outlook on the stock.
• Despite the upgrade, various analyst firms have issued mixed ratings and price targets for the stock, with Canaccord Genuity lowering its target from $18.00 to $15.00 and Goldman Sachs reducing theirs from $7.50 to $6.50.
• The company's latest quarterly earnings report showed a revenue increase of 12.9% year-over-year, with earnings per share of $0.28 surpassing analyst estimates significantly.

Wall Street Zen upgraded shares of 10x Genomics (NASDAQ:TXG - Free Report) from a hold rating to a buy rating in a research report sent to investors on Saturday.

Other equities research analysts also recently issued reports about the stock. The Goldman Sachs Group lowered their price target on shares of 10x Genomics from $7.50 to $6.50 and set a "sell" rating for the company in a report on Monday, May 12th. Canaccord Genuity Group lowered their price target on shares of 10x Genomics from $18.00 to $15.00 and set a "buy" rating for the company in a report on Monday, May 12th. JPMorgan Chase & Co. lowered their price target on shares of 10x Genomics from $12.00 to $9.00 and set a "neutral" rating for the company in a report on Friday, May 9th. Morgan Stanley lowered their price target on shares of 10x Genomics from $26.00 to $18.00 and set an "overweight" rating for the company in a report on Monday, May 19th. Finally, Barclays reiterated an "overweight" rating and set a $15.00 price target (up from $13.00) on shares of 10x Genomics in a report on Friday. One investment 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. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $13.54.

10x Genomics Price Performance

TXG traded up $0.58 during midday trading on Friday, reaching $12.89. 2,406,354 shares of the company's stock were exchanged, compared to its average volume of 3,408,899. The stock has a market capitalization of $1.59 billion, a PE ratio of -18.41 and a beta of 2.03. The business's 50-day moving average price is $11.97 and its 200 day moving average price is $10.71. 10x Genomics has a 1-year low of $6.78 and a 1-year high of $24.76.

10x Genomics (NASDAQ:TXG - Get Free Report) last announced its earnings results on Thursday, August 7th. The company reported $0.28 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.35) by $0.63. The company 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 13.15%. The firm's quarterly revenue was up 12.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.32) earnings per share. As a group, analysts expect that 10x Genomics will post -1.43 EPS for the current fiscal year.

Insider Activity at 10x Genomics

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 shares were sold at an average price of $8.30, for a total value of $33,565.20. Following the completion of the sale, the chief financial officer directly owned 331,588 shares in the company, valued at approximately $2,752,180.40. The trade was a 1.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Serge Saxonov sold 9,343 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 $77,546.90. Following 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 ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 20,872 shares of company stock worth $173,238. 10.03% of the stock is owned by company insiders.

Institutional Investors Weigh In On 10x Genomics

Several institutional investors have recently bought and sold shares of TXG. Allworth Financial LP grew its stake in 10x Genomics by 150.4% during the second quarter. Allworth Financial LP now owns 2,271 shares of the company's stock worth $26,000 after buying an additional 1,364 shares during the period. GAMMA Investing LLC grew its stake in 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 buying an additional 1,614 shares during the period. GF Fund Management CO. LTD. purchased a new stake in 10x Genomics during the fourth quarter worth approximately $32,000. Signaturefd LLC grew its stake in 10x Genomics by 134.3% during the first quarter. Signaturefd LLC now owns 4,203 shares of the company's stock worth $37,000 after buying an additional 2,409 shares during the period. Finally, Whittier Trust Co. purchased a new stake in 10x Genomics during the first quarter worth approximately $41,000. 84.68% of the stock is currently 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.