10x Genomics (NASDAQ:TXG) Receives Average Recommendation of "Hold" from Brokerages

Key Points

• Analyst consensus is “Hold” for 10x Genomics, with 11 hold, five buy and one sell rating among 17 firms. The average 12-month price target is $44, below the stock’s reported opening price of $72.68.
• 10x Genomics reported quarterly revenue of $151.04 million and an adjusted loss of $0.14 per share, beating analyst estimates, although revenue declined 12.7% year over year and the company remains unprofitable.
• Insiders sold approximately $10.35 million of stock over the past three months, while institutional investors own a substantial 84.68% of shares.

10x Genomics (NASDAQ:TXG - Get Free Report) has received a consensus recommendation of "Hold" from the seventeen ratings firms that are presently covering the stock, MarketBeat reports. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and five have given a buy rating to the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $44.00.

Several analysts have issued reports on TXG shares. Canaccord Genuity Group upped their price target on shares of 10x Genomics from $50.00 to $60.00 and gave the company a "buy" rating in a research report on Monday, August 10th. TD Cowen restated a "hold" rating on shares of 10x Genomics in a report on Wednesday, July 15th. Royal Bank Of Canada assumed coverage on 10x Genomics in a research report on Tuesday, September 1st. They set a "sector perform" rating and a $70.00 price target on the stock. Barclays lifted their price target on 10x Genomics from $30.00 to $40.00 and gave the stock an "overweight" rating in a research note on Wednesday, June 24th. Finally, Citigroup increased their price objective on 10x Genomics from $45.00 to $50.00 and gave the company a "neutral" rating in a research note on Friday, August 7th.

Insider Transactions at 10x Genomics

In other news, Director Shehnaaz Suliman sold 2,207 shares of 10x Genomics stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $63.65, for a total value of $140,475.55. Following the sale, the director directly owned 29,515 shares in the company, valued at approximately $1,878,629.75. This trade represents a 6.96% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John R. Stuelpnagel sold 20,000 shares of the business's stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $61.75, for a total transaction of $1,235,000.00. Following the transaction, the director directly owned 328,436 shares in the company, valued at approximately $20,280,923. The trade was a 5.74% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 178,610 shares of company stock valued at $10,348,120. Company insiders own 8.84% of the company's stock.

Institutional Trading of 10x Genomics

Hedge funds have recently made changes to their positions in the stock. Arizona State Retirement System grew its stake in 10x Genomics by 1.5% in the second quarter. Arizona State Retirement System now owns 29,223 shares of the company's stock valued at $1,120,000 after purchasing an additional 430 shares during the last quarter. Intech Investment Management LLC lifted its position in shares of 10x Genomics by 1.4% during the fourth quarter. Intech Investment Management LLC now owns 40,047 shares of the company's stock valued at $653,000 after buying an additional 567 shares during the last quarter. EverSource Wealth Advisors LLC boosted its holdings in shares of 10x Genomics by 16.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 7,186 shares of the company's stock valued at $153,000 after buying an additional 1,012 shares in the last quarter. Kera Capital Partners Inc. boosted its holdings in shares of 10x Genomics by 2.3% in the 1st quarter. Kera Capital Partners Inc. now owns 48,937 shares of the company's stock valued at $1,039,000 after buying an additional 1,108 shares in the last quarter. Finally, Elevation Wealth Partners LLC grew its position in shares of 10x Genomics by 332.3% in the 2nd quarter. Elevation Wealth Partners LLC now owns 1,487 shares of the company's stock worth $57,000 after buying an additional 1,143 shares during the last quarter. 84.68% of the stock is owned by institutional investors.

10x Genomics Price Performance

NASDAQ:TXG opened at $72.68 on Thursday. The company has a market capitalization of $9.47 billion, a price-to-earnings ratio of -123.18 and a beta of 2.08. The business has a 50 day moving average of $55.72 and a 200 day moving average of $36.21. 10x Genomics has a 1-year low of $11.16 and a 1-year high of $77.87.

10x Genomics (NASDAQ:TXG - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.14) earnings per share for the quarter, topping analysts' consensus estimates of ($0.24) by $0.10. 10x Genomics had a negative net margin of 12.18% and a negative return on equity of 9.33%. The firm had revenue of $151.04 million during the quarter, compared to analyst estimates of $146.67 million. During the same period in the previous year, the business posted $0.28 EPS. The business's quarterly revenue was down 12.7% on a year-over-year basis. As a group, sell-side analysts anticipate that 10x Genomics will post -0.75 EPS for the current year.

10x Genomics Company Profile

10x Genomics, Inc develops life science technology for analyzing biological systems at the single-cell and spatial levels. Its platforms are designed to help researchers study gene expression, genetic variation, cell populations and tissue organization with greater detail than conventional laboratory methods.

The company's product portfolio includes the Chromium platform for single-cell analysis, Visium solutions for spatial transcriptomics and tissue profiling, and Xenium in situ platforms for high-resolution analysis of RNA and other biological features within tissue samples.

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