175,581 Shares of Fulgent Genetics, Inc. $FLGT Bought by Bank of America Corp DE

Key Points

• Bank of America acquired 175,581 shares of Fulgent Genetics in the second quarter, worth approximately $3.6 million and representing 0.64% of the company. Institutional investors and hedge funds collectively own 48.06% of the stock.
• Fulgent Genetics reported weaker-than-expected quarterly results, with an adjusted loss of $0.58 per share versus the $0.46 consensus estimate and revenue of $85.39 million versus $94 million expected. Analysts forecast a full-year loss of $3.48 per share.
• Wall Street’s consensus rating is “Hold”, with one Buy, two Hold, and one Sell rating and an average price target of $27.50; FLGT recently opened at $22.08.

Bank of America Corp DE bought a new position in shares of Fulgent Genetics, Inc. (NASDAQ:FLGT - Free Report) during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor bought 175,581 shares of the company's stock, valued at approximately $3,603,000. Bank of America Corp DE owned 0.64% of Fulgent Genetics as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Medina Value Partners LLC acquired a new position in shares of Fulgent Genetics during the second quarter worth about $3,961,612. Hsbc Holdings PLC acquired a new stake in Fulgent Genetics in the second quarter valued at approximately $915,000. Legal & General Group Plc purchased a new position in Fulgent Genetics in the second quarter worth approximately $38,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Fulgent Genetics in the second quarter worth approximately $3,265,000. Finally, Allworth Financial LP acquired a new position in Fulgent Genetics during the 2nd quarter worth approximately $25,000. 48.06% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, insider Hanlin Gao sold 1,673 shares of the stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $19.66, for a total transaction of $32,891.18. Following the completion of the sale, the insider owned 986,117 shares in the company, valued at $19,387,060.22. This represents a 0.17% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Jian Xie sold 2,127 shares of the firm's stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $19.66, for a total transaction of $41,816.82. Following the transaction, the chief operating officer directly owned 359,924 shares in the company, valued at $7,076,105.84. The trade was a 0.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 5,932 shares of company stock worth $117,156 over the last ninety days. Corporate insiders own 36.18% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on FLGT. Piper Sandler raised their price objective on shares of Fulgent Genetics from $15.00 to $19.00 and gave the company a "neutral" rating in a report on Tuesday, August 4th. Wall Street Zen upgraded shares of Fulgent Genetics from a "strong sell" rating to a "sell" rating in a research note on Saturday, August 29th. Finally, Weiss Ratings raised Fulgent Genetics from a "sell (e+)" rating to a "sell (d-)" rating in a report on Thursday, August 27th. One analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Fulgent Genetics has a consensus rating of "Hold" and an average target price of $27.50.

Fulgent Genetics Stock Down 1.3%

Shares of NASDAQ FLGT opened at $22.08 on Wednesday. The stock has a market cap of $607.42 million, a PE ratio of -7.83 and a beta of 0.93. Fulgent Genetics, Inc. has a 52-week low of $13.46 and a 52-week high of $31.04. The business has a 50-day moving average price of $19.90 and a 200 day moving average price of $18.29.

Fulgent Genetics (NASDAQ:FLGT - Get Free Report) last released its quarterly earnings results on Thursday, July 30th. The company reported ($0.58) EPS for the quarter, missing the consensus estimate of ($0.46) by ($0.12). The firm had revenue of $85.39 million for the quarter, compared to analyst estimates of $94.00 million. Fulgent Genetics had a negative return on equity of 4.93% and a negative net margin of 26.05%.Fulgent Genetics has set its FY 2026 guidance at -2.350--2.220 EPS. Sell-side analysts anticipate that Fulgent Genetics, Inc. will post -3.48 earnings per share for the current year.

About Fulgent Genetics

Fulgent Genetics, Inc is a genetics and clinical diagnostic testing company that develops and provides advanced molecular testing services. The company uses next-generation sequencing and other molecular technologies to support the diagnosis, screening and management of a range of inherited and acquired conditions.

Its offerings include hereditary disease testing, cancer and tumor profiling, reproductive health and carrier screening, pharmacogenetic testing, and infectious disease diagnostics.

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