Alberta Investment Management Corp Buys New Shares in GeneDx Holdings Corp. (NASDAQ:WGS)

Key Points

• Alberta Investment Management Corp has acquired a new stake in GeneDx Holdings Corp, purchasing 16,082 shares valued at approximately $1,424,000, representing a 0.06% ownership at the end of the last quarter.
• Several other institutional investors, including Vanguard Group Inc. and Summit Partners, have also increased their holdings in GeneDx, indicating strong interest from the investment community.
• Analysts have set price targets for GeneDx shares ranging up to $135.00, with a consensus rating of "Moderate Buy" and an average target price of $100.38.

Alberta Investment Management Corp bought a new stake in GeneDx Holdings Corp. (NASDAQ:WGS - Free Report) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 16,082 shares of the company's stock, valued at approximately $1,424,000. Alberta Investment Management Corp owned 0.06% of GeneDx at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Vanguard Group Inc. boosted its holdings in GeneDx by 18.5% in the fourth quarter. Vanguard Group Inc. now owns 1,006,210 shares of the company's stock valued at $77,337,000 after purchasing an additional 156,768 shares during the period. Summit Partners Public Asset Management LLC lifted its holdings in GeneDx by 336.9% during the 4th quarter. Summit Partners Public Asset Management LLC now owns 755,564 shares of the company's stock worth $58,073,000 after buying an additional 582,619 shares during the last quarter. Lord Abbett & CO. LLC purchased a new stake in GeneDx during the 4th quarter worth about $48,458,000. Fred Alger Management LLC lifted its holdings in GeneDx by 38.5% during the 4th quarter. Fred Alger Management LLC now owns 546,054 shares of the company's stock worth $41,970,000 after buying an additional 151,824 shares during the last quarter. Finally, Zweig DiMenna Associates LLC lifted its holdings in GeneDx by 47.7% during the 1st quarter. Zweig DiMenna Associates LLC now owns 457,100 shares of the company's stock worth $40,483,000 after buying an additional 147,600 shares during the last quarter. 61.72% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have issued reports on WGS shares. Piper Sandler started coverage on GeneDx in a report on Wednesday, July 9th. They set an "overweight" rating and a $110.00 price target for the company. TD Securities decreased their price target on GeneDx from $135.00 to $110.00 and set a "buy" rating for the company in a report on Thursday, May 1st. Jefferies Financial Group raised GeneDx from a "hold" rating to a "buy" rating and set a $80.00 price target for the company in a report on Friday, May 9th. Wells Fargo & Company lifted their price target on GeneDx from $78.00 to $95.00 and gave the stock an "equal weight" rating in a report on Wednesday, July 30th. Finally, Guggenheim reaffirmed a "buy" rating and set a $115.00 price target (up from $88.00) on shares of GeneDx in a report on Monday, June 30th. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $100.38.

Insider Activity at GeneDx

In related news, Director Keith A. Meister purchased 100,000 shares of the company's stock in a transaction that occurred on Thursday, May 8th. The shares were purchased at an average price of $56.01 per share, for a total transaction of $5,601,000.00. Following the transaction, the director directly owned 3,008,629 shares of the company's stock, valued at approximately $168,513,310.29. The trade was a 3.44% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Kevin Feeley sold 5,278 shares of the business's stock in a transaction dated Wednesday, July 9th. The shares were sold at an average price of $93.00, for a total value of $490,854.00. Following the completion of the transaction, the chief financial officer owned 3,392 shares in the company, valued at $315,456. This trade represents a 60.88% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 22,411 shares of company stock worth $2,085,051 in the last quarter. Company insiders own 29.60% of the company's stock.

GeneDx Stock Down 0.3%

WGS opened at $101.60 on Monday. The business's 50-day simple moving average is $80.02 and its 200-day simple moving average is $83.14. The company has a debt-to-equity ratio of 0.19, a quick ratio of 2.70 and a current ratio of 2.87. GeneDx Holdings Corp. has a one year low of $25.32 and a one year high of $117.75. The stock has a market capitalization of $2.90 billion, a P/E ratio of 2,032.00 and a beta of 2.02.

GeneDx (NASDAQ:WGS - Get Free Report) last posted its earnings results on Tuesday, July 29th. The company reported $0.50 EPS for the quarter, topping analysts' consensus estimates of $0.10 by $0.40. The business had revenue of $102.69 million for the quarter, compared to analysts' expectations of $86.00 million. GeneDx had a return on equity of 16.51% and a net margin of 0.39%. Analysts anticipate that GeneDx Holdings Corp. will post 0.97 EPS for the current year.

GeneDx Profile

GeneDx Holdings Corp., through its subsidiaries, provides genomics-related diagnostic and information services. The company offers Centrellis, an AI-driven health intelligence platform that integrates digital tools and artificial intelligence allowing scientists to ingest and synthesize clinical and genomic data to deliver comprehensive health insights.

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