Allspring Global Investments Holdings LLC Grows Stake in GeneDx Holdings Corp. (NASDAQ:WGS)

Allspring Global Investments Holdings LLC increased its stake in shares of GeneDx Holdings Corp. (NASDAQ:WGS - Free Report) by 111.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 190,297 shares of the company's stock after buying an additional 100,146 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.68% of GeneDx worth $16,097,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Rhumbline Advisers increased its stake in GeneDx by 5.5% in the 4th quarter. Rhumbline Advisers now owns 19,750 shares of the company's stock valued at $1,518,000 after buying an additional 1,021 shares during the last quarter. Principal Financial Group Inc. grew its holdings in shares of GeneDx by 10.6% in the fourth quarter. Principal Financial Group Inc. now owns 15,751 shares of the company's stock valued at $1,211,000 after acquiring an additional 1,511 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of GeneDx by 26.6% during the fourth quarter. Bank of New York Mellon Corp now owns 40,914 shares of the company's stock valued at $3,145,000 after acquiring an additional 8,597 shares during the last quarter. Bailard Inc. purchased a new stake in shares of GeneDx during the fourth quarter valued at approximately $277,000. Finally, Mission Wealth Management LP bought a new stake in GeneDx during the fourth quarter worth $384,000. 61.72% of the stock is owned by hedge funds and other institutional investors.

GeneDx Stock Performance

GeneDx stock traded up $1.82 during midday trading on Thursday, reaching $91.61. The stock had a trading volume of 328,245 shares, compared to its average volume of 813,846. The firm has a market capitalization of $2.61 billion, a PE ratio of -64.97 and a beta of 2.01. GeneDx Holdings Corp. has a 12 month low of $25.32 and a 12 month high of $117.75. The company has a quick ratio of 3.07, a current ratio of 3.25 and a debt-to-equity ratio of 0.20. The firm's 50-day moving average price is $74.10 and its 200 day moving average price is $82.19.

GeneDx (NASDAQ:WGS - Get Free Report) last posted its quarterly earnings results on Wednesday, April 30th. The company reported $0.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.11 by $0.17. The company had revenue of $87.12 million for the quarter, compared to analyst estimates of $79.90 million. GeneDx had a negative net margin of 11.69% and a positive return on equity of 10.17%. As a group, research analysts predict that GeneDx Holdings Corp. will post 0.97 earnings per share for the current fiscal year.

Insider Buying and Selling at GeneDx

In related news, Director Keith A. Meister purchased 100,000 shares of the business's stock in a transaction dated Thursday, May 8th. The stock was purchased at an average cost of $56.01 per share, with a total value of $5,601,000.00. Following the completion of the acquisition, 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 ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Katherine Stueland sold 9,657 shares of the stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $90.94, for a total value of $878,207.58. Following the sale, the chief executive officer directly owned 4,940 shares in the company, valued at $449,243.60. This trade represents a 66.16% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 76,023 shares of company stock valued at $6,920,533 in the last 90 days. 29.60% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. Wall Street Zen downgraded GeneDx from a "buy" rating to a "hold" rating in a research note on Saturday, June 21st. Wells Fargo & Company reduced their price target on shares of GeneDx from $105.00 to $78.00 and set an "equal weight" rating for the company in a research report on Thursday, May 1st. TD Securities lowered their price objective on shares of GeneDx from $135.00 to $110.00 and set a "buy" rating on the stock in a research report on Thursday, May 1st. Guggenheim reiterated a "buy" rating and issued a $115.00 target price (up from $88.00) on shares of GeneDx in a research note on Monday. Finally, Jefferies Financial Group raised shares of GeneDx from a "hold" rating to a "buy" rating and set a $80.00 target price for the company in a research report on Friday, May 9th. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $90.13.

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.