BlackRock Inc. Makes New $46.92 Million Investment in Fulgent Genetics, Inc. $FLGT

Key Points

• BlackRock acquired 2.29 million Fulgent Genetics shares worth approximately $46.9 million, giving it an 8.31% stake in the company. Institutional investors collectively own about 48.06% of FLGT.
• Analysts maintain a generally cautious outlook, with an average rating of “Hold” and a $27.50 price target. Ratings include one Buy, two Holds, and one Sell.
• Fulgent Genetics reported weaker-than-expected quarterly results, with a loss of $0.58 per share versus the $0.46 consensus estimate and revenue of $85.39 million versus $94 million expected. The stock recently opened at $19.37 and remains unprofitable.

BlackRock Inc. purchased a new stake in shares of Fulgent Genetics, Inc. (NASDAQ:FLGT - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 2,286,669 shares of the company's stock, valued at approximately $46,922,000. BlackRock Inc. owned approximately 8.31% of Fulgent Genetics as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in FLGT. Farther Finance Advisors LLC boosted its stake in Fulgent Genetics by 69.3% during the fourth quarter. Farther Finance Advisors LLC now owns 1,339 shares of the company's stock worth $35,000 after buying an additional 548 shares during the period. Kestra Advisory Services LLC bought a new position in Fulgent Genetics during the 4th quarter valued at about $35,000. Caitong International Asset Management Co. Ltd grew its holdings in Fulgent Genetics by 214.6% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,834 shares of the company's stock valued at $48,000 after purchasing an additional 1,251 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in Fulgent Genetics in the 2nd quarter worth about $49,000. Finally, Quantbot Technologies LP bought a new stake in Fulgent Genetics in the third quarter worth about $61,000. 48.06% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on FLGT shares. Weiss Ratings raised shares of Fulgent Genetics from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Thursday. Wall Street Zen raised shares of Fulgent Genetics from a "strong sell" rating to a "sell" rating in a research note on Saturday. Finally, Piper Sandler boosted their price target on Fulgent Genetics from $15.00 to $19.00 and gave the company a "neutral" rating in a report on Tuesday, August 4th. One equities research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Fulgent Genetics presently has an average rating of "Hold" and an average price target of $27.50.

Fulgent Genetics Price Performance

Shares of NASDAQ:FLGT opened at $19.37 on Tuesday. Fulgent Genetics, Inc. has a 1 year low of $13.46 and a 1 year high of $31.04. The firm has a market capitalization of $532.87 million, a PE ratio of -6.87 and a beta of 0.91. The business's 50 day moving average price is $19.66 and its 200-day moving average price is $18.09.

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

Fulgent Genetics Company Profile

Fulgent Genetics, Inc NASDAQ: FLGT is a California-based company specializing in high-complexity genetic testing and diagnostic services. Operating from its headquarters in Temple City, Fulgent leverages next-generation sequencing (NGS) technologies and advanced bioinformatics to deliver a broad range of clinical and research assays. The company's infrastructure includes CAP- and CLIA-certified laboratories, enabling it to process large volumes of samples with rapid turnaround times.

Fulgent's product portfolio encompasses hereditary cancer panels, rare disease and neuromuscular disorder testing, pharmacogenomic screenings, non-invasive prenatal tests, and infectious disease assays including COVID-19 diagnostics.

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