Envestnet Asset Management Inc. Buys 4,178 Shares of GeneDx Holdings Corp. (NASDAQ:WGS)

Key Points

• Envestnet Asset Management Inc. has increased its stake in GeneDx Holdings Corp. by 84.6%, acquiring an additional 4,178 shares, bringing their total holdings to 9,119 shares worth approximately $808,000.
• Institutional investors collectively own 61.72% of GeneDx's shares, with notable recent purchases by firms like GAMMA Investing LLC and Sterling Capital Management LLC.
• GeneDx received several positive analyst ratings, with a consensus rating of "Moderate Buy" and a target price of $100.38, reflecting growing confidence in the company's future prospects.

Envestnet Asset Management Inc. increased its stake in shares of GeneDx Holdings Corp. (NASDAQ:WGS - Free Report) by 84.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,119 shares of the company's stock after buying an additional 4,178 shares during the quarter. Envestnet Asset Management Inc.'s holdings in GeneDx were worth $808,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the stock. GAMMA Investing LLC boosted its position in GeneDx by 151.7% in the first quarter. GAMMA Investing LLC now owns 438 shares of the company's stock worth $39,000 after purchasing an additional 264 shares during the last quarter. Sterling Capital Management LLC boosted its position in GeneDx by 877.8% in the fourth quarter. Sterling Capital Management LLC now owns 352 shares of the company's stock worth $27,000 after purchasing an additional 316 shares during the last quarter. MetLife Investment Management LLC boosted its position in GeneDx by 6.2% in the fourth quarter. MetLife Investment Management LLC now owns 7,750 shares of the company's stock worth $596,000 after purchasing an additional 453 shares during the last quarter. Lazard Asset Management LLC purchased a new position in GeneDx in the fourth quarter worth $35,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in GeneDx by 7.7% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,188 shares of the company's stock worth $552,000 after purchasing an additional 515 shares during the last quarter. Institutional investors own 61.72% of the company's stock.

Analyst Ratings Changes

Several research firms have weighed in on WGS. Wall Street Zen raised GeneDx from a "hold" rating to a "buy" rating in a research report on Saturday. Guggenheim reissued a "buy" rating and issued a $115.00 price objective (up previously from $88.00) on shares of GeneDx in a research report on Monday, June 30th. Wells Fargo & Company boosted their price objective on GeneDx from $78.00 to $95.00 and gave the stock an "equal weight" rating in a research report on Wednesday, July 30th. Piper Sandler assumed coverage on GeneDx in a research report on Wednesday, July 9th. They issued an "overweight" rating and a $110.00 price objective on the stock. Finally, TD Securities dropped their price target on GeneDx from $135.00 to $110.00 and set a "buy" rating on the stock in a research report on Thursday, May 1st. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $100.38.

GeneDx Stock Down 0.3%

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

GeneDx (NASDAQ:WGS - Get Free Report) last issued its quarterly earnings results on Tuesday, July 29th. The company reported $0.50 EPS for the quarter, beating analysts' consensus estimates of $0.10 by $0.40. The firm 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%. On average, equities research analysts anticipate that GeneDx Holdings Corp. will post 0.97 EPS for the current year.

Insider Buying and Selling

In related news, CFO Kevin Feeley sold 388 shares of the stock in a transaction dated Tuesday, July 29th. The stock was sold at an average price of $105.31, for a total transaction of $40,860.28. Following the sale, the chief financial officer owned 3,757 shares of the company's stock, valued at approximately $395,649.67. This represents a 9.36% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Keith A. Meister acquired 100,000 shares of the company's stock in a transaction that occurred on Thursday, May 8th. The shares were bought at an average cost of $56.01 per share, for a total transaction of $5,601,000.00. Following the acquisition, the director directly owned 3,008,629 shares in the company, valued at $168,513,310.29. This represents a 3.44% increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders have sold 22,411 shares of company stock valued at $2,085,051. Corporate insiders own 29.60% of the company's stock.

GeneDx Company 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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