Fulgent Genetics, Inc. $FLGT Shares Acquired by Acadian Asset Management LLC

Key Points

• Acadian Asset Management LLC has increased its stake in Fulgent Genetics, Inc. by 124.0% in the first quarter, owning approximately 2.65% of the company worth $13.6 million.
• The stock received a rating upgrade from UBS Group, moving from "neutral" to "buy" with a new target price of $30.00, while the average target price across analysts is $25.33.
• Fulgent Genetics reported a quarterly earnings per share (EPS) of $0.07, surpassing the consensus estimate of ($0.23) and showing a 15.2% year-over-year revenue growth.

Acadian Asset Management LLC increased its stake in Fulgent Genetics, Inc. (NASDAQ:FLGT - Free Report) by 124.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 805,941 shares of the company's stock after purchasing an additional 446,076 shares during the quarter. Acadian Asset Management LLC owned about 2.65% of Fulgent Genetics worth $13,611,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. State of Wyoming acquired a new stake in Fulgent Genetics in the fourth quarter worth about $57,000. PNC Financial Services Group Inc. lifted its holdings in Fulgent Genetics by 122.8% in the first quarter. PNC Financial Services Group Inc. now owns 3,562 shares of the company's stock worth $60,000 after purchasing an additional 1,963 shares during the period. GAMMA Investing LLC lifted its holdings in Fulgent Genetics by 106.4% in the first quarter. GAMMA Investing LLC now owns 4,402 shares of the company's stock worth $74,000 after purchasing an additional 2,269 shares during the period. Headlands Technologies LLC lifted its position in Fulgent Genetics by 8.0% in the first quarter. Headlands Technologies LLC now owns 7,041 shares of the company's stock worth $119,000 after purchasing an additional 524 shares during the period. Finally, Easterly Investment Partners LLC acquired a new stake in Fulgent Genetics in the first quarter worth approximately $198,000. Institutional investors and hedge funds own 48.06% of the company's stock.

Analyst Ratings Changes

FLGT has been the subject of a number of research analyst reports. UBS Group upgraded Fulgent Genetics from a "neutral" rating to a "buy" rating and upped their target price for the stock from $20.00 to $30.00 in a research report on Tuesday, August 5th. Piper Sandler set a $21.00 target price on Fulgent Genetics and gave the stock a "neutral" rating in a research report on Monday, August 4th. Two equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, Fulgent Genetics has a consensus rating of "Moderate Buy" and an average target price of $25.33.

Insider Activity

In other news, COO Jian Xie sold 1,199 shares of the stock in a transaction on Wednesday, August 27th. The stock was sold at an average price of $21.48, for a total value of $25,754.52. Following the completion of the sale, the chief operating officer owned 365,249 shares in the company, valued at $7,845,548.52. This represents a 0.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders sold a total of 5,577 shares of company stock valued at $121,024 in the last ninety days. 31.76% of the stock is owned by corporate insiders.

Fulgent Genetics Trading Up 2.2%

NASDAQ FLGT opened at $22.25 on Friday. The stock's 50-day moving average price is $20.23 and its two-hundred day moving average price is $19.27. The company has a market cap of $681.05 million, a PE ratio of -13.40 and a beta of 0.82. Fulgent Genetics, Inc. has a 1 year low of $14.57 and a 1 year high of $23.56.

Fulgent Genetics (NASDAQ:FLGT - Get Free Report) last posted its quarterly earnings data on Friday, August 1st. The company reported $0.07 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.23) by $0.30. The firm had revenue of $81.80 million for the quarter, compared to the consensus estimate of $76.21 million. Fulgent Genetics had a negative return on equity of 2.26% and a negative net margin of 16.83%.The business's revenue for the quarter was up 15.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.15 EPS. Fulgent Genetics has set its FY 2025 guidance at -0.350--0.350 EPS. Research analysts forecast that Fulgent Genetics, Inc. will post -0.85 EPS for the current fiscal year.

Fulgent Genetics Profile

Fulgent Genetics, Inc, together with its subsidiaries, provides clinical diagnostic and therapeutic development solutions to physicians and patients in the United States and internationally. The company's clinical diagnostic solutions include molecular diagnostic testing; genetic testing; anatomic pathology laboratory tests and testing services, such as gastrointestinal pathology, dermatopathology, urologic pathology, breast pathology, neuropathology, and hematopathology; oncology tests and testing services; and sequencer services related to hereditary cancer, reproductive health, and other diseases.

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