Acadian Asset Management LLC Has $13.61 Million Stock Holdings in Fulgent Genetics, Inc. $FLGT

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 boosted its stake in shares of Fulgent Genetics, Inc. (NASDAQ:FLGT - Free Report) by 124.0% in the first quarter, according to its most recent disclosure 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 large investors have also modified their holdings of the company. State of Wyoming acquired a new position in shares of Fulgent Genetics in the fourth quarter valued at $57,000. PNC Financial Services Group Inc. raised its stake in Fulgent Genetics by 122.8% during the first quarter. PNC Financial Services Group Inc. now owns 3,562 shares of the company's stock worth $60,000 after acquiring an additional 1,963 shares in the last quarter. GAMMA Investing LLC raised its stake in Fulgent Genetics by 106.4% during the first quarter. GAMMA Investing LLC now owns 4,402 shares of the company's stock worth $74,000 after acquiring an additional 2,269 shares in the last quarter. Headlands Technologies LLC raised its stake in Fulgent Genetics by 8.0% during the first quarter. Headlands Technologies LLC now owns 7,041 shares of the company's stock worth $119,000 after acquiring an additional 524 shares in the last quarter. Finally, Easterly Investment Partners LLC acquired a new position in Fulgent Genetics during the first quarter worth $198,000. 48.06% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

Fulgent Genetics Stock Performance

FLGT traded up $0.15 during midday trading on Wednesday, reaching $22.09. 22,549 shares of the company were exchanged, compared to its average volume of 340,407. Fulgent Genetics, Inc. has a one year low of $14.57 and a one year high of $23.56. The stock has a market capitalization of $676.17 million, a P/E ratio of -13.31 and a beta of 0.82. The stock's 50-day simple moving average is $20.37 and its 200 day simple moving average is $19.42.

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

Insider Activity at Fulgent Genetics

In other news, COO Jian Xie sold 1,199 shares of the firm's stock in a transaction dated Wednesday, August 27th. The stock was sold at an average price of $21.48, for a total transaction of $25,754.52. Following the sale, the chief operating officer owned 365,249 shares of the company's stock, valued at $7,845,548.52. This trade represents a 0.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders sold a total of 5,577 shares of company stock worth $121,024 over the last quarter. Company insiders own 33.11% of the company's stock.

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.