Millennium Management LLC Purchases 437,632 Shares of Fulgent Genetics, Inc. $FLGT

Key Points

• Millennium Management LLC has increased its stake in Fulgent Genetics, purchasing an additional 437,632 shares, raising their ownership to approximately 6.47%, valued at $33.3 million.
• Analysts have shown a positive outlook, with UBS Group upgrading the stock from "neutral" to "buy" and raising the price target from $20 to $30, while the company holds a consensus rating of "Moderate Buy" with a target price of $25.33.
• Fulgent Genetics reported a revenue of $81.8 million for the last quarter, outperforming analyst estimates and indicating a 15.2% increase compared to the same period last year.

Millennium Management LLC raised its stake in Fulgent Genetics, Inc. (NASDAQ:FLGT - Free Report) by 28.6% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,969,433 shares of the company's stock after acquiring an additional 437,632 shares during the period. Millennium Management LLC owned 6.47% of Fulgent Genetics worth $33,283,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Ameriprise Financial Inc. increased its stake in shares of Fulgent Genetics by 40.8% in the fourth quarter. Ameriprise Financial Inc. now owns 501,809 shares of the company's stock valued at $9,268,000 after purchasing an additional 145,518 shares during the period. Deutsche Bank AG increased its stake in shares of Fulgent Genetics by 105.3% in the first quarter. Deutsche Bank AG now owns 269,770 shares of the company's stock valued at $4,559,000 after purchasing an additional 138,340 shares during the period. Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of Fulgent Genetics by 98.2% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 249,659 shares of the company's stock valued at $4,219,000 after purchasing an additional 123,702 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of Fulgent Genetics by 16.1% in the first quarter. Charles Schwab Investment Management Inc. now owns 243,979 shares of the company's stock valued at $4,123,000 after purchasing an additional 33,768 shares during the period. Finally, Northern Trust Corp increased its stake in shares of Fulgent Genetics by 5.8% in the fourth quarter. Northern Trust Corp now owns 225,362 shares of the company's stock valued at $4,162,000 after purchasing an additional 12,291 shares during the period. 48.06% of the stock is owned by institutional investors.

Fulgent Genetics Stock Down 0.2%

Shares of Fulgent Genetics stock traded down $0.04 during trading on Tuesday, hitting $21.94. The stock had a trading volume of 237,237 shares, compared to its average volume of 193,535. Fulgent Genetics, Inc. has a 1 year low of $14.57 and a 1 year high of $23.56. The stock has a 50 day simple moving average of $20.37 and a 200 day simple moving average of $19.42. The company has a market capitalization of $671.58 million, a PE ratio of -13.22 and a beta of 0.82.

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

Insider Buying and Selling

In related news, COO Jian Xie sold 1,199 shares of Fulgent Genetics stock in a transaction on Wednesday, August 27th. The shares were sold at an average price of $21.48, for a total value of $25,754.52. Following the transaction, the chief operating officer owned 365,249 shares in the company, valued at $7,845,548.52. This trade represents a 0.33% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In the last quarter, insiders have sold 5,577 shares of company stock valued at $121,024. Company insiders own 33.11% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have commented on FLGT shares. UBS Group upgraded shares of 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 research note on Tuesday, August 5th. Piper Sandler set a $21.00 price target on shares of Fulgent Genetics and gave the stock a "neutral" rating in a research report on Monday, August 4th. Two investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $25.33.

About Fulgent Genetics

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.