Millennium Management LLC Grows Position in 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 grew its stake in shares of Fulgent Genetics, Inc. (NASDAQ:FLGT - Free Report) by 28.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,969,433 shares of the company's stock after buying 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 filing with the Securities and Exchange Commission (SEC).

Other large investors also recently bought and sold shares of the company. State of Wyoming purchased a new stake in shares of Fulgent Genetics during the fourth quarter valued at $57,000. PNC Financial Services Group Inc. boosted its position 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 valued at $60,000 after buying an additional 1,963 shares during the last quarter. GAMMA Investing LLC boosted its position in Fulgent Genetics by 106.4% in the first quarter. GAMMA Investing LLC now owns 4,402 shares of the company's stock valued at $74,000 after buying an additional 2,269 shares during the last quarter. Headlands Technologies LLC boosted its position in Fulgent Genetics by 8.0% in the 1st quarter. Headlands Technologies LLC now owns 7,041 shares of the company's stock worth $119,000 after purchasing an additional 524 shares in the last quarter. Finally, Easterly Investment Partners LLC purchased a new stake in Fulgent Genetics in the 1st quarter worth approximately $198,000. Institutional investors own 48.06% of the company's stock.

Insiders Place Their Bets

In other news, COO Jian Xie sold 1,199 shares of the company's 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 sale, the chief operating officer directly 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold a total of 5,577 shares of company stock valued at $121,024 over the last quarter. 31.76% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. Piper Sandler set a $21.00 price objective on Fulgent Genetics and gave the company a "neutral" rating in a report on Monday, August 4th. UBS Group raised Fulgent Genetics from a "neutral" rating to a "buy" rating and lifted their target price for the company from $20.00 to $30.00 in a research report on Tuesday, August 5th. Two analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $25.33.

Fulgent Genetics Stock Down 1.7%

FLGT stock traded down $0.37 on Friday, reaching $21.88. 178,433 shares of the company's stock were exchanged, compared to its average volume of 196,001. The firm has a market cap of $669.75 million, a PE ratio of -13.18 and a beta of 0.82. Fulgent Genetics, Inc. has a twelve month low of $14.57 and a twelve month high of $23.56. The stock has a fifty day moving average of $20.27 and a 200-day moving average of $19.33.

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

Fulgent Genetics Company 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.