Goldman Sachs Group Inc. Increases Stake in Fulgent Genetics, Inc. $FLGT

Key Points

• Goldman Sachs Group Inc. increased its stake in Fulgent Genetics by 28.7% in Q1, owning a total of 202,820 shares valued at approximately $3.43 million.
• Analysts have mixed ratings on Fulgent Genetics, with UBS Group upgrading the stock from "neutral" to "buy" and setting a target price of $30, while Piper Sandler has a target of $21.
• Fulgent Genetics reported $81.80 million in revenue for the last quarter, exceeding expectations, and has set its FY 2025 EPS guidance at -0.35.

Goldman Sachs Group Inc. grew its stake in Fulgent Genetics, Inc. (NASDAQ:FLGT - Free Report) by 28.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 202,820 shares of the company's stock after buying an additional 45,279 shares during the quarter. Goldman Sachs Group Inc. owned approximately 0.67% of Fulgent Genetics worth $3,428,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in FLGT. Acadian Asset Management LLC lifted its holdings in Fulgent Genetics by 124.0% in the 1st quarter. Acadian Asset Management LLC now owns 805,941 shares of the company's stock worth $13,611,000 after purchasing an additional 446,076 shares in the last quarter. Millennium Management LLC lifted its holdings in shares of Fulgent Genetics by 28.6% in the first quarter. Millennium Management LLC now owns 1,969,433 shares of the company's stock worth $33,283,000 after buying an additional 437,632 shares in the last quarter. Cubist Systematic Strategies LLC boosted its position in shares of Fulgent Genetics by 299.4% during the first quarter. Cubist Systematic Strategies LLC now owns 221,221 shares of the company's stock worth $3,739,000 after acquiring an additional 165,828 shares during the last quarter. Deutsche Bank AG grew its stake in Fulgent Genetics by 105.3% during the first quarter. Deutsche Bank AG now owns 269,770 shares of the company's stock valued at $4,559,000 after acquiring an additional 138,340 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. increased its holdings 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 worth $4,219,000 after purchasing an additional 123,702 shares during the last quarter. 48.06% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

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 transaction of $25,754.52. Following the completion of the sale, the chief operating officer owned 365,249 shares in the company, valued at approximately $7,845,548.52. This represents a 0.33% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders have sold a total of 5,577 shares of company stock worth $121,024 over the last three months. Corporate insiders own 33.11% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. UBS Group raised shares of Fulgent Genetics from a "neutral" rating to a "buy" rating and upped 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 target price on shares of Fulgent Genetics and gave the company a "neutral" rating in a research report on Monday, August 4th. Two research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, Fulgent Genetics has an average rating of "Moderate Buy" and an average price target of $25.33.

Fulgent Genetics Trading Down 0.3%

Shares of FLGT traded down $0.06 during midday trading on Monday, reaching $22.26. 209,593 shares of the stock were exchanged, compared to its average volume of 212,765. The company has a market capitalization of $681.38 million, a P/E ratio of -13.41 and a beta of 0.81. Fulgent Genetics, Inc. has a 52 week low of $14.57 and a 52 week high of $22.87. The company's 50 day moving average is $20.60 and its two-hundred day moving average is $19.59.

Fulgent Genetics (NASDAQ:FLGT - Get Free Report) last released its quarterly earnings data 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. 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 during the quarter, compared to the consensus estimate of $76.21 million. During the same period in the previous year, the company posted $0.15 earnings per share. The firm's quarterly revenue was up 15.2% on a year-over-year basis. Fulgent Genetics has set its FY 2025 guidance at -0.350--0.350 EPS. On average, sell-side analysts expect that Fulgent Genetics, Inc. will post -0.85 EPS for the current year.

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.