Park West Asset Management LLC Cuts Stake in Fulgent Genetics, Inc. $FLGT

Key Points

• Park West Asset Management LLC reduced its stake in Fulgent Genetics by 30.2%, owning 447,942 shares valued at about $7.57 million after selling 193,740 shares in the first quarter.
• Fulgent Genetics recently reported an earnings per share of $0.07, exceeding estimates and showing a 15.2% year-over-year revenue increase, with total revenue of $81.8 million.
• Analysts have rated Fulgent Genetics with a Moderate Buy and set an average price target of $25.33, while UBS raised its target from $20 to $30.

Park West Asset Management LLC decreased its position in shares of Fulgent Genetics, Inc. (NASDAQ:FLGT - Free Report) by 30.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 447,942 shares of the company's stock after selling 193,740 shares during the period. Park West Asset Management LLC owned about 1.47% of Fulgent Genetics worth $7,570,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the company. State of Wyoming purchased a new stake in Fulgent Genetics during the fourth quarter worth about $57,000. PNC Financial Services Group Inc. increased its stake in Fulgent Genetics by 122.8% during the 1st quarter. PNC Financial Services Group Inc. now owns 3,562 shares of the company's stock worth $60,000 after buying an additional 1,963 shares during the period. GAMMA Investing LLC lifted its holdings in Fulgent Genetics by 106.4% during the 1st quarter. GAMMA Investing LLC now owns 4,402 shares of the company's stock worth $74,000 after buying an additional 2,269 shares in 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 valued at $119,000 after buying an additional 524 shares during the period. Finally, Easterly Investment Partners LLC purchased a new position in Fulgent Genetics in the 1st quarter valued at approximately $198,000. 48.06% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Fulgent Genetics news, COO Jian Xie sold 1,199 shares of the stock in a transaction that occurred 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 directly owned 365,249 shares of the company's stock, valued at approximately $7,845,548.52. This trade represents a 0.33% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last ninety days, insiders sold 5,577 shares of company stock worth $121,024. 33.11% of the stock is owned by corporate insiders.

Fulgent Genetics Stock Performance

Shares of NASDAQ:FLGT traded up $0.05 on Tuesday, hitting $22.32. 181,251 shares of the company's stock were exchanged, compared to its average volume of 196,294. Fulgent Genetics, Inc. has a 1-year low of $14.57 and a 1-year high of $23.56. The company has a market capitalization of $683.22 million, a PE ratio of -13.45 and a beta of 0.82. The firm's 50-day moving average is $20.16 and its 200 day moving average is $19.21.

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, topping the consensus estimate of ($0.23) by $0.30. The firm had revenue of $81.80 million during the quarter, compared to analysts' expectations of $76.21 million. Fulgent Genetics had a negative return on equity of 2.26% and a negative net margin of 16.83%.The firm's revenue was up 15.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.15 earnings per share. Fulgent Genetics has set its FY 2025 guidance at -0.350--0.350 EPS. On average, analysts anticipate that Fulgent Genetics, Inc. will post -0.85 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have recently issued reports on FLGT. UBS Group upgraded Fulgent Genetics from a "neutral" rating to a "buy" rating and increased their price objective 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 Fulgent Genetics and gave the stock a "neutral" rating in a 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.com, the company has an average rating of "Moderate Buy" and an average price target of $25.33.

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.