Park West Asset Management LLC Cuts Position 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 stake in shares of Fulgent Genetics, Inc. (NASDAQ:FLGT - Free Report) by 30.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm 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 reporting period.

Several other large investors also recently modified their holdings of the company. Millennium Management LLC boosted its position in 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 purchasing an additional 437,632 shares during the last quarter. Amundi increased its position in shares of Fulgent Genetics by 289.2% during the 1st quarter. Amundi now owns 34,316 shares of the company's stock valued at $583,000 after purchasing an additional 25,500 shares during the last quarter. Almitas Capital LLC lifted its stake in shares of Fulgent Genetics by 79.5% in the 1st quarter. Almitas Capital LLC now owns 28,718 shares of the company's stock worth $485,000 after purchasing an additional 12,718 shares during the period. Cubist Systematic Strategies LLC lifted its stake in shares of Fulgent Genetics by 299.4% in the 1st quarter. Cubist Systematic Strategies LLC now owns 221,221 shares of the company's stock worth $3,739,000 after purchasing an additional 165,828 shares during the period. Finally, State of Wyoming boosted its holdings in shares of Fulgent Genetics by 111.1% in the first quarter. State of Wyoming now owns 6,564 shares of the company's stock worth $111,000 after buying an additional 3,455 shares during the last quarter. Institutional investors own 48.06% of the company's stock.

Insider Transactions at Fulgent Genetics

In other Fulgent Genetics news, COO Jian Xie sold 1,199 shares of the business's 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 sale, the chief operating officer owned 365,249 shares in the company, valued at $7,845,548.52. The trade was a 0.33% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In the last 90 days, insiders have sold 5,577 shares of company stock valued at $121,024. Insiders own 31.76% of the company's stock.

Fulgent Genetics Stock Up 2.2%

FLGT stock traded up $0.47 during trading on Thursday, reaching $22.25. The company's stock had a trading volume of 308,114 shares, compared to its average volume of 344,741. The company's fifty day moving average is $20.19 and its 200-day moving average is $19.23. The company has a market capitalization of $681.07 million, a P/E ratio of -13.40 and a beta of 0.82. Fulgent Genetics, Inc. has a 1 year low of $14.57 and a 1 year high of $23.56.

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, 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 company had revenue of $81.80 million for the quarter, compared to the consensus estimate of $76.21 million. During the same quarter last year, the company earned $0.15 EPS. 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. Analysts anticipate that Fulgent Genetics, Inc. will post -0.85 earnings per share for the current year.

Analyst Ratings Changes

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