Invesco Ltd. Lowers Stake in Fulgent Genetics, Inc. $FLGT

Invesco Ltd. lowered its stake in Fulgent Genetics, Inc. (NASDAQ:FLGT - Free Report) by 57.8% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 76,659 shares of the company's stock after selling 105,055 shares during the quarter. Invesco Ltd. owned about 0.25% of Fulgent Genetics worth $1,296,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of FLGT. Price T Rowe Associates Inc. MD lifted its stake in Fulgent Genetics by 25.1% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 18,665 shares of the company's stock worth $345,000 after purchasing an additional 3,747 shares in the last quarter. Northern Trust Corp lifted its stake in Fulgent Genetics by 5.8% in the 4th quarter. Northern Trust Corp now owns 225,362 shares of the company's stock worth $4,162,000 after purchasing an additional 12,291 shares in the last quarter. Ameriprise Financial Inc. lifted its stake in Fulgent Genetics by 40.8% in the 4th quarter. Ameriprise Financial Inc. now owns 501,809 shares of the company's stock worth $9,268,000 after purchasing an additional 145,518 shares in the last quarter. BNP Paribas Financial Markets lifted its stake in Fulgent Genetics by 10.8% in the 4th quarter. BNP Paribas Financial Markets now owns 48,527 shares of the company's stock worth $896,000 after purchasing an additional 4,714 shares in the last quarter. Finally, Balyasny Asset Management L.P. purchased a new stake in Fulgent Genetics in the 4th quarter worth $486,000. Hedge funds and other institutional investors own 48.06% of the company's stock.

Wall Street Analyst Weigh In

FLGT has been the subject of a number of recent research reports. Piper Sandler set a $21.00 price objective on shares of Fulgent Genetics and gave the stock a "neutral" rating in a research note on Monday, August 4th. UBS Group raised shares of Fulgent Genetics from a "neutral" rating to a "buy" rating and lifted 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 given a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $25.33.

Insider Activity

In other 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 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. The trade was a 0.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold 5,577 shares of company stock worth $121,024 over the last ninety days. 31.76% of the stock is currently owned by insiders.

Fulgent Genetics Price Performance

Shares of FLGT traded down $0.03 during midday trading on Friday, hitting $21.95. The stock had a trading volume of 179,792 shares, compared to its average volume of 201,497. Fulgent Genetics, Inc. has a 1 year low of $14.57 and a 1 year high of $23.56. The firm has a market cap of $671.89 million, a PE ratio of -13.22 and a beta of 0.82. The stock's 50 day moving average is $20.06 and its 200 day moving average is $19.13.

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

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.