Fulgent Genetics, Inc. (NASDAQ:FLGT) Shares Sold by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon Corp reduced its holdings in Fulgent Genetics by 45.1% in the first quarter, now owning 82,319 shares valued at approximately $1.39 million.
• Fulgent Genetics reported an EPS of $0.04 for its latest quarter, exceeding analysts' expectations of ($0.18), with a 14% year-over-year revenue growth.
• Analysts have recently updated their ratings, with Raymond James setting a new price target of $25.00, indicating positive expectations for Fulgent Genetics' stock.

Bank of New York Mellon Corp decreased its position in shares of Fulgent Genetics, Inc. (NASDAQ:FLGT - Free Report) by 45.1% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 82,319 shares of the company's stock after selling 67,579 shares during the period. Bank of New York Mellon Corp owned 0.27% of Fulgent Genetics worth $1,391,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Russell Investments Group Ltd. increased its holdings in Fulgent Genetics by 267.4% in the fourth quarter. Russell Investments Group Ltd. now owns 2,693 shares of the company's stock valued at $50,000 after buying an additional 1,960 shares in the last quarter. KLP Kapitalforvaltning AS purchased a new position in Fulgent Genetics in the fourth quarter valued at $57,000. State of Wyoming purchased a new position in Fulgent Genetics in the fourth quarter valued at $57,000. GAMMA Investing LLC increased its holdings 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 in the last quarter. Finally, Headlands Technologies LLC acquired a new stake in shares of Fulgent Genetics in the fourth quarter valued at about $120,000. Hedge funds and other institutional investors own 48.06% of the company's stock.

Analyst Ratings Changes

Several analysts have recently issued reports on FLGT shares. Piper Sandler reiterated a "neutral" rating and issued a $23.00 target price (up previously from $16.00) on shares of Fulgent Genetics in a research report on Tuesday, May 6th. Raymond James Financial reiterated an "outperform" rating and issued a $25.00 target price (up previously from $24.00) on shares of Fulgent Genetics in a research report on Monday, May 5th.

Insider Activity

In other news, COO Jian Xie sold 1,873 shares of the business's stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $20.54, for a total value of $38,471.42. Following the sale, the chief operating officer directly owned 372,631 shares of the company's stock, valued at approximately $7,653,840.74. The trade was a 0.50% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 31.76% of the company's stock.

Fulgent Genetics Price Performance

FLGT traded up $1.35 on Friday, reaching $18.53. 1,079,730 shares of the company's stock were exchanged, compared to its average volume of 260,693. The stock has a market cap of $564.05 million, a PE ratio of -11.16 and a beta of 0.83. Fulgent Genetics, Inc. has a twelve month low of $14.57 and a twelve month high of $25.11. The stock's fifty day moving average price is $19.66 and its 200-day moving average price is $18.35.

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 net margin of 13.94% and a negative return on equity of 2.19%. Fulgent Genetics's revenue was up 15.2% on a year-over-year basis. During the same period in the previous year, the business posted $0.15 EPS. As a group, research analysts predict that Fulgent Genetics, Inc. will post -0.85 earnings per share for the current fiscal 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.