Geneva Partners LLC Buys New Stake in GeneDx Holdings Corp. (NASDAQ:WGS)

Geneva Partners LLC bought a new position in shares of GeneDx Holdings Corp. (NASDAQ:WGS - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 4,965 shares of the company's stock, valued at approximately $440,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Sterling Capital Management LLC grew its stake in GeneDx by 877.8% during the 4th quarter. Sterling Capital Management LLC now owns 352 shares of the company's stock valued at $27,000 after acquiring an additional 316 shares in the last quarter. GAMMA Investing LLC grew its stake in GeneDx by 151.7% during the 1st quarter. GAMMA Investing LLC now owns 438 shares of the company's stock valued at $39,000 after acquiring an additional 264 shares in the last quarter. Lazard Asset Management LLC purchased a new stake in GeneDx during the 4th quarter valued at about $35,000. Comerica Bank purchased a new stake in GeneDx during the 4th quarter valued at about $50,000. Finally, KBC Group NV purchased a new stake in GeneDx during the 1st quarter valued at about $81,000. Hedge funds and other institutional investors own 61.72% of the company's stock.

GeneDx Stock Up 7.8%

GeneDx stock traded up $6.66 during mid-day trading on Wednesday, reaching $91.88. 1,081,105 shares of the company's stock were exchanged, compared to its average volume of 823,596. The company has a market cap of $2.62 billion, a P/E ratio of -65.16 and a beta of 2.01. GeneDx Holdings Corp. has a twelve month low of $25.32 and a twelve month high of $117.75. The company has a quick ratio of 3.07, a current ratio of 3.25 and a debt-to-equity ratio of 0.20. The company has a fifty day moving average of $72.69 and a 200-day moving average of $82.58.

GeneDx (NASDAQ:WGS - Get Free Report) last released its earnings results on Wednesday, April 30th. The company reported $0.28 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.11 by $0.17. The company had revenue of $87.12 million for the quarter, compared to analyst estimates of $79.90 million. GeneDx had a negative net margin of 11.69% and a positive return on equity of 10.17%. Sell-side analysts expect that GeneDx Holdings Corp. will post 0.97 EPS for the current year.

Analysts Set New Price Targets

Several brokerages recently issued reports on WGS. Piper Sandler began coverage on shares of GeneDx in a research note on Wednesday. They set an "overweight" rating and a $110.00 price objective for the company. Guggenheim reiterated a "buy" rating and issued a $115.00 target price (up from $88.00) on shares of GeneDx in a report on Monday, June 30th. TD Securities decreased their target price on shares of GeneDx from $135.00 to $110.00 and set a "buy" rating on the stock in a report on Thursday, May 1st. Jefferies Financial Group upgraded shares of GeneDx from a "hold" rating to a "buy" rating and set a $80.00 target price on the stock in a report on Friday, May 9th. Finally, Wall Street Zen upgraded shares of GeneDx from a "hold" rating to a "buy" rating in a report on Saturday. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $92.33.

Insiders Place Their Bets

In other GeneDx news, CFO Kevin Feeley sold 1,344 shares of the stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $91.12, for a total value of $122,465.28. Following the sale, the chief financial officer directly owned 7,425 shares of the company's stock, valued at approximately $676,566. This represents a 15.33% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Katherine Stueland sold 9,657 shares of the stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $90.94, for a total transaction of $878,207.58. Following the completion of the sale, the chief executive officer directly owned 4,940 shares in the company, valued at approximately $449,243.60. This represents a 66.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 13,913 shares of company stock worth $1,314,514 in the last ninety days. 29.60% of the stock is owned by corporate insiders.

About GeneDx

GeneDx Holdings Corp., through its subsidiaries, provides genomics-related diagnostic and information services. The company offers Centrellis, an AI-driven health intelligence platform that integrates digital tools and artificial intelligence allowing scientists to ingest and synthesize clinical and genomic data to deliver comprehensive health insights.