Invenomic Capital Management LP Trims Stake in Fulgent Genetics, Inc. $FLGT

Key Points

• Invenomic Capital Management LP reduced its stake in Fulgent Genetics, Inc. by 8.8% in Q1, selling 22,838 shares to hold 236,172 shares valued at approximately $3.99 million.
• The stock saw mixed analyst ratings, with UBS Group upgrading it to a "buy" and raising its price target from $20.00 to $30.00, while Piper Sandler maintained a "neutral" rating with a target of $21.00.
• Fulgent Genetics reported a Q2 earnings per share of $0.07, exceeding expectations, while projecting a negative EPS guidance for FY 2025.

Invenomic Capital Management LP trimmed its stake in shares of Fulgent Genetics, Inc. (NASDAQ:FLGT - Free Report) by 8.8% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 236,172 shares of the company's stock after selling 22,838 shares during the quarter. Invenomic Capital Management LP owned about 0.78% of Fulgent Genetics worth $3,991,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. State of Wyoming acquired a new position in shares of Fulgent Genetics during the 4th quarter worth $57,000. PNC Financial Services Group Inc. increased its stake in shares of Fulgent Genetics by 122.8% in the first quarter. PNC Financial Services Group Inc. now owns 3,562 shares of the company's stock valued at $60,000 after buying an additional 1,963 shares during the period. GAMMA Investing LLC increased its stake in shares of 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 during the period. Headlands Technologies LLC increased its stake in shares of Fulgent Genetics by 8.0% in the first 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 acquired a new stake in shares of Fulgent Genetics in the first quarter valued at about $198,000. 48.06% of the stock is currently owned by institutional investors.

Fulgent Genetics Stock Up 1.7%

NASDAQ:FLGT traded up $0.37 during trading hours on Thursday, hitting $22.15. 59,989 shares of the company's stock traded hands, compared to its average volume of 343,221. The business's fifty day simple moving average is $20.19 and its two-hundred day simple moving average is $19.23. Fulgent Genetics, Inc. has a 52 week low of $14.57 and a 52 week high of $23.56. The firm has a market cap of $678.01 million, a P/E ratio of -13.32 and a beta of 0.82.

Fulgent Genetics (NASDAQ:FLGT - Get Free Report) last issued its quarterly earnings results on Friday, August 1st. The company reported $0.07 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $81.80 million during the quarter, compared to analyst estimates of $76.21 million. During the same quarter in the previous year, the company posted $0.15 earnings per share. The company's revenue was up 15.2% compared to the same quarter last year. Fulgent Genetics has set its FY 2025 guidance at -0.350--0.350 EPS. On average, analysts expect that Fulgent Genetics, Inc. will post -0.85 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. UBS Group raised Fulgent Genetics from a "neutral" rating to a "buy" rating and increased their price target for the company from $20.00 to $30.00 in a research note on Tuesday, August 5th. Piper Sandler set a $21.00 target price on Fulgent Genetics and gave the company a "neutral" rating in a research report on Monday, August 4th. Two analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, Fulgent Genetics has a consensus rating of "Moderate Buy" and a consensus target price of $25.33.

Insiders Place Their Bets

In other Fulgent Genetics news, COO Jian Xie sold 1,199 shares of Fulgent Genetics 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 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 position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Over the last quarter, insiders sold 5,577 shares of company stock worth $121,024. Insiders own 31.76% of the company's stock.

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.