Millennium Management LLC Boosts Stake in Fulgent Genetics, Inc. (NASDAQ:FLGT)

Millennium Management LLC grew its stake in shares of Fulgent Genetics, Inc. (NASDAQ:FLGT - Free Report) by 20.6% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,531,801 shares of the company's stock after buying an additional 261,152 shares during the quarter. Millennium Management LLC owned 5.01% of Fulgent Genetics worth $28,292,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in FLGT. Russell Investments Group Ltd. raised its position in Fulgent Genetics by 267.4% in the 4th quarter. Russell Investments Group Ltd. now owns 2,693 shares of the company's stock worth $50,000 after purchasing an additional 1,960 shares during the period. KLP Kapitalforvaltning AS purchased a new position in Fulgent Genetics in the 4th quarter worth $57,000. R Squared Ltd purchased a new position in Fulgent Genetics in the 4th quarter worth $74,000. Headlands Technologies LLC purchased a new position in Fulgent Genetics in the 4th quarter worth $120,000. Finally, Amundi raised its position in Fulgent Genetics by 143.7% in the 4th quarter. Amundi now owns 8,816 shares of the company's stock worth $166,000 after purchasing an additional 5,199 shares during the period. Hedge funds and other institutional investors own 48.06% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages recently commented on FLGT. StockNews.com upgraded shares of Fulgent Genetics from a "sell" rating to a "hold" rating in a research report on Wednesday, March 5th. Raymond James 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. Finally, 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.

Fulgent Genetics Stock Up 4.3%

Shares of Fulgent Genetics stock opened at $21.22 on Tuesday. The firm has a market cap of $646.02 million, a PE ratio of -3.84 and a beta of 1.00. Fulgent Genetics, Inc. has a 12-month low of $14.57 and a 12-month high of $25.11. The company's fifty day simple moving average is $18.14 and its two-hundred day simple moving average is $18.05.

Fulgent Genetics (NASDAQ:FLGT - Get Free Report) last issued its earnings results on Friday, May 2nd. The company reported $0.04 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.18) by $0.22. Fulgent Genetics had a negative net margin of 59.39% and a negative return on equity of 1.81%. The business had revenue of $73.46 million during the quarter, compared to analysts' expectations of $71.26 million. During the same period in the previous year, the company earned ($0.01) earnings per share. The business's revenue for the quarter was up 14.0% compared to the same quarter last year. As a group, sell-side analysts expect that Fulgent Genetics, Inc. will post -0.85 earnings per share for the current fiscal year.

Insider Activity at Fulgent Genetics

In other Fulgent Genetics news, CFO Paul Kim purchased 100,000 shares of the firm's stock in a transaction that occurred on Wednesday, March 5th. The shares were bought at an average price of $15.96 per share, with a total value of $1,596,000.00. Following the completion of the purchase, the chief financial officer now directly owns 348,282 shares in the company, valued at $5,558,580.72. This trade represents a 40.28% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 31.76% of the stock is owned by insiders.

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.

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