Proficio Capital Partners LLC Takes $781,000 Position in 10x Genomics $TXG

Key Points

• Proficio Capital Partners acquired 20,359 shares of 10x Genomics valued at approximately $781,000, while institutional investors collectively own 84.68% of the company.
• 10x Genomics reported a quarterly loss of $0.14 per share, beating estimates, and revenue of $151.04 million, also above expectations; however, revenue declined 12.7% year over year and the company remains unprofitable.
• Analysts maintain a consensus “Hold” rating with an average price target of $40.57, below the reported share price near $60. Recent insider activity was predominantly selling, including more than $6.3 million in shares sold during the quarter.

Proficio Capital Partners LLC acquired a new position in 10x Genomics (NASDAQ:TXG - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 20,359 shares of the company's stock, valued at approximately $781,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Elevation Wealth Partners LLC lifted its position in 10x Genomics by 332.3% during the second quarter. Elevation Wealth Partners LLC now owns 1,487 shares of the company's stock valued at $57,000 after acquiring an additional 1,143 shares during the last quarter. Larson Financial Group LLC boosted its stake in 10x Genomics by 164.4% in the fourth quarter. Larson Financial Group LLC now owns 2,364 shares of the company's stock valued at $39,000 after acquiring an additional 1,470 shares in the last quarter. Fifth Third Bancorp purchased a new position in 10x Genomics in the first quarter worth $50,000. Van ECK Associates Corp grew its holdings in 10x Genomics by 85.9% in the fourth quarter. Van ECK Associates Corp now owns 3,668 shares of the company's stock worth $60,000 after purchasing an additional 1,695 shares during the last quarter. Finally, EverSource Wealth Advisors LLC increased its position in shares of 10x Genomics by 16.4% during the first quarter. EverSource Wealth Advisors LLC now owns 7,186 shares of the company's stock worth $153,000 after purchasing an additional 1,012 shares in the last quarter. Hedge funds and other institutional investors own 84.68% of the company's stock.

10x Genomics Trading Down 4.0%

NASDAQ:TXG opened at $59.98 on Wednesday. 10x Genomics has a 12 month low of $11.16 and a 12 month high of $66.94. The firm has a fifty day simple moving average of $49.31 and a 200-day simple moving average of $32.51. The company has a market capitalization of $7.81 billion, a P/E ratio of -101.66 and a beta of 2.08.

10x Genomics (NASDAQ:TXG - Get Free Report) last released its earnings results on Thursday, August 6th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.24) by $0.10. The firm had revenue of $151.04 million for the quarter, compared to the consensus estimate of $146.67 million. 10x Genomics had a negative return on equity of 9.33% and a negative net margin of 12.18%.The firm's revenue was down 12.7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.28 EPS. Equities analysts forecast that 10x Genomics will post -0.75 EPS for the current year.

Insider Buying and Selling at 10x Genomics

In related news, insider Benjamin J. Hindson sold 13,818 shares of the company's stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $63.02, for a total value of $870,810.36. Following the sale, the insider owned 488,182 shares in the company, valued at $30,765,229.64. This represents a 2.75% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Shehnaaz Suliman sold 2,207 shares of the company's stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $63.65, for a total value of $140,475.55. Following the completion of the sale, the director owned 29,515 shares in the company, valued at approximately $1,878,629.75. This represents a 6.96% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 117,945 shares of company stock worth $6,304,588. 8.84% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of analysts have recently weighed in on the company. Canaccord Genuity Group raised their price objective on 10x Genomics from $50.00 to $60.00 and gave the stock a "buy" rating in a research report on Monday, August 10th. Piper Sandler upped their target price on 10x Genomics from $42.00 to $47.00 and gave the company a "neutral" rating in a research report on Monday, August 10th. Barclays increased their price target on 10x Genomics from $30.00 to $40.00 and gave the company an "overweight" rating in a research note on Wednesday, June 24th. Morgan Stanley raised their price target on 10x Genomics from $37.00 to $40.00 and gave the stock an "equal weight" rating in a report on Friday, August 7th. Finally, Leerink Partners boosted their price target on 10x Genomics from $23.00 to $40.00 and gave the stock a "market perform" rating in a research note on Friday, July 17th. Five equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, 10x Genomics currently has a consensus rating of "Hold" and an average target price of $40.57.

About 10x Genomics

10x Genomics, Inc is a biotechnology company specializing in advanced genomic analysis solutions that enable researchers to explore biology at unprecedented resolution. The company develops and manufactures integrated hardware, consumables and software products for single-cell sequencing and spatial genomics. Its flagship Chromium product line supports applications in single-cell RNA sequencing, immune profiling and genome assembly, while the Visium and Xenium platforms offer spatial transcriptomics and in situ analysis, respectively.

Founded in 2012 and headquartered in Pleasanton, California, 10x Genomics serves a global customer base that includes academic institutions, pharmaceutical and biotechnology companies, and government research organizations.

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