Public Employees Retirement System of Ohio Makes New Investment in Fulgent Genetics, Inc. $FLGT

Key Points

• Public Employees Retirement System of Ohio purchased 55,247 shares of Fulgent Genetics worth approximately $1.13 million, joining several other institutions that initiated positions in the second quarter. Institutional investors now own 48.06% of the company.
• Fulgent Genetics reported weaker-than-expected quarterly results, posting a loss of $0.58 per share versus the $0.46 consensus estimate and revenue of $85.39 million versus expectations of $94 million. The company maintains negative profitability metrics and expects a full-year loss.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and a $27.50 price target compared with the stock’s recent price near $20.20. Two insiders also sold shares to cover tax obligations related to vested equity awards.

Public Employees Retirement System of Ohio purchased a new stake in Fulgent Genetics, Inc. (NASDAQ:FLGT - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 55,247 shares of the company's stock, valued at approximately $1,134,000. Public Employees Retirement System of Ohio owned 0.20% of Fulgent Genetics as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in FLGT. Almitas Capital LLC acquired a new stake in shares of Fulgent Genetics during the second quarter worth $2,150,000. Corient Private Wealth LP acquired a new position in Fulgent Genetics in the second quarter valued at about $880,000. Bank of America Corp DE bought a new position in Fulgent Genetics during the second quarter worth about $3,603,000. Medina Value Partners LLC bought a new position in Fulgent Genetics during the second quarter worth about $3,961,612. Finally, Hsbc Holdings PLC acquired a new position in shares of Fulgent Genetics during the 2nd quarter worth about $915,000. 48.06% of the stock is currently owned by institutional investors.

Fulgent Genetics Price Performance

Shares of Fulgent Genetics stock opened at $20.20 on Wednesday. The company has a market capitalization of $555.70 million, a P/E ratio of -7.16 and a beta of 0.93. The business has a 50-day moving average of $19.68 and a two-hundred day moving average of $17.94. Fulgent Genetics, Inc. has a 1 year low of $13.46 and a 1 year high of $31.04.

Fulgent Genetics (NASDAQ:FLGT - Get Free Report) last issued its quarterly earnings data on Thursday, July 30th. The company reported ($0.58) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.46) by ($0.12). The business had revenue of $85.39 million during the quarter, compared to analyst estimates of $94.00 million. Fulgent Genetics had a negative net margin of 26.05% and a negative return on equity of 4.93%. Fulgent Genetics has set its FY 2026 guidance at -2.350--2.220 EPS. On average, equities analysts anticipate that Fulgent Genetics, Inc. will post -3.48 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on FLGT shares. Piper Sandler increased their price target on shares of Fulgent Genetics from $15.00 to $19.00 and gave the company a "neutral" rating in a research report on Tuesday, August 4th. Weiss Ratings upgraded shares of Fulgent Genetics from a "sell (e+)" rating to a "sell (d-)" rating in a report on Thursday, August 27th. Finally, Wall Street Zen raised shares of Fulgent Genetics from a "strong sell" rating to a "sell" rating in a research note on Saturday, August 29th. One investment analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $27.50.

Insider Activity

In related news, insider Hanlin Gao sold 1,673 shares of the stock in a transaction dated Wednesday, September 2nd. The stock was sold at an average price of $19.66, for a total transaction of $32,891.18. Following the completion of the transaction, the insider directly owned 986,117 shares in the company, valued at approximately $19,387,060.22. This trade represents a 0.17% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Jian Xie sold 2,127 shares of Fulgent Genetics stock in a transaction that occurred on Wednesday, September 2nd. The shares were sold at an average price of $19.66, for a total value of $41,816.82. Following the completion of the sale, the chief operating officer directly owned 359,924 shares in the company, valued at approximately $7,076,105.84. This represents a 0.59% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 5,932 shares of company stock valued at $117,156 over the last ninety days. 36.18% of the stock is owned by insiders.

Fulgent Genetics Company Profile

Fulgent Genetics, Inc NASDAQ: FLGT is a California-based company specializing in high-complexity genetic testing and diagnostic services. Operating from its headquarters in Temple City, Fulgent leverages next-generation sequencing (NGS) technologies and advanced bioinformatics to deliver a broad range of clinical and research assays. The company's infrastructure includes CAP- and CLIA-certified laboratories, enabling it to process large volumes of samples with rapid turnaround times.

Fulgent's product portfolio encompasses hereditary cancer panels, rare disease and neuromuscular disorder testing, pharmacogenomic screenings, non-invasive prenatal tests, and infectious disease assays including COVID-19 diagnostics.

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